Shriram Finance is a non-banking financial company (NBFC) in India that offers vehicle loans to individuals and businesses. Shriram Finance vehicle loans can be used to purchase new or used vehicles, including cars, motorcycles, and commercial vehicles.
The terms of the Shriram vehicle finance loan, including the interest rate and repayment tenure, will depend on the creditworthiness of the applicant and the type of vehicle being purchased. In this article, I will tell you about Shriram Finance vehicle loan details, features, benefits & fees.
Shriram Finance Vehicle Loan Details Online
|Product Name||Shriram Finance Vehicle Loan Details|
|Interest Rate||11.50% to 28% per annum|
|Repayment Tenure||12 to 72 Months|
|Processing fee||2% to 4% on the Loan amount|
|Quick Disbursals||Get your loan amount as quickly as 24 hours|
|Presence||Over 2800 branches across the country|
|Employment||Salaried & Self-Employed|
|Foreclosure Charges||Start from 4%, depending on your loan schemes|
About Shriram Finance
Shriram Transport Finance Company Limited (STFC) is a leading Non-Banking Financial Company (NBFC) in India that specializes in providing finance for commercial vehicles, construction equipment, and tractors.
The company was established in 1979 and is headquartered in Mumbai. STFC is a part of the Shriram Group, one of India’s leading financial services conglomerates.
The company offers a range of financial products and services, such as vehicle loans, construction equipment loans, tractor loans, and insurance services. It serves a large customer base of over 2.5 million individuals and small businesses across India.
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Shriram Finance Vehicle Loan Interest Rates
Shriram Finance offers vehicle loans at attractive interest rates to all its customers. The interest rate applicable to any vehicle depends on the type of vehicle purchased and on its owner’s profile, CIBIL score, income structure, etc.
The vehicle loan interest rates offered by the company range between 11.50% to 28% per annum. The rates are subject to change in the company policy and are proposed at the company’s discretion based on the applicant’s creditworthiness and other factors.
Also, one should consider the overall cost of the loan, including any fees or charges, in addition to the interest rate when comparing loan options.
Factors Affecting Shriram Finance Vehicle Loan Interest Rates
Credit score: The applicant’s credit score is one of the most important factors that lenders consider when determining the interest rate on a vehicle loan. A higher credit score generally leads to a lower interest rate.
Loan amount: The loan amount also plays a vital role in determining the interest rate on a vehicle loan.
Loan tenure: The loan tenure also affects the interest rate. Generally, the longer the loan tenure, the higher the interest rate.
Vehicle type: The type of vehicle financed can also affect the interest rate. Some vehicles may be considered a higher risk as luxury and commercial vehicles and therefore have a higher interest rate.
Down payment: A higher down payment can lead to a lower interest rate because it reduces the amount of the loan and the lender’s risk.
Income: An applicant’s income also plays a role in determining the interest rate. Lenders may consider factors such as the applicant’s income, employment status, and occupation when deciding the interest rate.
Market Condition: The interest rate depends on the market condition and the lender’s policy. The interest rate may vary depending on inflation, economic conditions, and the lender’s policy.
Relationship: Some lenders offer special interest rates for existing customers who have a good relationship with the lender.
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Features of Shriram Finance Vehicle Loan
At present, everyone needs a vehicle, but due to a lack of money, we are not able to buy a vehicle. In such a situation, Shriram Finance Vehicle Loan can be of great use to us. We have told you about some of its features, which you to know before purchasing the vehicle.
Competitive interest rates: The interest rate offered on a Shriram Finance vehicle loan is competitive and based on the applicant’s creditworthiness and the type of vehicle being purchased.
Flexible loan tenure: The loan tenure can range from 12 to 72 months, allowing borrowers to choose a repayment period that suits their financial situation.
Low processing fee: The processing fee for a Shriram Finance vehicle loan is low and affordable.
Minimal Documentation: The documentation process is simple and easy to understand. You can apply for a vehicle loan with very few documents.
Fast loan disbursal: Once the loan application is approved, the loan amount is disbursed quickly.
Pre-approved offers: The company offers for select customers, which can make the loan application process faster and easier.
Loan for both New and Used vehicles: The loan is available for both new and used cars.
Loan for personal and commercial vehicles: The loan is available for both personal and commercial vehicles.
Insurance facility: They offer an insurance facility as part of the loan package.
Presence: The company claims to satisfy all its customers with more than 2800 branches across the country.
