Shriram Finance is focused on offering personal loans to individuals who do not have easy access to credit through banks or other financial institutions through its Shriram City brand. Shriram Finance personal loan offers easy availability of funds to salaried and self- employed individuals who are existing customers, pensioners and also customers of other Shriram Group entities. The personal loan amount and interest rate are determined by Shriram City on a case by case basis.
Table of Contents
Features of Shriram Finance Personal Loan
Some features of Shriram City personal loan are given below:
- Flexible tenure: The tenure to repay Shriram Finance personal loan varies from 12 months to 36 months. You can decide the desired tenure as per your repayment ability
- Quick disbursal: Shriram Finance is an ideal option to opt for if you require short or medium finance immediately as the loan amount is disbursed to your account quickly
- Hassle- free process: The process to apply for Shriram Finance personal loan is hassle- free and can be completed online
- Minimum paperwork: Shriram Finance requires you to submit minimum documents if you wish to avail a personal loan
Shriram Finance Personal Loan Interest Rates
The interest rate offered by Shriram Finance on a personal loan is based on the scheme selected by an individual and varies from person to person. The interest rate offered to an individual on a personal loan is also influenced by various factors like his age, credit score, repayment history, employer, etc.
Types of Shriram Finance Personal Loan Products
At present Shriram City does not categorize personal loan products based on end use or applicant type. It offers personal loans to both salaried and self-employed individuals provided they meet the eligibility criteria and plan to use the loan for personal purposes.
Eligibility
To avail Shriram City personal loan, the following eligibility criteria need to be considered:
- The applicant must be within the age range of 18 to 59 years
- You should be a salaried professional or a self- employed individual
- If you are a salaried professional, you should be employed for a minimum period of 1 year and if you are a self- employed individual, your employment should be at least of 2 years
- You should be in the same residence for a minimum period of 1 year
- You should also meet the minimum income criteria set by Shriram Finance. To know about the minimum income criteria, you need to visit the nearest branch office
Documents required for Loan Application
The following documents are needed to avail a personal loan from Shriram Finance:
- Identity Proof: Passport/Voter ID Card/Driving License/Aadhar Card/PAN Card (Any One)
- Address Proof: Driving License/Passport/NREGA Card/Gas Bill with Gas Book (Any One)
- Income proof documents
- Electronic Clearing Mandates and Post Dated Cheques
- Bank statement of the previous 6 months
- Collateral Security as advised by Shriram City Union Finance
- Legal Documents as stipulated by Shriram City Union Finance Limited
- Any additional documents as advised by Shriram City Union Finance
How to Apply for Shriram Finance Personal Loan with Paisabazaar?
Shriram Finance personal loan application process involves the following steps:
- Visit the official website of Paisabazaar and fill out the online application form to know offers .
- You will get offers from various banks listed as per the chances of approval.
- Select a prospective lender from the list or get in touch with Paisabazaar for assistance.
- Complete and submit your loan application online.
Personal Loan Verification Process
Once your personal loan application has been submitted online on Paisabazaar, the verification process that follows involves the following steps:
Step1. Your loan application is forwarded to the chosen lender by Paisabazaar and typically you will receive a call from the lender’s representative within 48 hours.
Step2. The prospective lender schedules a pickup of your KYC, income, etc. documents or provides you an option to upload them online. Your loan application is verified using these documents.
Step3. Upon the completion of the lender’s verification and the approval of the loan, you will receive another call to verify the loan offer and ask for your consent for disbursal.
Step4. Once the loan is approved and successfully verified, it is typically disbursed within 48 hours.
Note: Depending upon the lender’s internal requirements and other criteria, the above mentioned turnaround time for personal loan verification/disbursal may vary.
Check Shriram Finance Personal Loan Application Status
You can check the status of your Shriram Finance personal loan application using the reference number or application number provided to you when you apply for a personal loan with the lender. To check the status of your personal loan application simply follow the steps given below:
- Visit the official website of Shriram City.
2. Click on ‘Customer Login’ located on the top right corner of the homepage.
3. On the page that opens next, click on ‘Loan Customer’ to go to the existing user section and log in.
4. In case you are a new user, you will be required to enter your date of birth, mobile number, email id. Once done click on ‘Proceed’ to login to your account and track the status of your personal loan application.
5. In case you are an existing user and have already created your user ID and password, you can login to your profile using the existing credentials.
Fees and other Charges
Some of the key fees and charges associated with Shriram Finance Personal Loan are given below:
| Cheque bounce charges | 3% of the cheque amount or Rs.1,000 (whichever is higher) + GST
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| Overdue interest | 36% p.a. of the unpaid installments or dues |
| Swapping charges | Rs.1,000 per swap + GST |
| 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/co-borrower
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| Legal expenses | Actual or as ordered by the Court/Arbitrator |
| Collection charges/ Incidental Expenses | Rs.200 per visit + GST |
How to Login on Shriram Finance Portal
To login to the lender’s online portal simply follow the steps given below:
- Visit the official website of Shriram Finance.
- Click on ‘Customer Login’ located at the top right corner of the homepage.
- On the page that opens next, click on ‘Loan Customer’ to login to your account.
- Login using your user id and password, in case you are an existing customer/user.
- New users need to enter their date of birth, email id and mobile number and enter the captcha code to login to their account.
Shriram Finance Personal Loan Statement
You can get your personal loan statement both online and offline via the following means:
- You can login to Shriram Finance online portal to view and download your personal loan statement
- Alternatively, you can also visit the nearest Shriram Finance branch and request for a physical copy of your personal loan statement.
