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    • Shriram Finance Personal Loan

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    • Shriram Finance offers personal loans with attractive interest rates. These loans are available to salaried as well as self-employed individuals. To be eligible to apply, you must either be an existing customer or an old customer of the company.

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

    • 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.

    Looking for these details?

    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

    Eligibility

    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

    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  11.25% p.a. onwards  10.99% p.a. onwards  11% p.a. onwards 
    Processing fee  Contact the company for details  2.5% + GST  0.25% to 3.00% + GST  2% + GST 
    Foreclosure charges  Contact the company for details  2% to 4% of the outstanding loan amount  Up to 4% of the principal outstanding  3% 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

    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.

    A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

        

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