Shriram Finance Personal Loan: Are you in need of personal loan? If yes then you should read this article.
For many reasons, one can approach a personal loan because this loan falls under the unsecured category, as you do not have to mortgage anything to the bank or submit any security against the loan.
This loan is completely based on your monthly income and your credit score. So if you are a salaried person and are searching for a personal loan for your upcoming expenses, then you should know about Shriram Finance Personal Loans.
Have you heard about Shriram Finance before?
No, don’t worry first we will tell you all about Shriram Finance so that you can build your confidence on Shriram Finance. So let’s get started.
![shriram-finance-personal-loan](http://bankpediaa.com/wp-content/uploads/2023/06/shriram-finance-personal-loan.webp)
Who are Shriram Finance?
Shriram Finance Limited was incorporated in 1986 and has its headquarters in Chennai. In November 2022, Shriram Group’s entities – Shriram Capital Limited, Shriram City Union Finance Limited and Shriram Transport Finance Company Limited merged to form Shriram Finance Limited.
Shriram Finance offers home loans, car loans, two-wheeler loans, credit solutions for commercial vehicles, gold loans, and personal and small business loans.
As of December 2022, Shriram Finance has 2,901 branches across India. The total AUM as of December 2022 stood at INR 1.77 lac crores. Shriram Finance’s Fixed Deposits have an AA+ (Stable) Credit Rating.
Read Also: How to Earn Rs. 2 lakh Interest From Rs. 5 lakh Fixed Deposit
Quick Snapshot of Shriram Finance
Legal Name of Business | SHRIRAM FINANCE LIMITED |
Trade Name | SHRIRAM FINANCE LIMITED |
Effective Date of registration | 01/07/2017 |
Constitution of Business | Public Limited Company |
GSTIN / UIN Status | 33AAACS7018R1Z0 (Active) |
Taxpayer Type | Regular |
Administrative Office | (JURISDICTION – STATE) State – Tamil Nadu Division – CHENNAI EAST Zone – Zone-VIII Circle – GUINDY |
Principal Place of Business | South Phase,, 14A, Industrial Estate, Guindy, Chennai, Tamil Nadu, 600032 |
Company CIN/FCRN | L65191TN1979PLC007874 |
List of Signatories
Full Name | Designation | Date of Appointment | Whether DSC Registered | Expiry Date of DSC |
SRINIVASAN SRIDHAR | Director | 20/10/2014 | Yes | 13/08/2023 |
SRINIVASA CHAKRAVARTHY YALAMATI | Managing Director | 13/12/2021 | Yes | 03/03/2024 |
UMESH GOVIND REVANKAR | Wholetime Director | 25/10/2016 | Yes | 29/07/2023 |
RAVI DEVAKI VENKATARAMAN | Director | 18/06/2015 | Yes | 09/09/2023 |
PARAG SHARMA | CFO(KMP) | 09/07/2014 | Yes | 23/08/2024 |
PARAG SHARMA | Wholetime Director | 13/12/2021 | Yes | 23/08/2024 |
MAYA SWAMINATHAN SINHA | Director | 04/12/2022 | Yes | 03/03/2024 |
BALASUNDARARAO UPPU | Company Secretary | 01/09/2022 | Yes | 17/08/2024 |
I hope I will provide you all the important information related to Shriram Finance so that you can easily approach them for personal loan.
I suggest you take a personal loan from Shriram Finance based on my personal experience, as other banks like HDFC Bank, ICICI Bank, or public sector banks like SBI and PNB Bank also offer personal loans, but the most important thing is TAT, or Turn-Around Time.
In simple words we can say that how many times you have to go to branch for approval of your personal loan. Shriram Finance’s TAT is quite low; they sanction your personal loan interest in just one week.
Highlights of Personal Loan
Interest rates | 12% p.a. to 42% p.a. |
Loan amount | Up to Rs 15 lakh |
Loan tenure | Up to 5 years |
Features of Shriram Finance Personal Loan
- Collateral-free Loans: With Shriram Finance you can avail Collateral free loan up to Rs. 15 lakh. That means you do not have to mortgage any security to bank against the personal loan.
- Quick Disbursals: Either you are a customer of Shriram Finance or not, you can avail of a pre-approved personal loan. This pre-approved personal loan is processed and credited to your account within 72 hours, i.e., 6 days.
- Flexible Repayments: Shriram Finance gives you flexibility to repay your loan as per your capacity. You can choose a single payment from 12 months to 60 months.
