Shriram Finance Personal Loan Details

Loan amountAs decided by the lender
Rate of interest11.49% - 28%
TenureUp to 3 years
Lowest EMI Rs. 3,297 Per Lakh
Processing fee2.5 % of loan sanctioned + taxes
Turnaround time1 - 7 days
Who can applyIndian resident salaried and self-employed professionals
Age required18 - 59 years
Dishonour chargesRs. 500

Features of Shriram Finance Personal Loan

Shriram Finance offers a single personal loan product targeted at both new and existing customers of the Shriram Group entities. Shriram Finance personal loan comes with the following features:

  • Online application: Quick eligibility check, online application and speedy disbursal are Shriram Finance's forte.
  • Flexible tenure for repayment: You can repay your loan amount with the tenure of 12 to 36 months, as per your convenience.
  • Multiple branches: Over 2,400 all over India with a 7.5 million customer base, and excellent customer-centric support measures.
  • Collateral-free loan: Shriram personal loan does not require you to submit any collateral or security.
  • Competitive interest rates: Starting from 11.49%, which is very competitive.
  • Customer log-in feature: It allows you to check your account and resolve issues at any time.

Why Apply for Shriram Finance Personal Loan?

Shriram City Union Finance personal loan is loaded with the following benefits:

  • Hassle-free and quick processing
  • Instant short-term loan to fund your immediate financial requirement.
  • When a quick loan from banks is not available, the Shriram Finance Personal Loan can be really helpful.
  • The Shriram City Union Finance offers tenures ranging from 12 to 36 months speedily.
  • Loan amounts vary depending on your requirement and repayment capacity.
  • Not just salaried individuals, but self-employed, business owners and professionals can also avail quick funds to tide over temporary crisis periods.

Shriram Finance Personal Loan Interest Rate

Shriram City Union Finance offers competitive interest rates on personal loans depending on the applicant’s profile, and hence the rates are not fixed. The key factors that affect sri ram finance personal loan interest rates are applicant’s credit score, credit utilization ratio, repayment history, running loan EMIs (if any), and net monthly income.

Shriram Finance Personal Loan EMI Calculation

The Equated Monthly Instalment (EMI) is the amount you are required to pay back each month to the lender till the end of your Personal Loan tenure. The Shriram City personal loan EMI can be easily calculated through our Personal Loan EMI Calculator. 

If you are using MyMoneyMantra's EMI Calculator, you will need to enter three parameters including the required loan amount, tenure, and proposed interest rate to get the accurate result.

For example, if you take a Personal Loan of Rs. 2 Lakhs at 11.49% interest rate for 12 months, the EMI would be Rs. 17,722. If the loan tenure is increased to 24 months the EMI reduces to Rs. 9,367 and when it is 36 months the EMI reduces further to Rs. 6,594.

Here’s an example:

Personal loan amount required: Rs. 5 Lakhs

Applicable rate of interest: 11.49% p.a.

Tenure: 3 years

EMI to be paid: Rs. 16,486

Total interest to be paid: Rs. 93,483

Total amount to be paid: Rs. 5,93,483

Amortization schedule of the above example:

YearOpening Balance

Amount Paid by

customer(EMI*12)

Interest paid during

the year

Principal paid during

the year

Closing Balance
1Rs. 5,00,000Rs. 82,428Rs. 22,807Rs. 59,621Rs. 4,40,379
2Rs. 4,40,379Rs. 1,97,828Rs. 42,593Rs. 1,55,234Rs. 2,85,144
3Rs. 2,85,144Rs. 1,97,828Rs. 23,787Rs. 1,74,041Rs. 1,11,104
4Rs. 1,11,104Rs. 1,15,399Rs. 4,296Rs. 1,11,104Rs. 0

Documents Required for Shriram Finance Personal Loan

Below mentioned are the documents required for Shriram City Finance personal loan:

  • Valid Identity Proof (any one of the following)
    • Passport
    • Driving Licence
    • Voter's ID Card
    • Aadhaar Card
    • PAN Card
  • Valid Residence Proof (any one of the following)
    • Passport
    • Driving Licence
    • NREGA Card
    • Gas Bill with Gas Book
  • Income Proof Documents
  • Last 6 months' Bank Statement
  • Post Dated Cheques (PDCs) and Electronic Clearing (ECS) Mandates
  • Legal Documents: As stipulated by Shriram Finance
  • Collateral Security: As advised by Shriram Finance
  • Any other document as required by Shriram Finance