EMI Calculation
The interest rate for Shriram Finance personal loan varies based upon the scheme selected by the individual. The given table depicts a sample of loan amounts against varying loan tenures and interest rates along with monthly EMIs.
| Loan Amount (Rs.) and Interest Rate | Monthly EMI Payout (Rs.) | ||
| 1-year loan tenure | 2-year loan tenure | 3-year loan tenure | |
| 2 lakh @ 13% p.a. | 17,863 | 9,508 | 6,739 |
| 5 lakh @ 15% p.a. | 45,129 | 24,243 | 17,333 |
| 10 lakh @ 16% p.a. | 90,731 | 48,963 | 35,157 |
Comparison of Shriram Finance Personal Loan vs. Other Lenders
| Particulars | Shriram Finance | Citi Bank | Axis Bank | HDFC Bank | Bajaj Finserv |
| Interest Rate | Based on the scheme selected by the borrower | Starting from 10.50% | 11.49% to 17.49% | 10.75% to 21.30% | Starting from 12.99% |
| Tenure | 12 to 36 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
| Loan amount | Based on scheme selected by the borrower | Up to Rs. 30 lakh | Rs. 50,000 to Rs. 15 lakh | Up to Rs. 15 lakh | Up to Rs. 25 lakh |
| Processing Fee | As per loan agreement | Up to 3% of the loan amount | 2% of loan amount plus GST | Up to 2.50% of the loan amount | Up to 4.13% of the loan amount |
Shriram Finance Customer Care
You can contact the company’s customer care via any of the following ways:
- Call up the Customer Care: You can call Shriram City on 1800-103-6369 (toll-free)
- Request for a Call Back: You can also request for a call-back by visiting the official website of the company>>Contact Us>>Enter the required details
- Online Chatbot: You can also get your queries answered by the Ask Ram chatbot online
- Branch Visit: You can the nearby Shriram Finance branch to get your queries resolved
Benefits of Applying for a Personal Loan at Paisabazaar.com
There are various benefits of applying for a personal loan on Paisabazaar.com. Some of them are given below:
- com allows you to compare important personal loan features like interest rate, processing fees, foreclosure charges of several personal loan providers on a single platform
- It enables you to chose the most suitable option by allowing you to automatically compare the EMI of various personal loan options
- The completely online platform eliminates the need to physically visit the prospective lender’s branch office
- The Paisabazaar website can be accessed anytime and anywhere at your own convenience
- Once you have applied for a personal loan through the company’s website you can track the status of your loan application online using the application number provided
Important Aspects
- Know your credit score before applying for a personal loan. It is one of the first things that lenders consider before lending money to a person. Low credit score might lead to an increase in the interest rate charged by the bank or the rejection of your loan application
- Avoid applying for a personal loan with various lenders at the same time. It may increase the number of hard inquiries for your credit report and may negatively affect the chances of approval
- Consider the complete cost of the loan. The cost of the loan does not only include interest. Other fees and charges such as processing fee, late payment fee, prepayment fee, etc. may also be considered while finalizing upon a particular personal loan
- To avail the best deal, different interest rates and charges should be compared prior to applying for a personal loan
- Borrow according to your need and repayment ability. Don’t borrow simply because you are eligible to borrow more
FAQs
Q1. I am a self-employed teacher and own a coaching institute. Can I avail a personal loan from Shriram Finance?
Yes, you can avail a personal loan from Shriram Finance if you meet the eligibility criteria for self-employed as specified by Shriram City.
Q2. What is the interest rate charged on Shriram Finance personal loans?
The lender does not have a fixed rate of interest for personal loans. The interest rate is decided by the company after assessing the applicant’s personal data and the scheme selected him/her.
Q3. What is the maximum loan amount that I can avail on Shriram Finance personal loans?
There is no fixed maximum loan amount. The applicant’s eligibility and the scheme selected by him/her is the basis on which the maximum loan amount that can be availed by an individual is decided.
Q4. What is the tenure option available on Shriram Finance personal loans?
Shriram Finance personal loans come with a repayment tenure ranging between 12 to 36 months.
Q5. When should I start repaying my personal loan?
You must start repaying your personal loan from Shriram City from the month that follows the month of loan disbursal.
Q6. How much time does Shriram Finance take to disburse personal loans?
Upon successful verification and the approval of the loan by the lender, the loan is usually disbursed within 48 hours. However, the above stated turnaround time for the disbursal of personal loan may vary depending upon the lender’s internal requirements and other criteria.
Q7. How do I get in touch with Shriram Finance customer care?
You can get in touch with the company’s customer care via the following ways:
- By Phone: Customers can call Shriram Finance on 1800-103-6369 (toll-free)
- Call Back Option: You can request for a call-back from the lender’s representatives by visiting the “Contact Us” section on the official website of Shriram City and enter the required details
- Online Chatbot: You can also get your queries resolved by using the Ask Ram chatbot online
- Branch Visit: You can get your queries resolved by visiting the nearest Shriram Finance branch
Q8. What if I miss an EMI?
As per your loan agreement, you may have to pay a late fee as well as penal interest. Also, your credit score will decrease.
Q9. How do I repay Shriram Finance personal loan?
You can repay your personal loan in easy EMIs. The repayment period varies from 12 to 36 months.
Q10. Is it possible for an individual who has already taken a loan from another bank to apply for a personal loan at Shriram Finance?
Yes, it is possible for an individual to avail Shriram Finance personal loan even if a loan from any other bank is outstanding. The only condition is to submit the declaration of existing loan before applying for a new one.