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  • Shriram Finance Personal Loan
    Personal Loan BYTES FROM OUR KITCHEN

    Shriram Finance Personal Loan

    Shriram City Union Finance was established in the year 1986. It is a part of the Shriram Group and it is a deposit accepting non-banking financial company (NBFC). It generally offers personal loans for short-term and medium-term finance. Personal loan is offered to existing as well as old customers and to customers of other Shriram Group entities.

    Shriram Finance Personal Loan Details

    Interest Rate Loan Amount Benefits
    On the basis of the schemes which are selected by the applicant On the basis of the schemes which are selected by the applicant Easy repayment through EMIs.

    Why choose Shriram Finance Personal Loan?

    The advantages of choosing Shriram City Union Finance personal loan can be summed up as follows:

    • 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.

    Fees and charges for Shriram Finance Personal Loan:

    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

    Eligibility for Shriram Finance Personal Loan

    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.

    Frequently Asked Questions (FAQs):

    What is the interest rate for Shriram Finance Personal Loan?

    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.

    How do I track my loan application?

    If you apply for a personal loan through BankBazaar, you can log in to your profile to see the status. In addition to that, BankBazaar will also send regular emails and SMS to notify you about the status of the loan. You can also use the mobile phone application of BankBazaar for the same.

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

    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.

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

    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.

    What is the maximum loan amount which is offered under Shriram Finance Personal Loan?

    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.

    Shriram Finance Personal Loan Reviews

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