Shriram Finance Personal Loan Eligibility Criteria

Given below are eligibility criteria for Shriram Finance Personal Loan:

  • Shriram Finance offers Personal Loans to its existing/ old customers, and customers of other entities of Shriram Group.
  • Applicants must be minimum 18 years of age at the time of applying for the loan.
  • Applicants must not be older than 59 years of age at the time of loan maturity.
  • There should not be any cheque bounces in the applicant's bank statements.
  • Applicants must provide the declaration of their existing loan commitments.
  • Applicant must be either a salaried or self-employed individual
  • A salaried individual must be employed with the current employer for minimum 1 year
  • A self-employed applicant must have minimum 2 years of work experience
  • The applicant should be residing in the same residence for at least last 1 year

Shriram Finance Personal Loan Charges

Apart from Shriram Finance personal loan interest rate, you will have to pay the following charges as well:

  • Processing Charges: 2.5 % of loan sanctioned + Taxes
  • Dishonour Charges: Rs. 500 per instance

Shriram Finance Personal Loan Verification Process

Personal loan verification at Shriram Finance involves the following steps:

  • Submit the duly filled & signed application form for personal loan to the lender.
  • The representative of the lender will contact you and collect the required documents.
  • The lender will verify the received documents.
  • The lender will approve the personal loan application on successful verification.
  • You will have to sign the loan agreement and the loan amount will be disbursed to your account.

Shriram Finance Personal Loan Customer Care

A number of customer-centric options to contact Shriram City Finance are available for ease of operations and to overcome the need to walk-in to a branch or wait for customer service.

A toll-free number for Shriram City Union Finance Personal Loan for product related queries and resolution is:

1800 103 6369

The Shriram Finance personal loan contact number is promptly attended to by customer care executives round the clock.

Shriram Finance Head Office address:

Shriram City Union Finance Ltd

144, Santhome High Rd, Santhoshi Nagar, Kuil Thoppu, Mylapore,

Chennai, Tamil Nadu, 600004

Tel: (044) 43925300 www.shriramcity.in

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Shriram Finance Personal Loans FAQs

What is acceptable proof of address at Shriram Finance for Personal Loan?

The documents you can use as proof of your residential address for Shree Ram Finance ltd personal loan are:

  • Driving Licence
  • Passport
  • NREGA Card
  • Gas Bill with Gas Book

Am I eligible for Shriram Finance Personal Loan if I am working and under 21 years of age?

Yes. The age criterion for sriram personal loans is 18 to 59 years.

Are pensioners eligible for Personal Loans at Shriram Finance?

No, Shriram Finance company doesn't offer Personal Loans to pensioners.

What is the maximum loan tenure for Shriram Finance Personal Loan?

Being a short-term loan, the maximum tenure offered by Shriram Finance for the repayment of their Personal Loan is 36 months.

Can I apply online for a Shriram Finance loan?

Yes, you can apply for the Shriram Finance loan online through MyMoneyMantra.

What is the minimum interest rate offered on Shriram Finance Personal Loan?

Personal loan interest rate at Shree Ram Finance company starts at 11.49% p.a.

Can I access my loan account to get its status?

Yes, you can log-in as a customer and clear doubts. This facility is for loan and deposit customers where you have access to your loan account or deposit account and can clear your doubts using any of the above options.

Can I get a loan from Shriram Finance if my credit score is low?

No. To get an unsecured loan you must have a good credit score (typically 700 or above). The loan approval is at the lender's discretion. If CIBIL score is not good enough you can try for a Secured Personal Loan or Loan Against Property.

Can I apply for a Shriram Finance Personal Loan if I am nearing retirement?

Yes. The loan should be paid back before you retire though.

Whom can I contact to get more information?

You can get more information through Shriram Finance's official website or you can also contact their customer service. If your doubts persist you can also contact MyMoneyMantra.

Can I avail a loan for business requirements from Shriram Finance?

Yes. Shriram Finance business loan can be availed for business requirements.