Wednesday, February 8, 2023

Shriram Finance Personal Loan: Interest Rate @11.50%, Apply Now

Shriram City Union Finance is a financial services company based in India that offers personal loans to individuals. Shriram Finance Personal loans can be used for many purposes, such as home renovations, medical expenses, travel, etc.

The company typically requires applicants to have a steady source of income and a good credit score to be approved for a loan. Shriram Finance Personal Loan Interest rates and loan terms may vary depending on the individual’s creditworthiness and the purpose of the loan.

Shriram Finance Personal Loan Details

Product NameShriram Personal Loan
Interest RateCompetitive Interest rate starting from 11.50% p.a.
Processing FeesUp to 3% on the loan amount + GST
Loan Tenure12 to 36 months
Loan Amount50k to 25 lakhs
EmploymentSalaried & Self-Employed
Eligible Age18-59 years

Features of Shriram City Union Finance Personal Loan

Shriram Finance Personal loans are unsecured loans that can be used for many purposes, such as home renovations, medical expenses, debt consolidation, or travel. Some of the main features of Shriram personal loans include:

Flexible loan amount: Shriram City Union Finance offers its customers personal loans ranging from a minimum of Rs.50,000 to a maximum of Rs.25 lakh at attractive interest rates.

Competitive Interest Rates: The company offers competitive interest rates starting from 11.50% per annum on personal loans.

Online Process: The entire process of applying for a personal loan is online. You do not need to submit any documents manually.

Loan Tenure: The company offers a flexible tenure of 12 to 36 months for its customers to repay the loan EMIs (Equated Monthly Installments).

Quick Disbursement: The company processes loan applications quickly and disburses the loan amount instantly.

Minimum Documentation: The company requires minimum documentation to process the loan application.

No Collateral: Personal loans are unsecured loans. Hence, no collateral is required.

Pre-payment charges: Personal loan foreclosure is allowed after the lock-in period mentioned in the loan agreement if the borrower chooses to repay his loan before the due date.

Must Read this: Shriram Finance Vehicle Loan – Check Features, Benefits & fee

Shriram Finance Personal Loan Interest Rate

Shriram Finance Personal Loans are unsecured loans that can be used for multiple purposes. Shriram City Union Finance Personal Loan is available at attractive interest rates ranging from 11.50% – 24.00% per annum. The interest rate offered by lenders may vary depending on the applicant’s profile, loan amount, credit score, age, loan income ratio, etc.

Comparison of Shriram Finance Personal Loan Interest Rates with Other Lenders

Name of the LenderRate of Interest (p.a.)
IIFL Finance Personal Loan12.75% to 33.75%
Home Credit12% to 36%
Bajaj Finance13% to 26%
Axis Bank10.99% to 21%
Bank of Baroda10.70 to 14.20%
EarlySalary App12% to 30%
IDFC First Bank10.49% to 24%
IndusInd Bank10.49% to 26.50%
Kotak Mahindra Bank10.99% to 19.20%
IVL Finance Limited Personal Loan13.99% p.a. Onwards
Tata Capital10.99% to 21%
L&T Finance11% to 19%
DMI Finance12.00% p.a. Onwards
Muthoot Finance14.00% p.a. Onwards

Factor affecting Shriram Finance personal loan interest rates

The interest rate for a Shriram Finance personal loan may be affected by various factors, including the borrower’s credit score and income level, the loan amount, and the loan term. Other factors that may be considered include the borrower’s employment status, credit history, and debt-to-income ratio.

Age of the applicant: The interest charged on the personal loan can be more or less according to our Age. Younger applicants have to pay less interest as the risk involved is less, and older applicants may have to pay higher interest as the risk involved is more.

CIBIL Score: The credit score of the applicant is taken into consideration before determining the personal loan interest rate. If the applicant has a low CIBIL score and has failed to repay his previous loans or credit card bills on time, the interest will be determined higher.

Loan Tenure: In most cases, the loan repayment tenure is chosen by the applicant. The option is in the hands of the applicant as to when he will repay the loan. The longer the tenure of the personal loan, the higher the interest.

Higher Loan amount: The interest charged on the personal loan is decided according to the amount you get. You are charged a lower interest rate if you apply for a higher loan amount.

Debt-to-income ratio: Lenders may also look at your debt-income ratio, which is the ratio of your monthly loan payment to your monthly income, to determine the interest rate on a personal loan.

Type of lender: Interest rates on personal loans can vary depending on whether the lender is a bank, credit union, online lender, or peer-to-peer lender.

Market conditions: Interest rates on personal loans can also be affected by overall economic conditions, including the prime rate and the Federal Reserve’s interest rate policies.

Eligibility Criteria for Shriram Finance Personal Loan

Shriram Finance is an Indian non-banking financial company that offers personal loans to individuals. The eligibility criteria for a personal loan from Shriram Finance may include the following:

  • Age: The age of the applicants should be at least 21 years and not more than 65 years at the time of loan maturity.
  • Residency: The borrower should be a resident of India.
  • Income: The borrower must have a stable source of income and must be able to demonstrate their ability to repay the loan.
  • Credit Score: The borrower should have a good credit history and a high credit score.
  • Employment: The applicants should be employed in a reputed company, self-employed, or professional.
  • Income and Employment Stability: The Applicants should have at least 2-3 years of work experience and should be in the same profession or with the same employer for at least one year.

