Shriram Personal Loan: Interest Rates, Documents, Eligibility

Shriram Personal Loan: A non-banking financial institution (NBFI), Shriram City Finance, provides personal loans at attractive interest rates. The borrower’s preferred scheme is often the basis on which the interest rates are offered. The loans may be repaid over a maximum of 36 months.

Shriram Personal Loan

Individuals in India who are salaried or self-employed can apply for personal loans from Shriram Finance at interest rates starting at 11.49 percent p.a. for terms up to three years. Shriram Finance’s personal loan processing fee is up to 2.5 percent of the loan amount plus any relevant taxes.

What Is A Personal Loan?

A personal loan is a flexible, unsecured (i.e., no security required) loan usually used to meet urgent financial needs. Personal loans are among the most popular loans on the market since they often have a quick approval process.

personal loan application

Features Of Personal Loan From Shriram Finance

A single personal loan product is available through Shriram Finance and is intended for both new and current customers of the Shriram Group companies. The following features are included with a personal loan interest rate from Shriram Finance:

  • Online submission: Shriram Finance excels at quick eligibility checks, online applications, and fast separate.
  • Flexible payback period: You may repay your loan amount over a period ranging from 12 to 36 months, depending on your convenience.
  • The company excels at providing excellent customer-centric support with 7.5 million customers and 2,400 branches throughout India.
  • Loan without Collateral: Personal Loan does not require you to provide any security or collateral.
  • Competitive interest rates: Starting at 11.49 percent, which is highly competitive.
  • Feature for customer log-in: You can check your account anytime and handle problems.

Fees and Charges for Personal Loans from Shriram Finance

The charges and fees that apply to personal loans for Shriram city union finance personal depend on the programs that the applicants choose. There are, however, some fixed costs, including:

ParticularsCharges
Overdue Interest36 % of the outstanding payments or liabilities
Swapping ChargesGST plus Rs. 1,000 per swap
Loan CancellationRs.1,000 + GST
Posatge ChargesFor every notice delivered to the loan borrower, postage costs will be Rs. 50 plus GST.

An Overview of Personal Loans from Shriram City Union

Shriram City Union offers a wide range of services in the personal loan market. For any financial assistance, it is the bank that all types of people prefer the most. The personal loans provided by Shriram Finance can be used to cover any urgent financial need, such as a wedding, medical procedures, home repairs, vacation, etc.

Check this also: BOB Personal Loan Interest Rate

Eligibility Criteria For Shriram Finance Personal Loans

The candidate must satisfy the following requirements:

  • The minimum and maximum age restrictions are 18 and 59 years, respectively.
  • A salaried candidate must have worked for a company for at least a year.
  • Self-employed people must have worked for a company for at least two years.
  • There shouldn’t be any bounced checks on the applicant’s bank statement.
  • The borrower must disclose any current loans that they may have.
  • The candidate must have lived in the same place for at least a year.
  • It should be noted that the eligibility above requirements do not ensure that the loan will be disbursed.
  • Only until Shriram City Union Finance Personal has verified and approved the original documents presented by the applicant will a loan be issued.

Documents Needed For A Personal Loan from Shriram Finance

The application form must be submitted with the following documents:

  • Your passport, driver’s license, voter ID card, Aadhaar card, or PAN card are acceptable forms of identification.
  • Proof of residence: It may be a passport, a driver’s license, and NREGA card, a ration card, or a gas bill and gas book.
  • Proof of income.
  • Bank statement for the last six months.R
  • Regulations for electronic processing and postdated checks.
  • Documents of legality as required by Shriram City Finance.
  • As required by Shriram City Union Finance Personal, collateral security.
  • You must supply any further paperwork that Shriram City Finance requests.

Details Of Personal Loans From Shriram Finance

Rate Of Interest11.49% – 28%
Loan AmountDecided By Lender
Loan Tenure36 Months/3 Years
Minimum EMIRs. 3,297 Per Lakh
Processing Fee2.5 percent of loan amount + taxes
Processing Time1-7 Days
Who Can ApplyEmployees in India who are salaried or self-employed
Age18-59 Years
Charges Of RejectionRs. 500

Advantages Of Shree Ram Personal Loan

  • Low interest rate
  • No need for security
  • Reduced paperwork
  • Long tenure
  • Minimum Salary Required
Check this also: Urgent Loan With Bad Credit In India

EMI Calculator For Personal Loans From Shriram City Union

Once you’ve decided to take out a personal loan interest rate to cover an immediate or emergency need, you might want to find out what the monthly EMI would be. Checking your monthly EMI expenses is crucial since it will help you determine the size of your loan and create a budget for each month.

Like all other banks, Shriram City Union has created a personal loan EMI calculator with this in mind. It provides you with the result of the EMI payments in less than a minute. Wouldn’t it be easier to know the monthly payment amount for the loan you intend to take?

shreeram business loan

Benefits Of Using the Shriram City Union Personal Loan EMI Calculator

It takes time to calculate the EMI for the personal loan manually. However, the EMI calculator will produce the result in less than a minute. Thanks to this, you can learn more about the details of interest payments according to the loan amount and tenure. You can personally make a credit decision after you have all the facts. Additionally, it helps in bargaining with the lender to agree to a lower interest rate.

While manual calculations risk errors, online EMI calculator results are exact and fast. You can use the tool and get the results based on different loan amounts, terms, and interest rates.

Payment Options For EMI

You can pay back your loan from Shriram City Union in three ways.