- Competitive Interest Rates: Shriram Finance also offers you attractive and competitive rate of interest prevailing in the market. Almost all private and public sector banks are offering personal loans at 11% to 40%, and Shriram Finance offers personal loans starting at 12%.
- Seamless experience: Enjoy a fully digital completely paperless borrowing experience that is fast and simple.
- Regular Reminders: Receive periodical alerts on your registered mobile and email ID about your EMI so that you never miss out on payments.
Types of Personal Loan provided by Shriram Finance
- Wedding Loan
- Travel Loan
- Home Renovation Loan
- Personal Loan for Students
- Medical Emergency Loan
- Consumer Durable Loan
- Personal Loan for Women
- Festival loan
- Personal loan for your child(s) future
Who is Eligible for Shriram Finance Personal Loan?
Age | 21 years (at the time of loan application) to 60 years (at the time of loan closure) |
Resident | Indian |
CIBIL Score | At least 700+ |
Address | Local address proof is also required with Permanent Address proof |
Job | Not Required (But you have to provide last 3 months income proof) |
Shriram Finance Personal Loan Documents Required
- Identity Proof
- Passport
- Driving License
- Voter ID Card
- PAN Card
- Address Proof
- Passport
- Driving License
- Gas Bill with Gas book
- Income Proof
- Income Proof Documents of Last 3 months
- Bank Statement for the last six months
- Last 3 months Salary Slip (If salaried)
- Other Documents
- Two Recent Passport size colour photographs
- One cancelled Cheque and ACH form for Electronic Clearing Mandate (eNACH)
- Loan Accounts Statement of last 6 months (If loan availed from other bank)
What is the Loan Interest Rate of Shriram Finance?
Personal Loan (Offline Mode) | Personal Loan (Digital Mode) |
12% to 42% | 12% to 42% |
How the EMI calculation works for Shriram Finance personal loans?
![shriram finance personal loan](http://bankpediaa.com/wp-content/uploads/2023/06/emi-personal-loan-shriram-finance.gif)
Yearwise Break of Interest on a Rs. 1 lakh personal loan at the rate of 12% for 36 months
Year | Principal | Interest | Total Payment |
2023 | 16746 | 6504 | 23250 |
2024 | 31565 | 8292 | 39857 |
2025 | 35569 | 4289 | 39857 |
2026 | 16120 | 487 | 16607 |
Therefore, if you take a personal loan at 12% for 36 months, you will pay a total interest amount of Rs. 19572/-
Compare Interest Rate for Personal Loans from Top Banks and NBFCs
Banks/NBFCs | Interest Rates(p.a.) |
HDFC Bank | 10.50% onwards |
SBI | 11.00%-15.00% |
ICICI Bank | 10.50% onwards |
Axis Bank | 10.49% onwards |
Kotak Mahindra Bank | 10.99% onwards |
IndusInd Bank | 10.49% onwards |
IDFC First Bank | 10.49% onwards |
Bajaj Finserv | 11.00% onwards |
Tata Capital | 10.99% onwards |
What is the Processing Fee and other charges for Shriram Personal Loan?
Processing Fees | Up to 3% (For eg. On 1 lakh loan, Processing fees is up to Rs. 3000/-) |
Documentation Fees | NIL |
Stamping charges | As per applicable rate of State |
Cheque bounce charges | Rs. 500 + GST |
Foreclosure charges | Up to 4% of Outstanding Amount |
Swap charges | Rs.500 per swap + GST |
Collection charges | Rs. 200 + GST |
Postal charges | Rs. 50 + GST |
Foreclosure charges | Rs. 1000 + GST |
How To Apply For a Personal Loan?
Follow these simple steps to avail Personal Loan
- Step 1: Go to Shriram Finance Website and Click on Apply Now, Then Verify personal details
- Step 2: Choose your loan amount and tenure; confirm your bank details
- Step 3: Receive loan amount in your bank account
How to Repay Personal Loan?
You can repay your personal loan as per your EMI schedule. You can also pay more than your monthly installment. Shriram Finance Bank does not charge any fees if you pay more than your monthly installment. They charge only on prepayment closer to the loan account.
FAQs
Can I get 5 lakh personal loan?
Yes, you can easily take a Rs 5 lakh loan from Shriram Finance if you are capable of paying monthly installments.
How to get a personal loan with 20,000 salary?
Go to your bank with all necessary documents, like the last three months salary slip, identity proof, address proof, and a one-year account statement.