Documents Required for Shriram Finance Personal Loan

However, most banks and NBFCs require the following documents from their loan applicants. The documents required for availing the personal loan from Shriram Finance for both salaried and self-employed loan applicants are mentioned below:

  • Identity Proof: PAN (Permanent Account Number) Card, Passport, Voter’s ID, Driving license
  • Address Proof: Aadhar Card, Driving License, Ration card, Passport, Electricity bill, Maintenance bill
  • The mobile number must be linked with an Aadhaar card.
  • Employment proof: This can include a letter from your employer confirming your employment, or a copy of your business registration certificate if you are self-employed.
  • Bank statement: Last 6 months’ bank statement
  • Signature identification: Your signature identification can be done on the loan application form.
  • Photo: Your recent passport-size photo.
  • For income proof: Salary slips (Last 3 months) for salaried personal loan applicants, Audited balance sheet, and Profit & Loss account for self-employed loan applicants.

How is the EMI calculated for Shriram Finance Personal Loan?

EMI, or equal monthly installment, is the amount borrower pays to the lender each month to repay the loan. The EMI for a personal loan from Shriram Finance is calculated based on the loan amount, interest rate, and loan tenure.

The formula for calculating EMI is

EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1]

Where:

P = the loan amount

R = the interest rate (expressed as a decimal)

N = the number of months over which the loan is to be repaid

For example, if you take a personal loan of Rs. 2,00,000 from Shriram Finance with an interest rate of 12% per annum, and you want to repay it in 60 months (5 years), your EMI would be around Rs. 4,652 per month.

Keep in mind that the interest rates and terms of personal loans can vary depending on the lender and the borrower’s creditworthiness, so it’s best to check with Shriram Finance directly for the most accurate and up-to-date information.

Shriram Finance Personal Loan Fees & Charges

Interest RateCompetitive Interest rate starting from 11.50% p.a.
Processing FeeUp to 3% on the loan amount + GST
Cheque bounce charges3% of the amount mentioned in the cheque or Rs 1,000 + GST
Overdue Interest36% of the unpaid installments or dues
Swapping chargesRs 1,000 per swap + GST
Stamp dutyAs per applicable state law
Loan cancellation chargesRs 1,000 + GST
Post expensesPostage expense for the issue of notice – Rs 50+GST for each notice sent to the borrower of the loan
Collection ChargesRs 200 per visit

Shriram Finance Loan Payment

Online: You can pay through the Shriram Finance website using a credit card, debit card, or net banking.

Auto-debit: Enjoy the convenience of paying directly from your bank account with auto-debit facilities. You can set up an ECS (Electronic Clearing Service) mandate to automatically deduct the loan payment from your bank account on the due date.

NACH: If you have registered Auto-Debit (NACH), the EMI payment will automatically be debited from your account on the due date.

Mobile Apps: Paying your loan is now in your hands. Repay your monthly EMIs using Shriram Finance’s official mobile application on your mobile phone.

Post-Dated Cheques: You can submit post-dated cheques to Shriram Finance for loan repayment.

Shriram Finance Personal Loan contact number

The contact details for Shriram Finance loan customer care may vary depending on your location. You can visit the official website of Shriram Finance and look for the “Contact Us” section to find the contact details for your region.

  • You can use the following Toll-free customer care number for any support related to Shriram Finance: 1800 103 6369, 1800 103 4959
  • You can also reach out to them via email at [email protected] or their regional offices for more specific queries.

Shriram Finance Personal Loan Related FAQ:

What is a Personal Loan?

A personal loan is an unsecured loan typically used for personal expenses, such as consolidating debt, paying for home improvements, or covering unexpected expenses. Loans are usually paid back in fixed monthly payments over a specified period. The interest rates and loan terms offered by lenders may vary depending on the profile of the applicants. Personal loans can be obtained from banks, credit unions, and online lenders.

What is the interest rate for Shriram Finance Personal Loan?

Shriram Finance Personal Loan is available at attractive interest rates ranging from 11.50% – 24.00% per annum. The interest rate offered by lenders may vary depending on the applicant’s profile, loan amount, credit score, age, loan income ratio, etc.

How can I check the status of my Shriram Finance personal loan?

You can check your loan status online by visiting the Shriram Finance website and logging into your account. Once logged in, you should be able to view information about your loan, including the current balance, payment due dates, and any recent transactions. Alternatively, you can contact the customer care department of Shriram Finance and inquire about your loan status. You can also check the status of your Shriram Finance personal loan by sending an SMS to the company’s designated number.

Does Shriram provide personal loans?

Yes, Shriram does provide personal loans. Shriram Finance Limited is a non-banking financial company (NBFC) that offers a range of financial products and services, including personal loans. These loans are typically unsecured, meaning they do not require collateral and can be used for many purposes, such as consolidating debt, paying for home improvements, or covering unexpected expenses.

What is the maximum loan tenure for Shriram Finance Personal Loan?

The company offers a flexible tenure of 12 to 36 months for its customers to repay the loan EMIs (Equated Monthly Installments).

How To Make Shriram Finance Online Payment?

You can also opt for auto-debit of EMIs from your account by providing your bank details and giving a standing instruction to the bank. Alternatively, you can pay your EMIs online by payment using your Debit Card, Credit Card, Mobile App, or Net Banking.

What is Shriram Transport Finance Customer Care Number?

The contact details for Shriram Finance Personal loan customer care may vary depending on your location. You can use the following Toll-free customer care number for any support related to Shriram Finance: 1800 103 6369, 1800 103 4959, and email [email protected]

Are there foreclosure charges for repayment of the Shriram Finance Personal Loan?

Yes, foreclosure fees apply. You can foreclose your loan after paying 6 EMIs. The finance company may levy a foreclosure fee of up to 3% on the outstanding loan amount on prepayment.

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