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  • Shriram Car Finance
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    Shriram Car Finance

    Shriram City Union Finance or Shriram City as it is popularly known, is one of India’s leading

    non-banking financial companies (NBFC) serving customers in retail finance. The company is a part of Chennai based Shriram Group that specialises in Insurance and Financial Services.

    The retail financing arm, Shriram City, provides financing options for new and used cars under the umbrella of auto loans for all major brands of cars.

    Shriram Finance Car Loan Eligibility

    Before applying for auto financing, check your car loan eligibility in order to avoid loan rejection. As you know, multiple loan rejections can have a negative impact on your credit score. A poor credit score can affect your future loan prospects. Car loan eligibility varies from lender to lender. In the case of Shriram Finance Car Loan, the eligibility criteria are as follows:

    • The applicant must be between 21 and 59 years of age.
    • The NBFC offers auto loans to salaried employees and self-employed individuals.
    • Depending on the applicant’s occupational background, the income eligibility criteria will be provided at a branch of Shriram Finance.
    • A salaried applicant must have minimum 1 year work experience whereas a self-employed applicant must have minimum 2 years employment.
    • The applicant must be in the same residence for minimum 1 year.

    You can contact an executive of Shriram Finance on the phone by dialing the toll-free number - 1800 103 6369. Or, you can request the lender to call you back by submitting an online request form with details such as your name, mobile number, and address. An executive of the company will SMS or call you back.

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    Shriram Finance Car Loan - Essential Documents

    To apply for an auto loan at Shriram Finance, you must submit a duly-filled and signed application form along with the following document proofs:

    • Recently taken passport-size colour photographs.
    • Identity proof - Aadhaar Card, PAN Card, Voter’s ID Card, Passport or Driving License.
    • Address proof - Driving License, Passport, Ration Card or gas bill with gas connection book.
    • Income proof - Last 6 months’ bank statement and salary slips, IT returns, and Form 16.
    • Post dated cheques and Electronic Clearing Mandates.
    • Legal documents as stipulated by Shriram City Union Finance Limited.
    • For new vehicles - Duly-endorsed vehicle Registration Certificate on receipt.
    • For used vehicles - Duly-endorsed vehicle Registration Certificate before sanction.

    In addition to the above, Shriram Finance may ask for other documents to verify your identity, income, age, and address proofs.

    In addition to the above, you will need other documents such as payslips for income proof, bank statements for the last 6 months, Car registration certificate (used cars) and latest passport size photographs.

    Shriram Finance Car Loan Interest Rates

    The interest rate on auto loans and service charges levied by Shriram Finance are purely based on the loan scheme selected by the borrower. Get in touch with a representative of Shriram Finance to find out the prevailing interest rates of car loan schemes at the time of application.

    Service charges levied by Shriram Finance Car Loan

    ChargesAmount
    Bank charge Rs.500 per instance of cheque bounce
    Collection charge Rs.250 per visit to the borrower or guarantor’s place
    Swap charge Rs.500 per swap
    Prepayment charges 4% on the principal outstanding amount
    Postal charge Rs.50 per dispatch by post, courier or actual, whichever is higher

    All charges are payable together with the applicable GST.

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    Shriram Finance Car Loan - Features and Benefits

    From cars and tractors to trucks and vans, Shriram Finance offers car loans for the purchase of new and used passenger and commercial vehicles in the Indian market. Keep in mind, the interest rate of a car loan depends on the age and model of the vehicle among other things. Here are some important features of Shriram Finance Car Loan:

    • Whether it is a new or second-hand car, you can purchase your dream vehicle with Shriram Finance car loans.
    • The lender will not provide auto loans to applicants with cheque bounces in their bank statements.
    • Shriram Finance auto loans are repaid through Equated Monthly Installments (EMIs) over a specific period of time called the loan tenure.
    • At the time of applying for an auto loan at Shriram Finance, the applicant must declare details about existing loan commitments.
    • The auto loans from Shriram Finance are available for a loan tenure of minimum 12 months to maximum 36 months. The loan tenure varies depending on the type of loan scheme.

    How to apply for Shriram Finance Car Loan?

    Shriram City Union Finance offers various auto loan schemes to purchase new and used passenger and commercial vehicles available in the Indian market. From three-wheelers to four-wheelers, you can obtain an auto loan from Shriram Finance to buy a car of your dreams. Executives from Shriram City Union Finance are stationed at various automobile dealerships and showrooms to assist customers in obtaining auto financing. The executives will guide potential borrowers on car loan application, carry out credit verification, process the loan, and disburse the loan amount.

    How to Calculate EMI for Shriram Finance Car Loan

    Calculating your car loan EMI can help you find out how much an auto loan will cost on you on a monthly basis. EMIs consist of the principal and interest of a car loan. Use the Shriram Car Loan EMI Calculator available on the lender’s website to estimate your monthly EMIs and other costs involved. This highly recommended tool not only helps you in ascertaining the expenses involved in a car loan but also helps in planning a budget with a view to help you prepare for the loan. This tool works with basic inputs such as the car loan amount, rate of interest loan tenure, and processing fee. You can input varying combinations of the car loan amount, interest rate, and loan tenure to get revised EMI results. Depending on the results, you can choose an affordable car loan amount and a suitable loan tenure. Maintain a low debt-to-income ratio when it comes to car loans. Ensure your car loan EMI does not exceed more than 50% of your income. Otherwise, you may end up defaulting on your auto loan which can have a negative effect on your credit score. Lenders hesitate to lend loans to borrowers with a poor credit score and bad credit history. Therefore, make your car loan EMI payments on time. Shriram Finance like any other lender, charges a late payment penalty fee for delayed EMI payments.

    Shriram City Finance FAQs

    1) How do get in touch with Shriram City finance to apply for a car loan?

    Representatives of Shriram finance are available for consultation at showrooms of major car brands. They can also be reached at the nearest branch or via phone service.

    2) I have decided to apply for a car loan from Shriram finance. Is it a requisite to declare existing loan commitments?

    Yes, you must declare your existing liabilities which includes loans. They will take into account the monthly EMIs paid as a part of processing to ascertain eligibility.

    3) I have a couple of cheque bounces in the past. Will this affect my eligibility to get a car loan?

    It will have a bearing when they process paperwork since it questions your ability to honour payments. If there is a valid reason, you can justify.

    4) I am a salaried individual and missed out on filing ITR for the previous financial year. What are my options when I apply for a car loan?

    You can present Form 16 issued by your employer as a proof of income along with latest payslips.

    Shriram Car Finance Reviews

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