Please note that the above-stated features are subject to change in the company policy and are offered at the company’s discretion based on the applicant’s creditworthiness and other factors.
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Eligibility Criteria for Shriram Finance Vehicle Loan Details
To be eligible for a vehicle loan from Shriram Finance, the following criteria must be met:
- The age of the applicants should not be less than 21 years and more than 65 years at the time of loan maturity.
- The applicant must be a salaried employee or self-employed individual with a steady income.
- Applicant should have a minimum of 2 years of work experience.
- The applicant must have a good credit score and stable credit history.
- Applicant must have a valid driving license.
- The applicant must have a permanent residence and office address.
Documents Required for Shriram Vehicle Finance Loan
The following documents are typically required to apply for a vehicle loan from Shriram Finance:
- Application form, filled and signed.
- ID proof (PAN Card, Aadhar Card, Voter ID, Passport, etc.)
- Address proof (Aadhar Card, Voter ID, Utility bill, Rent Agreement, Passport, etc.)
- Income proof (salary slips, Form 16, IT returns, Bank statements, etc.)
- Age proof (Aadhar Card, PAN Card, Voter ID, Passport, etc.)
- Business proof (if self-employed)
- Bank statement for the last 6 months
- Quotation of the vehicle
- One canceled Cheque and ACH form for Electronic Clearing Mandate
- Duly endorsed Vehicle Registration Certificate on receipt for New Vehicles.
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How to apply for Shriram Finance Vehicle Loan online?
Shriram Finance customers can apply for a vehicle loan online by following these steps:
- Visit the official website of Shriram Finance.
- Click on the “Apply Now” button on the homepage.
- Select “Vehicle Loan” from the list of loan options.
- Register using your mobile number.
- Complete the online application form with your personal, employment, and income details.
- Upload the required documents, such as ID proof, address proof, income proof, and vehicle quotation.
- Receive voucher details and walk into the showroom.
- Meet our representative, submit KYC documents & complete the process.
Once the application is submitted, the loan process will begin, and the Shriram Finance Vehicle loan team will verify the details provided in the application form. After that, the loan will be approved or rejected based on the company credit policy and the applicant’s creditworthiness.
Shriram finance loan statement downloads
- Visit the official website of Shriram Finance.
- Click on the “Customer Login” button on the top right corner of the homepage.
- Enter your login credentials – User ID and Password.
- Once logged in, navigate to the “Account Summary” or “My Accounts” section.
- Look for the “Download” or “Statement” options and select the period for which you want to download the statement.
- Your loan statement will be downloaded in a pdf format.
Please note that to download the statement, you need to be a registered user on the website. If you are not can register on the website by providing your loan account number and other details.
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.
Branch visit: Visit your nearest Shriram Finance branch and pay in cash or by cheque.
Shriram Finance Vehicle Loan details contact number
The contact details for Shriram Finance vehicle 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] and [email protected] or their regional offices for more specific queries.
Shriram Finance Vehicle Loan Details FAQ:
What is a vehicle loan?
A vehicle loan is a type of loan used to finance the purchase of a car, truck, Two-wheeler, or any vehicle. The borrower takes out a loan and makes regular payments to the lender until the loan is fully paid off. The vehicle itself is often used as collateral for the loan, so if the borrower is incapable of EMIs repay, the lender may repossess the vehicle.
How can I check my Shriram Finance Vehicle loan details?
There are a few methods that you can use to check your loan details with Shriram Finance. You can check your loan details by visiting the official website of the company and logging into your account. Apart from this, you can SMS, Email, Phone call, or branch visit to know your loan details.
What is the interest rate of a Shriram Finance Vehicle Loan?
Shriram Finance offers vehicle loans at attractive interest rates to all its customers. The interest rate applicable to any vehicle depends on the type of vehicle purchased and on its owner’s profile, CIBIL score, income structure, etc. The vehicle loan interest rates offered by the company range between 11.50% to 28% per annum.
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 EMI online by visiting the official website of company, logging into your account, and following the instructions to complete the payment using your Debit Card, Credit Card, Mobile App, or Net Banking.
What is the Vehicle loan tenure?
The loan tenure ranges between 12 to 72 months on your loan amount. The lender’s team will decide the final tenure time per your eligible loan amount, interest rate, and credit profile.
What is Shriram Finance Vehicle Loan Customer Care Number?
Are there foreclosure charges for repayment of the Shriram Finance Vehicle 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.