Shriram Finance offers
The fees and charges applicable for the Shriram City Union Finance personal loans are dependent on the schemes which are selected by the applicants. However, there are certain fixed charges such as:
|Cheque bounce charges||3% of the amount mentioned in the cheque or Rs.1,000 (higher of the two) + GST|
|Swapping charges||Rs.1,000 per swap + GST|
|Overdue interest||36% of the unpaid instalments or dues|
|Loan cancellation charges||Rs.1,000 + GST|
|Postage expenses||Postage expense for issue of notice – Rs.50 + GST for each notice sent to the borrower of the loan|
The applicant must meet the following eligibility criteria:
However, it should be kept in mind that the above-mentioned eligibility criteria do not guarantee the disbursal of loan. A loan will be approved only after Shriram City Union Finance verifies and approves the original documents submitted by the applicant.
The following documents are to be submitted along with the application form:
Let’s consider a scenario where you borrow Rs.1 lakh in personal loan from Shriram Finance. The company sets an interest rate of 12% p.a. for a repayment period of 1 year. The loan repayment schedule for this case is given as follows:
|Months||Principal||Interest||EMI (principal + interest)||Balance||Percentage of loan paid to date|
|Fees and charges||Shriram Finance Personal Loan||HDFC Bank Personal Loan||Citibank Personal Loan||Aditya Birla Capital|
|Interest rate||Determined on a case by case basis||10.75% p.a. onwards||10.50% p.a. onwards||14% p.a. onwards|
|Processing fee||Contact the company for details||2.50% of the loan amount||0.25% to 3.00% + GST||Up to 2% of the loan amount|
|Foreclosure charges||Contact the company for details||2% to 4% of the outstanding loan amount||Up to 4% of the principal outstanding||2% of the outstanding loan amount|
|Late payment fee||3% of the overdue amount per month||2% of the overdue amount per month||Contact the bank for details||2% of the overdue amount per month|
Given below are the steps you will have to follow in order to check the Shriam Finance Personal Loan Status:
Yes, you can avail the moratorium as per the guidelines of the Reserve Bank of India (RBI). However, it should be kept in mind that the moratorium is voluntary and you can choose whether you want to avail it or not. Also, keep in mind that you will be required to pay interest which will be accrued for the months during which you avail the moratorium.
Yes, the NBFC will adjust your loan repayment on the basis of the number of months that you avail as your moratorium period. These instalments will be added to the overall loan repayment tenure.
The moratorium is effective till 31 August 2020 as per the latest notification of the Reserve Bank of India (RBI).
Considering the fact that you will have to pay accrued interest for the months during which you avail the moratorium, it is advisable to pay off your EMIs on time if you have the financial bandwidth to do so. Unless your cash flow is disrupted, it is wiser to pay off the EMIs on time.
No, as per the notification of the RBI, customers who will avail the moratorium will not be considered as defaulters due to the non-payment of the EMIs. The non-payment will only be a deferment of the payment and thus, it will not have any effect on the credit your credit history or credit score.
You can call on the toll-free number 1800 103 6369 in case you have any query related to personal loan. For more information go to shriram finance personal loan customer care
There is no fixed interest rate for Shriram City Union Finance Personal Loans. The interest rates are decided by the institution after assessing the applicants’ documents and is strictly based on the schemes that are selected by them.
Shriram City Union Finance offers loans for short terms and medium terms. The minimum tenure for which you can avail a loan is 12 months.
Shriram City Union Finance offers loans for short terms and medium terms. The maximum tenure for which you can avail a loan is 36 months.
The maximum loan amount is not fixed. The maximum loan amount which can be availed by an applicant will be dependent on his or her selection of scheme as well as eligibility.
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