Shriram Finance Personal Loan

Shriram Finance Personal Loan Details

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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.

Our website, Loanbaba.com provides all the information about Shriram Finance Personal Loan.

Features of Personal Loans at Shriram Finance

The following key points will help one understand the features and benefits of the personal loans:

• An applicant can take a loan from Shriram City Union Finance is up to Rs. 30 lakhs. Amount sanctioned depends on the individual profile.
• Processing fee is 2.50% of the loan amount.
• The loan can be repaid within tenure of 12 months to 36 months. This NBFC offers the flexibility to choose tenure as per suitability of the customer.
• The company has a straightforward documentation procedure since they go about it with internationally tested methods.
• All the applicant needs is a photo ID, verified signature, address proof, and a document that declares his/her age. The same is submitted with the application.

Shriram Finance Personal Loan Interest Rates

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.

Eligibility Criteria for Shriram Personal Loan

Personal loan eligibility criteria may differ from one candidate to another. The eligibility criteria for Shriram Finance personal loan are discussed below:

• Applicant can visit the nearest branch of Shriram City Union Finance to check whether he or she can apply for a loan or not.
• Applicant’s age should be between 21 years (at the time of loan application) to 59 years (at the time of loan’s maturity).
• In case a customer is employed then his or her account should show proof of continuous credit of salary at least for one year.
• In case one is already having an existing loan from any other bank then he or she has to communicate for the same.
• One can pay back the loan amount via EMI (Equated Monthly Instalments).
• If an individual is self-employed then he or she need to be employed for at least for two years.

A person can also use free-of-cost Shriram Finance personal loan eligibility calculator on our website.

Documents Required to Apply for Shriram City Union Finance Personal Loan

Below-given are the documents needed to avail Shriram personal loan.

• Address proof such as driving licence, passport, gas bill with gas book, Ration card.
• Identity proof such as voter ID, PAN card or Aadhar 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 which the company demands needs to be submitted.
• Collateral security as conveyed by the company.

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.

Shriram Finance Personal Loan EMI Calculator

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:

• The right loan amount needed as per the individual’s salary/income.
• A suitable interest rate on the loan.
• The loan tenure ideal as per the applicant’s income profile.

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 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.

How to Use the Funds from the NBFC?

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.

How to Repay the 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 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.

• This additional amount can come to the rescue when an unfortunate event strikes, like robbery of money, job loss, etc.
• Also, if the borrower comes across additional funds from yearly or festival bonus, investment, 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 Finance Bank Personal Loan FAQs

Below provided are important questions about personal loan Shriram City Union Finance:

• addFAQs
  1. What are the eligibility criteria for Shriram Finance Personal Loan?

  Eligibility criteria to avail the loan:

  • Applicant can visit the nearest branch of Shriram City Union Finance to check whether he or she can apply for loan or not.
  • Age should be between 18 to 59 years.
  • In case a customer is employed then his or her account should show continuous credit of salary at least for One year.
  • In case one is already having an existing loan from any other bank then he or she has to communicate for the same.
  • One can pay back the loan amount via EMI (Equated Monthly Instalments).
  • If an individual is self-employed then he or she need to be employed at least for Two years.
  2. What are the documents required for Shriram Finance Personal Loan?

  Required Documents for Shriram City Union Finance Personal Loan:

  • Address proof such as driving licence, passport, gas bill with gas book, Ration card.
  • Identity proof such as voter ID, PAN card or Aadhar card, passport, driving licence.
  • Documents of income proof.
  • Electronic clearing mandates and Post-dated cheques.
  • Bank statement of last Six months.
  • Legal documents which the company demands.
  • Other documents which the company demands needs to be submitted.
  • Collateral security as conveyed by the company.
  3. What are the essentials of personal loan Shriram Finance??
  • Customer get the time period of 12 to 36 months to pay back the loan and this time period is based on scheme.
  • The customer should be employed for at least One year, for self-employed it is Two year.
  • Customer should be resident of the location for at least One year.
  4. How to calculate personal loan EMI by the financial institution??

  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.

  • 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, 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 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.