• Shriram Finance Personal Loan

    Shriram City Finance is a non-banking financial company (NBFC) which offers personal loan at lucrative interest rates. The interest rates are usually offered on the basis of the scheme selected by the borrower. The loans can be availed for a period of up to 36 months.

    Shriram Finance offers 

    • Loan amount – Depending on your income
    • Minimum repayment period – 1 year (12 months)
    • Maximum repayment period – 3 years (36 months)
    More

    Features of Shriram Finance Personal Loan

    • Easy availability of finance for short-term or medium-term.
    • Easy repayment through EMIs.
    • Accessible by customers who do not have access to banks and other financial institutions.
    • Loans can be availed by both existing customers and new customers.

    Shriram Finance Personal Loan Fees and Charges

    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

    Shriram Finance Personal Loan Eligibility Criteria

    The applicant must meet the following eligibility criteria:

    • The minimum age requirement is 18 years and the maximum age requirement is 59 years.
    • A salaried applicant must be employed for at least 1 year.
    • Self- employed individuals must be employed for a minimum of 2 years.
    • There should be no cheque bounces in the bank statement of the applicant.
    • The borrower will be required to declare his or her existing loans.
    • The applicant should be residing in the same residence for at least 1 year.

    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.

    Documents Required for Shriram Finance Personal Loan

    The following documents are to be submitted along with the application form:

    • Valid proof of Identity: It can be your passport, driving license, voter ID card, Aadhaar card or PAN card.
    • Valid proof of address: It can be passport, driving licence, ration card, NREGA card, or gas bill with gas book.
    • Proof of income.
    • Last 6 months’ bank statement.
    • Post-dated cheques and electronic clearing mandates.
    • Legal documents as per the requirement of Shriram City Union Finance.
    • Collateral security as required by Shriram City Union Finance.
    • Any other documents that Shriram City Union Finance requires will have to be submitted.

    How the EMI calculation works for Shriram Finance personal loans?

    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
    Apr Rs.7,885 Rs.1,000 Rs.8,885 Rs.92,115 7.88%
    May Rs.7,964 Rs.921 Rs.8,885 Rs.84,151 15.85%
    Jun Rs.8,043 Rs.842 Rs.8,885 Rs.76,108 23.89%
    Jul Rs.8,124 Rs.761 Rs.8,885 Rs.67,984 32.02%
    Aug Rs.8,205 Rs.680 Rs.8,885 Rs.59,779 40.22%
    Sep Rs.8,287 Rs.598 Rs.8,885 Rs.51,492 48.51%
    Oct Rs.8,370 Rs.515 Rs.8,885 Rs.43,122 56.88%
    Nov Rs.8,454 Rs.431 Rs.8,885 Rs.34,668 65.33%
    Dec Rs.8,538 Rs.347 Rs.8,885 Rs.26,130 73.87%
    Jan Rs.8,624 Rs.261 Rs.8,885 Rs.17,507 82.49%
    Feb Rs.8,710 Rs.175 Rs.8,885 Rs.8,797 91.20%
    Mar Rs.8,797 Rs.88 Rs.8,885 Rs.0 100.00%

    Compare Shriram Finance personal loan with loans other lenders

    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

    FAQs on Shriram Finance Personal Loan

    1. How can I check the status of my Shriram Finance personal loan?
    2. Given below are the steps you will have to follow in order to check the Shriam Finance Personal Loan Status:

      • Click on Products, you will be directed to a separate page where you will have to click on ‘Personal Loan’. Click on ‘Customer Login’. You will be directed to a new page, where you will have to select ‘Loan Customer’. Enter your user ID and password and click on ‘Login’. You will be directed to the portal where under the loan section you can check the status of your personal loan by providing the details of your personal loan such as application number, registered mobile number, etc. You will be able to check the status of your personal loans.
    3. Can I avail a moratorium for my Shriram Finance Personal Loan EMIs?
    4. 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.

    5. Will my loan repayment tenure be extended if I avail the moratorium?
    6. 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.

    7. What is the effective moratorium period as per the guidelines of the central bank of India?
    8. The moratorium is effective till 31 August 2020 as per the latest notification of the Reserve Bank of India (RBI).

    9. Should I avail the moratorium offered by Shriram City Finance for my personal loan repayment?
    10. 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.

    11. If I avail the moratorium, will I be considered as a defaulter?
    12. 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.

    13. How do I get in touch with Shriram Finance customer care?
    14. 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

    15. What is the interest rate for Shriram Finance Personal Loan?
    16. 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.

    17. What is the minimum tenure for a personal loan from Shriram Finance?
    18. 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.

    19. What is the maximum tenure for a personal loan from Shriram Finance?
    20. 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.

    21. What is the maximum loan amount which is offered under Shriram Finance Personal Loan?
    22. 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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    Shriram Finance Personal Loan Reviews

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