Shriram City Union Finance is a part of Shriram Group which is non-banking financial company, but it does accept cash deposits. This NBFC came into existence in India because of the need of Chit Fund customers. This company provides personal loans to its old and existing customer and to the customers who belong to other Shriram Group entities. Shriram Finance has personal loan schemes for professionals and salaried individuals. The amount taken as loan can be used for personal expenses and any monetary requirement.
|Shriram Finance Personal Loan Details Updated on 20th January 2020|
|Loan Amount||Rs. 1 lakh to Rs. 30 lakhs|
|Loan Tenure||3 Years|
|Interest Rate||11.49% to 23%|
The following key points will help one understand the features and benefits of the personal loans:
Personal Loan Shriram Finance interest rate is between 11.49% and 28%, but varies as per individual profile. Keep a check on this page to note the updated Shriram Finance personal loan interest rate for the current year. Also remember, the rate of interest can vary from a borrower to another depending on his/her repayment capacity, income, financial liabilities, credit score, age, etc. To get the best rate of interest, the applicant must meet all the eligibility criteria and have a clean credit history.
Personal loan eligibility criteria may differ from one candidate to another. The eligibility criteria for Shriram Finance personal loan are discussed below:
A person can also use free-of-cost Shriram Finance personal loan eligibility calculator on our website.
Below-given are the documents needed to avail Shriram personal loan.
With the duly filled and signed loan application form and necessary documents attached, one can apply for the loan at any branch of Shriram City Union Finance.
A person can use our FREE personal loan EMI calculator before applying for Shriram Finance loan. With EMI calculator personal loan, one can get the following details:
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 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.
As a personal loan is an unsecured and a 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.
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 in the midst of 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.
Below provided are important questions about personal loan Shriram City Union Finance:
Eligibility criteria to avail the loan:
Required Documents for Shriram City Union Finance Personal Loan:
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 component and is divided in equal parts that 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 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 monthly instalment containing both interest and principal amount.
If an applicant wishes to know the real-time status of his/her personal loan with this NBFC, then all one needs to do is login 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 Finance.