  • If you already have an account with Shriram City Union, the best repayment method is through standing instruction (SI). Your EMI will be automatically deducted from the Shriram City Union account you designate after the monthly cycle.
  • Suppose you have a non-Shriram City Union account and want your EMIs to be automatically debited from this account after the monthly cycle. In that case, you can use the Electronic Clearing Service (ECS) mode.
  • Post-Dated Cheques (PDCs): At your local City Union Finance Personal Loan Interest Center, you may submit post-dated EMI cheques from non-Shriram City Union accounts. It will be necessary to submit a new set of PDCs promptly. Please be aware that post-dated cheques will only be accepted at non-ECS locations.
  • You should choose one of the two payment methods, SI or ECS, as they are both speedier and less error-prone than using PDCs.

personal loan

Why Apply For A Personal Loan From Shriram Finance?

The following advantages of a personal loan from Shriram City Union Finance are readily available:

  • Quick and trouble-free processing
  • Instant, short-term loans for your urgent cash needs.
  • The Shriram Finance Personal Loan Interest can be quite helpful when there isn’t a rapid loan availability from the banks.
  • The Shriram City Union Finance quickly offers terms between 12 to 36 months.
  • Loan amount vary based on your need and ability to repay.
  • Self-employed people, business owners, and professionals can also access rapid funds through brief periods of financial hardship in addition to salaried people.

Criteria For Eligibility That Impact The Choice To Receive a Shriram City Union Personal Loan

The approval of a loan is strongly influenced by credit score. When you intend to apply for a loan, keeping track of your credit score is usually preferable. The credit bureaus’ official websites and financial service providers like CreditMantri allow you to check your credit score for free. The number of times you can narrow your credit score for free has no bearing on it. A score of 750 or higher may be required to qualify for a better loan.

Check this also: 15 Best Loan App In India

Your score is an important consideration when applying for a personal loan, even though it might not be listed as one of the eligibility requirements in the eligibility calculator because the lenders collect it independently.

An important which further affects the approval of a personal loan is repayment capacity. Lenders want assurance that you won’t have any trouble repaying the loan. As a result, the banks verify your income before approving your loan request. If you have a consistent source of income, getting a personal loan will be simple for you; otherwise, a co-applicant may be required.

Employees who are paid a salary have better chances of getting a personal loan since they have a consistent source of income. However, the bank should mention the employer, and the worker should have held the previous position for at least a year. Self-employed people might need proof of consistent revenue over the last two or three years.

Personal Loan Verification Process at Shriram Finance

Shriram Finance’s loan verification process includes the following steps:

  • Send the lender your completed and signed a personal loan application.
  • The lender’s agent will contact you and ask for the necessary paperwork.
  • The lender will check the received documents.
  • Upon satisfactory verification, the lender will approve the personal loan application.
  • The loan amount will be transferred to your account after signing the loan agreement.

How  To Apply an Application for a Personal Loan at Shriram City Union?

You would be looking for information on how to apply for the loan with Shriram City Union after learning the loan details using the EMI calculator provided by Shriram City Union. Applying through the lender directly from the Official Website is the first action you may take.

Official Website Of Shri Ram City Union: Click here

Because it takes less time for applications to be approved, digital applications have gained much popularity. Existing clients can apply using their net banking credentials, but non-Shriram City Union customers must complete the online application by entering their personal and income information.

In contrast, if your credit score is good (above 700), one of India’s four credit agencies could supply you with a free credit report, per RBI regulations, if you have a decent credit rating.

The focus on having a solid credit score is essential because lenders look for applicants who are well-rounded and to whom they can make a lending decision. A credit score that accounts for the various parts of your credit history is a good tool for banks. A personal loan with a better credit score might have cheaper interest rates.

Customer Service For Shriram Finance Personal Loan

For convenience and to avoid having to visit a branch or stand in line for customer care, a variety of customer-focused ways to contact Shriram City Finance are offered.

For questions and problems relating to this product, call the toll-free line provided for Shriram City Union Finance Personal Loan at: 1800 103 6369

Customer service representatives rapidly respond to calls to the Shriram Finance personal loan contact number around the clock.

Address of Shriram Finance’s headquarters:

  • SRH BANK UNION FINANCE LTD.
  • Santhoshi Nagar, Kuil Thoppu, Mylapore, 144, Santhome High Rd
  • 600004 Chennai, Tamil Nadu
  • Phone: (044) 43925300 Website: Shriram City

FAQ’S

What is a Personal Loan?

A personal loan is a flexible, unsecured (i.e., no security required) loan usually used to meet urgent financial needs. Personal loans are among the most popular loans on the market since they often have a quick approval process.

What address proof is acceptable for a personal loan from Shriram Finance?

personal loan application

The following documents are acceptable to verify your residence address for a personal loan from Shree Ram Finance Ltd.
Driving License
Passport
Card NREGA
Gas Statement and Gas Book

What is the maximum loan term for a personal loan from Shriram Finance?

personal loan

The maximum payback period for Shriram Finance’s loan, which is a short-term loan, is 36 months.

What is the lowest interest rate available for a personal loan from Shriram Finance?

At Shree Ram Finance, personal loan interest rate begin at 11.49 percent p.a.

How to check Shriram Personal Loan Status?

shreeram business loan

The free number to contact is 1800-103-6369. To get answers to your questions, go to the official website of Shriram City Union Finance and select the “Ask Ram” chatbot icon. You can physically go to Shriram City Union Finance, the closest branch.