Shriram Finance personal loan

Loans against Residential Property:

The Shriram housing finance limited provides loans against residential property which a can be used by an individual for the expansion of the business or for any personal use like a medical emergency, marriage expenses or for education purposes.

The Eligibility criteria for the loan are:

• The applicant for the loan should be an Indian resident with a minimum age of 21 years at the time of making an application.
• The applicant can be from any category i.e. he might be salaried or can be a self-employed individual.
• The eligibility for sanctioning the loan is derived from the repayment capacity of an individual and the value of the property in question.

The tenure of the loan:

The minimum tenure for the loan against residential property is 12 years which is based on the following conditions:

• The retiring age of a salaried individual or
• The age of maturity of a self – employed individual.

Loan Amount:

• The minimum loan amount offered is Rs. 1 lakh.
• The maximum loan amount offered is Rs.50 lakhs.
• The loan amount is actually based on the 60% of the value of the property along with the repayment capacity of an individual.

Loan against Commercial Property:

The bank provides loan facility against an existing fully completed commercial property for the business expansion for any personal uses like a medical emergency, marriage expenses, and education purpose etc.

Eligibility for the loan:

• The applicant has to be 21 years of age and should be the Indian resident at the time of applying for the loan.
• The applicant for this loan can be a salaried or self-employed individual.
• The eligibility for the sanctioning of the loan is actually assessed on the basis of repayment capacity and the value of the property which is under question.

The loan tenure:

The maximum tenure for the loan is 12 years subject to the following conditions;

• The retirement age of the salaried individual or
• The maturity age of the self-employed applicants.

The Loan amount:

• The minimum loan offered is Rs.1 lakh.
• The maximum loan amount is Rs.150 lakhs.
• The loan amount totally depends on the 50% of the property value of the customer and his repaying capacity.

Rate of interest:

The Shriram housing finance offers floating rate of interest which is directly linked to the Shriram Housing Prime Lending rate (SHPLR). Presently the lending rate of SHPLR is 15%.

The Benefits Offered To The Borrowers:

• The flexible schemes are given to the informal segment of the individuals to calculate the loan eligibility. No income proof is required for the self –employed section and special schemes are offered to the informal segment of the borrowers.
• No penalty charges, part payment or pre-closure charges are taken from the individual borrowers.
• Take over facility is available for the existing loans, and additional finances are provided for the purpose of marriage, higher education, medical emergency or any other specified purpose by the bank.
• No hidden charges are taken from the borrowers. All the fees and charges taken are crystal clear with the individuals.
• The Shriram Housing finance has its holding in 17 states and 1 Union territory.
• The Shriram Housing Finance provides the third party tie up for covering the property risk and mortality risk through insurance.

• Who can avail the personal loans from Shriram Housing Finance?

Any individual whether salaried or self –employed can easily avail personal loans from Shriram Housing finance. The applicant for the loan should be an Indian resident and above the age of 21 years.

• What are the criteria for the repayment of the personal loan?

The personal loan should be paid in Equated monthly Installment (EMI). The repayment period should not be more than 12 months to 36 months. The actual repayment tenure is estimated on the basis of the kind of loan applied for.

• Can an individual who has already taken a loan from another bank apply for the personal loan from Shriram Housing finance?

Yes, the individual who already has a loan in his name from another bank can apply for the personal loan from Shriram Housing finance but should make the proper declaration of the loan prior to applying for the other loans.

• What is the rate of interest charged on the personal loan?

The rate of interest on the personal loan is actually based on the type of personal loan applied for.

• What are the costs associated with the personal loan?

As a personal loan customer, you are required to pay the processing fees along with the servicing interest on the loan. The processing fees along with the service tax will be deducted from the amount of loan disbursed.

• What happens when the customer misses the payment on the due date?

The customer is required to pay the EMI on the due date. Non-payment of EMI will have the following consequences:

• The credit rating to the CIBIL will be affected.
• This will also have an impact on the other credit facilities availed by the customer from Shriram Housing finance.
• The bank may start the recovery proceedings against the customer for the dues along with the interest and the late payment charges.
• What are the documents required for availing the loan?

The documents required for availing the loan are as follows – address proof like Aadhar card, voter’s id card, passport, electric bill or the gas bill with the gas book, driving license or the ration card, the identity proof like voter card, Aadhar card, pan card, passport, driving license etc, the  proof of income that qualifies with the bank requirement, bank statements for the last 6 months, the post dated cheques for loan repayment and electronic clearing mandate, other legal documents as required by the bank, and any form of collateral security as specified.

Applying for the Shriram Personal Loan is very easy if the applicant follows some easy steps. The application can be done online by visiting our website which is Paisabazaar.com and choosing the Personal Loan option. Details of the loan, personal details, income details and other relevant information are sought on the application web-page and on providing the required information, the loan eligibility can be checked and the loan can be simultaneously applied for.