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New and Used Cars
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Applications for cars where the car has not been delivered by an authorized manufacturer
dealer or where the invoice date / date of delivery as per delivery challan (whichever
is earlier), is up to 30 days from the date of file log-in, will be deemed to be
an application for a New car. All other applications will be deemed used car loan
applications.
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| Standard Product
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EMI in Advance, EMI in arrears
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| Minimum Loan
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Rs. 50,000
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| Tenure
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12 months to 84 months (For Used Car 60 months)
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| Eligible borrower segments
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Salaried Individuals, Self employed Individuals, Sole Proprietorships, Partnership Firms, HUFs, Trusts, Private and Public Limited Companies.
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| Equated Monthly Installment ( EMI)
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The amount paid by the customer each month towards repayment of the loan extended to him. EMI comprises of both principal and interest components.
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| Loan to Value ( LTV) / Extent of funding
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The ratio of the maximum amount of loan to the value / cost of the car. Varies with vehicle make, model and tenure.
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| Repayment Mode
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EMI’s in the form of PDCs ( Post Dated Cheques ) and through Electronic Clearing Service (ECS).
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| Loan Type
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Term loan with hypothecation marked in favour of RELIANCE CAPITAL LIMITED - Consumer Finance
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| Interest Rate
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As per approved rates from time to time.
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| Type of Cars
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As per list of cars approved by RELIANCE CAPITAL LIMITED -Consumer Finance.
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| Use Of Vehicle
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Vehicle financed should be for personal, official and commercial use.
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