Shriram City Union Finance Personal Loan
Apply Now| Shriram City Union Finance Personal Loan Updated | |
|---|---|
| Loan Amount | Rs. 1 lakh to Rs. 30 lakhs |
| Loan Tenure | 3 Years |
| Interest Rate | 11.49% to 23% per annum |
Shriram City Union Finance Personal Loan is for salaried individuals and professionals. You can borrow up to Rs. 30 lakhs. You can use the fund for any monetary requirement. As an NBFC loan, you get the opportunity of greater flexibility in the loan scheme. As per your eligibility, you can choose the tenure and loan amount. The financial institution also charges a competitive rate of interest. It takes one to seven days for the loan approval and disbursal.
In this post, we will discuss Shriram City Union Finance Personal Loan features, interest rates, eligibility criteria, documents required, repayment norms, and FAQs.
Features of Shriram City Union Finance Personal Loan
Here are some of the features to know:
- You can get approval for an amount ranging between Rs. 1 lakh and Rs. 30 lakhs. The sanctioned amount depends on your profile
- The tenure is 12 months to 36 months. You can choose one as per your eligibility and suitability
- The processing fee is 2.50% of the sanctioned loan amount + applicable taxes
- The NBFC has a straightforward documentation and verification procedure
- All you need is verified signature proof, basic KYC documents, and income proof to apply for the personal loan
Shriram City Union Finance Personal Loan Interest Rates
Shriram City Union Finance Personal Loan Interest Rate is between 11.49% and 28% per annum. The rate of interest will depend on your age, income, repayment capacity, credit score, financial liabilities, employment history, and other factors. Also, it depends on how well you suit the eligibility norms. The better is your creditworthiness; the greater will be your power to negotiate the personal loan terms.
Shriram City Union Finance Personal Loan Eligibility Criteria
Personal loan eligibility criteria may differ from one candidate to another. The eligibility criteria for Shriram Finance personal loan are discussed below:
- The applicant’s age should be between 21 years (at the time of loan application) to 59 years (at the time of the loan's maturity)
- In case the applicant is employed then his or her account should show proof of continuous credit of salary at least for one year
- In case the applicant already has an existing loan from any other bank then he or she has to communicate about the same to the NBFC
- If the applicant is self-employed then he or she needs to be employed for at least two years
Documents for Shriram City Union Finance Personal Loan
With the duly filled and signed loan application form and necessary documents attached, you can apply for the loan at any branch of Shriram City Union Finance. Below-given are the documents you to apply for the loan:
- Address proof such as Driving Licence, Passport, a Gas bill with a Gas book, Ration Card
- Identity proof such as Voter ID, PAN card or Aadhaar card, Passport, Driving Licence
- Documents of income proof like salary slip, income certificate, etc.
- Electronic clearing mandates and post-dated cheques
- Bank statement of last six months
- Other documents as requested by the NBFC
How to Repay the Personal Loan from Shriram City Union Finance?
The NBFC will check the borrower's repayment capacity before providing the fund. Thus, primarily a person should be able to manage the EMIs comfortably from the monthly salary. But financial emergencies can come anytime even while paying EMIs on a loan. This is why; one must always keep some of the disposable income as an emergency fund and draw a strict budget monthly to curtail unnecessary expenses.
- This additional amount can come to the rescue when an unfortunate event strikes, like the robbery of money, job loss, etc.
- Also, if the borrower comes across additional funds from yearly or festival bonuses, investments, etc, then the amount can be used to repay the loan faster.
- It will then reduce the EMI burden and help in closing the loan too faster.
Shriram City Union Finance Personal Loan FAQs
Below-provided are the frequently asked questions:
1. What Are the Essentials of Personal Loan Shriram City Union Finance?
- Borrowers can opt for a tenure of 12 to 36 months to pay back the loan
- The borrower should be employed for at least one year, for self-employed, it is two years
- The borrower should be a resident of the location for at least one year
2. How to Use the Funds from the NBFC?
As a personal loan is an unsecured and multi-purpose loan, the borrower can utilize the funds for any end purpose. Many take the loan to fund emergency expenses such as home renovation, education, vehicle repair, medical contingency, travel, etc. But there is no restriction on the end purpose of the loan, except that the money cannot be used for speculative and illegal activity.
The NBFC may or may not enquire about the purpose of the funds. If it does, it is best to be truthful about the intent of taking the loan as being clean about intent will win the trust of the financial institution.
3. What is the Importance of Credit Score to Get a Personal Loan?
Shriram City Union Finance places a great amount of importance on the credit score and history of its loan applicants. Usually, a CIBIL score of 750+ is desirable by financial institutions. However, the same may vary depending on the repayment capacity and financial obligations of the applicant, along with the fulfilment of other eligibility criteria.
A good credit score will help a person to get the loan approved without disruptions. It will also encourage the lender to offer the best interest rate and repayment terms to the borrower, besides other benefits and facilities.
4. How to Calculate Shriram City Union Personal Loan EMI?
EMI or equated monthly instalment is what a borrower has to pay against the loan till the end of its tenure. The repayment amount contains both the principal and interest components and is divided into equal parts that the borrower has to pay every month. The loan EMI calculator on Loanbaba will help know the exact calculation of EMI that one has to pay.
By entering the loan amount, tenure, and rate of interest, the calculator will show the EMI to pay for the month. It will also show the net principal borrower and interest amount to be paid wholly. To understand the actual EMI, one must enter the correct interest rate, tenure, and loan amount in the EMI calculator. Let us look at an example of the loan EMI to know the details of the monthly instalment containing both interest and principal amount.
- For instance, the loan amount is Rs. 2 lakhs, then on an interest rate of 11.49%, the monthly instalment to be paid for tenure 1, 2, and 3 years is Rs. 17,722, Rs. 9367, and Rs. 6594, respectively.
- Now, remember, the longer the tenure smaller the EMIs are but higher are the interest payout, and vice-versa.
- Keeping the above-mentioned scenario in mind, the total interest payout on tenure 1, 2, and 3 years will be Rs. 12,665, Rs. 24,811, and Rs. 37,393 respectively, over and above the principal amount.
5. How to Check the Loan Status?
If an applicant wishes to know the real-time status of his/her loan with this NBFC, then all one needs to do is log in with respective credentials on the official website of Shriram City Union Finance. With the credentials, the person will be able to keep a check on the exact status of his/her personal loan application and other details. Or the borrower can contact customer personnel on any other mode of communication, such as a phone number, or an email id, as mentioned on the NBFCs website.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Shriram City Union Finance.