Shriram Finance Personal Loan Details

Shriram Finance Personal Loan Fees and Charges

The fees and charges applicable for the Shriram City Union Finance personal loans are dependent on the schemes which are selected by the applicants. However, there are certain fixed charges such as:

Cheque bounce charges	3% of the amount mentioned in the cheque or Rs.1,000 (higher of the two) + GST
Swapping charges	Rs.1,000 per swap + GST
Overdue interest	36% of the unpaid instalments or dues
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

Shriram Finance Personal Loan Eligibility Criteria

The applicant must meet the following eligibility criteria:

1. The minimum age requirement is 18 years and the maximum age requirement is 59 years.
2. A salaried applicant must be employed for at least 1 year.
3. Self- employed individuals must be employed for a minimum of 2 years.
4. There should be no cheque bounces in the bank statement of the applicant.
5. The borrower will be required to declare his or her existing loans.
6. The applicant should be residing in the same residence for at least 1 year.

However, it should be kept in mind that the above-mentioned eligibility criteria do not guarantee the disbursal of loan. A loan will be approved only after Shriram City Union Finance verifies and approves the original documents submitted by the applicant.

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Documents Required for Shriram Finance Personal Loan

The following documents are to be submitted along with the application form:

1. Valid proof of Identity: It can be your passport, driving license, voter ID card, Aadhaar card or PAN card.
2. Valid proof of address: It can be passport, driving licence, ration card, NREGA card, or gas bill with gas book.
3. Proof of income.
4. Last 6 months' bank statement.
5. Post-dated cheques and electronic clearing mandates.
6. Legal documents as per the requirement of Shriram City Union Finance.
7. Collateral security as required by Shriram City Union Finance.
8. Any other documents that Shriram City Union Finance requires will have to be submitted.

How the EMI Calculation works for Shriram Finance Personal Loans?

Let's consider a scenario where you borrow Rs.1 lakh in personal loan from Shriram Finance. The company sets an interest rate of 12% p.a. for a repayment period of 1 year. The loan repayment schedule for this case is given as follows:

Months	Principal	Interest	EMI (principal + interest)	Balance	Percentage of loan paid to date
Apr	Rs.7,885	Rs.1,000	Rs.8,885	Rs.92,115	7.88%
May	Rs.7,964	Rs.921	Rs.8,885	Rs.84,151	15.85%
Jun	Rs.8,043	Rs.842	Rs.8,885	Rs.76,108	23.89%
Jul	Rs.8,124	Rs.761	Rs.8,885	Rs.67,984	32.02%
Aug	Rs.8,205	Rs.680	Rs.8,885	Rs.59,779	40.22%
Sep	Rs.8,287	Rs.598	Rs.8,885	Rs.51,492	48.51%
Oct	Rs.8,370	Rs.515	Rs.8,885	Rs.43,122	56.88%
Nov	Rs.8,454	Rs.431	Rs.8,885	Rs.34,668	65.33%
Dec	Rs.8,538	Rs.347	Rs.8,885	Rs.26,130	73.87%
Jan	Rs.8,624	Rs.261	Rs.8,885	Rs.17,507	82.49%
Feb	Rs.8,710	Rs.175	Rs.8,885	Rs.8,797	91.20%
Mar	Rs.8,797	Rs.88	Rs.8,885	Rs.0	100.00%

Compare Shriram Finance Personal Loan with Loans other Lenders

Fees and Charges	Loan Providers	Loan Details
Interest rate	Shriram Finance Personal Loan	Determined on a case by case basis
	HDFC Bank Personal Loan	10.85% p.a. onwards
	Citibank Personal Loan	10.75% p.a. onwards
	Aditya Birla Capital	10% p.a. onwards
Processing fee	Shriram Finance Personal Loan	Contact the company for details
	HDFC Bank Personal Loan	2.50% of the loan amount
	Citibank Personal Loan	0.25% to 3.00% + GST
	Aditya Birla Capital	Up to 2% of the loan amount
Foreclosure charges	Shriram Finance Personal Loan	Contact the company for details
	HDFC Bank Personal Loan	2% to 4% of the outstanding loan amount
	Citibank Personal Loan	Up to 4% of the principal outstanding
	Aditya Birla Capital	2% of the outstanding loan amount
Late payment fee	Shriram Finance Personal Loan	3% of the overdue amount per month
	HDFC Bank Personal Loan	2% of the overdue amount per month
	Citibank Personal Loan	Contact the bank for details
	Aditya Birla Capital	2% of the overdue amount per month

How can I Check the Status of my Shriram Finance Personal Loan?

Given below are the steps you will have to follow in order to check the Shriam Finance Personal Loan Status:

• Click on Products, you will be directed to a separate page where you will have to click on 'Personal Loan'.
• Click on 'Customer Login'.
• You will be directed to a new page, where you will have to select 'Loan Customer'.
• Enter your user ID and password and click on 'Login'.
• You will be directed to the portal where under the loan section you can check the status of your personal loan by providing the details of your personal loan such as application number, registered mobile number, etc.
• You will be able to check the status of your personal loans.

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FAQs on Shriram Finance Personal Loan

• Can I avail a moratorium for my Shriram Finance Personal Loan EMIs?

  Yes, you can avail the moratorium as per the guidelines of the Reserve Bank of India (RBI). However, it should be kept in mind that the moratorium is voluntary and you can choose whether you want to avail it or not. Also, keep in mind that you will be required to pay interest which will be accrued for the months during which you avail the moratorium.

• Will my loan repayment tenure be extended if I avail the moratorium?

  Yes, the NBFC will adjust your loan repayment on the basis of the number of months that you avail as your moratorium period. These instalments will be added to the overall loan repayment tenure.

• What is the effective moratorium period as per the guidelines of the central bank of India?

  The moratorium is effective till 31 August 2020 as per the latest notification of the Reserve Bank of India (RBI).

• Should I avail the moratorium offered by Shriram City Finance for my personal loan repayment?

  Considering the fact that you will have to pay accrued interest for the months during which you avail the moratorium, it is advisable to pay off your EMIs on time if you have the financial bandwidth to do so. Unless your cash flow is disrupted, it is wiser to pay off the EMIs on time.

• If I avail the moratorium, will I be considered as a defaulter?

  No, as per the notification of the RBI, customers who will avail the moratorium will not be considered as defaulters due to the non-payment of the EMIs. The non-payment will only be a deferment of the payment and thus, it will not have any effect on the credit your credit history or credit score.

• How do I get in touch with Shriram Finance customer care?

  You can call on the toll-free number 1800 103 6369 in case you have any query related to personal loan. For more information go to shriram finance personal loan customer care

• What is the interest rate for Shriram Finance Personal Loan?

  There is no fixed interest rate for Shriram City Union Finance Personal Loans. The interest rates are decided by the institution after assessing the applicants' documents and is strictly based on the schemes that are selected by them.

• What is the minimum tenure for a personal loan from Shriram Finance?

  Shriram City Union Finance offers loans for short terms and medium terms. The minimum tenure for which you can avail a loan is 12 months.

• What is the maximum tenure for a personal loan from Shriram Finance?

  Shriram City Union Finance offers loans for short terms and medium terms. The maximum tenure for which you can avail a loan is 36 months.

• What is the maximum loan amount which is offered under Shriram Finance Personal Loan?

  The maximum loan amount is not fixed. The maximum loan amount which can be availed by an applicant will be dependent on his or her selection of scheme as well as eligibility.