Introduction
Shriram Finance offers personal loans with interest rates starting from 11.49% p.a., providing flexible loan tenures of up to 60 months and loan amounts up to Rs. 30 lakh. These loans are tailored to meet various personal financial needs, such as medical emergencies, weddings, travel, or debt consolidation. Shriram
Finance personal loans come with quick approval, minimal documentation, and no collateral requirement. Additionally, borrowers can benefit from flexible repayment options, allowing them to manage their finances with ease while addressing their immediate personal requirements.
Shriram Finance Personal Loan Highlights
| Interest Rate | 12.50% p.a. onwards |
| Loan Amount | Up to Rs 20 lakh |
| Tenure | Up to 5 years |
| Processing Fees | Up to 2% of loan amount |
| Minimum Monthly Income | For Corporate Borrowers: Rs 20,000For Non-corporate Salary Borrowers: Rs 25,000Employee of HDFC Bank: Rs 15,000 |
Types of Shriram Finance Personal Loans
| Type of Loan | Purpose | LTV Ratio | Tenure | Special Features |
| Personal Loan | Personal expenses | Up to 90% | 1-5 years | No collateral, quick disbursement |
| Medical Loan | Medical emergencies | Up to 85% | 1-4 years | Immediate processing, flexible repayment |
| Wedding Loan | Wedding expenses | Up to 80% | 1-5 years | High loan amount, easy documentation |
Shriram Finance Personal Loan Features & Benefits
- Zero Collateral: No need to mortgage property.
- Loan Amount Tenure: Maximum up to Rs 20 lakhs can be availed for up to 5 years.
- Interest Rates: Attractive rate of interest starting at 12.50% p.a.
- Digital KYC: Easy documentation with video KYC using Aadhar Card.
- Flexible Repayment Options: Tailor the repayment schedule to fit your financial situation.
Shriram Finance Personal Loan Interest Rate
| Customer Type | Effective Rate Of Interest |
| For Salaried | 12.50% – 16.00% per annum |
| For Self-employed | 13.00% – 17.00% per annum |
Shriram Finance Personal Loan Processing Fees and Charges
| Fee Type | Details |
| Processing Charges | Up to 2% of loan amount |
| Stamping Charges | As per respective State’s Stamp Act |
| Overdue Interest | 2% per month |
| Credit Appraisal Charges | Up to Rs 3,000 + GST |
| Credit Administration Charges | Up to Rs 1,500 + GST |
| Collection Charges | 3% + GST of cheque/instrument dishonor charges + overdue interest |
| Dishonor Charges per instance | Rs 500 + GST |
| Foreclosure Charges | 4% + GST |
| Part Pre-payment Charges | Rs 1,000 + GST per instance |
| No due | NIL |
| Duplicate Issue of NOC | NIL |
| Copy of CIBIL | Rs 50 + GST |
| Copy of Records | Rs 100 + GST |
Eligibility Criteria for Shriram Finance Personal Loan
| Requirements | Salaried | Self-Employed |
| Residency | Indian/NRI | Indian/NRI |
| Age | 21 – 58 years | 25 – 60 years |
| CIBIL Score | 700 and above | 700 and above |
| Minimum Net Income | Rs 20,000 per month | Rs 30,000 per month |
Documents Required for Shriram Finance Personal Loan
- ID Proofs: Passport, Aadhar card, driving license, voter ID, PAN card
- Residential Proofs: Passport, utility bill, leave and license agreement
- Bank Statement: Past 3 months
- Salary Slip: Last 3 months
- Photographs: 2-3 passport size
Shriram Finance Personal Loan EMI Calculator Calculate your EMI using Shriram Finance’s online EMI calculator. Simply enter the loan amount, tenure, and interest rate to get an estimate of your monthly payments. [Link to EMI Calculator]
Tips to Improve Loan Approval Chances
- Improve Credit Score: Maintain a CIBIL score of 700 and above.
- Reduce Existing Debt: Lower your existing debt before applying.
- Stable Income: Ensure consistent and stable income to meet eligibility criteria.
How to Apply for a Personal Loan at Shriram Finance?
- Visit the Shriram Finance website or nearest branch.
- Click on ‘Apply Now’.
- Provide your personal and income details.
- Select ‘Shriram Finance’ from the list of lenders.
- Choose your preferred loan amount and repayment tenure.
- Submit the application.
- Following the verification of your application, a Shriram Finance executive will contact you for further proceedings.
Types of Shriram Finance Personal Loans
- Personal Loan: Cover personal expenses with quick processing.
- Medical Loan: Manage medical emergencies with customizable repayment options.
- Wedding Loan: Get immediate financial assistance with high loan amounts.
Why Apply for Personal Loans through Grow Associates?
- Offers from Top Lenders: 30+ partner Banks/NBFCs/Fintechs provide the best available loan at one place.
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- Personalized Solutions & High Approval Chances: Personal loan offers are ranked according to your credit score and eligibility factors, maximizing your chances of approval.
- Pre-Approved Loans: Access pre-approved personal loan offers based on your credit health.
- End-to-end Assistance: From loan selection to fund disbursement, [Platform/Agency Name] assists you at every step.
Compare Shriram Finance Personal Loan with Other Banks
| Feature | Shriram Finance | HDFC Bank | Kotak Mahindra Bank | Yes Bank |
| Interest rate | 12.50% p.a. onwards | 10.50% p.a. onwards | 10.99% p.a. onwards | 20% p.a. onwards |
| Processing fee | Up to 2% + GST | Up to 2.5% + GST | Up to 3% + GST | 2% + GST |
| Foreclosure charges | 4% of the outstanding loan amount | 4% of the outstanding loan amount | 5% of the outstanding loan amount | 0% to 4% of the outstanding loan amount |
| Late payment fee | 2% of the overdue amount per month | 2% of the overdue amount per month | 3% of the overdue amount per month | 2% of the overdue amount per month |
Brief Summary
Shriram Finance’s personal loan is an ideal solution for anyone in need of quick funds to meet financial needs. With competitive interest rates, flexible repayment options, and a hassle-free application process, Shriram Finance ensures you have the financial support you need when you need it most.
FAQS
- What is the maximum loan amount I can get from Shriram Finance?
You can get up to Rs 20 lakhs as a personal loan from Shriram Finance.
- How long does it take for Shriram Finance to disburse the loan?
Loan disbursement typically takes 2-3 working days after document verification.
- What is the minimum CIBIL score required for a Shriram Finance personal loan?
A minimum CIBIL score of 700 is required to apply for a personal loan with Shriram Finance.
- Can I prepay my Shriram Finance personal loan?
Yes, you can prepay your loan, but prepayment charges of 4% + GST apply.
- Are there any special benefits for existing Shriram Finance customers?
Yes, existing Shriram Finance customers may be eligible for lower interest rates and processing fees.
