What is Shriram Finance Personal Loan Interest Rate in 2024

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Shriram Finance Personal Loan Interest Rate in 2024: Often, the need for a loan arises, but obtaining a loan becomes difficult due to a low Credit Information Bureau (India) Limited (CIBIL) score. However, worry not! Even with a low CIBIL score, you can still avail a loan.

Shriram Finance is providing its customers with a personal loan of up to ₹100,000, allowing individuals with low CIBIL scores to apply.

This loan is completely processed through the online medium, and no physical documentation is required to apply.

We are excited to inform you that now you can apply for a ₹100,000 personal loan from the comfort of your home through Shriram Personal Loan. Shriram Finance is offering loans to cater to the needs of its customers. The application process is entirely online, catering to individuals with low credit scores.

Both employed and unemployed individuals can submit their loan applications for Shriram Finance personal loans on the company's official website. Continue reading to understand the eligibility criteria, required documentation, and other details for applicants with low CIBIL scores.

A leading non-banking financial company (NBFC) in India, Shriram Finance, offers various personal loan options to meet borrowers' needs. Shriram Personal Loan is an unsecured loan that can be utilized for personal expenditures such as weddings, festivals, medical emergencies, travel, and other expenses.

Customers can access personal loans of up to ₹15 lakhs from Shriram Finance, with repayment terms ranging from one to five years. Salaried or self-employed individuals are eligible to apply.

Additionally, Shriram Finance offers personal loans of up to ₹100,000 to individuals with low CIBIL scores. It's important to note that a CIBIL score of 750 or higher is considered excellent, and most banks and NBFCs extend loans to applicants based on this score. Conversely, a CIBIL score between 500 and 600 is considered very poor, and Shriram Finance provides the facility of Shriram Personal Loan to its customers with a CIBIL score of 300 or higher.

The loan application process is entirely digital, eliminating the need for physical documentation.

What is Shriram Finance Personal Loan Interest Rate in 2024

Shriram Finance Personal Loan Interest Rate in 2024

CategoryInformation
Company NameShriram Finance Limited
Founded1979
HeadquartersMumbai, India
IndustryNon-Banking Financial Services (NBFC)
Websiteshriramfinance.in
Products & ServicesCommercial Vehicle Finance, Consumer Finance, Life & General Insurance, Stock Broking, Chit Funds, Distribution of financial products, etc.
Target CustomersSmall Road Transport Operators, Small Businesses, Individuals
Market Capitalization₹ 90,363 Crore (as of February 2, 2024)

Shriram Finance Personal Loan Interest Rates

The personal loan interest rates offered by Shriram Finance start at a minimum of 12% per annum. However, these rates can vary based on several factors, including:

  • Your credit score: Typically, individuals with lower credit scores receive higher interest rates.
  • Loan amount: For larger loan amounts, the interest rates may be slightly lower.
  • Loan tenure: Longer loan tenures can lead to slightly higher interest rates.
  • Your profession and employer: These factors may be taken into consideration when determining your interest rate.

Although Shriram Finance advertises the possibility of providing personal loans of up to ₹98,700 to individuals with low credit scores, they do not explicitly mention the interest rate for this specific scenario. It's important to keep in mind that this could be a specific promotional offer with specific terms and conditions, and the actual interest rate offered to you may vary.

Here are some ways to estimate the interest rate applicable to you more accurately:

  • Use Shriram Finance's Personal Loan EMI Calculator: By entering your desired loan amount and tenure on their website, you can estimate the monthly installment (EMI) that you will pay during the loan tenure, allowing you to calculate the estimated interest rate you will incur over the loan duration.
  • Check Your Credit Score: Understanding your credit score will give you a better idea of the interest rates that may be offered to you by various lenders, including Shriram Finance.
  • Reach Out to Shriram Finance Directly: You can call their customer service line or submit an online inquiry to receive personalized quotes with specific interest rates for which you qualify.

Remember, it's always best to compare rates and terms from different lenders before making a decision.

Benefits of Shriram Personal Loan:

  • Loan of up to ₹100,000
  • Eligible for individuals with low credit scores
  • Entirely online process
  • No physical documentation required
  • Repayment tenure ranging from 1 to 5 years
  • Simple application process

Eligibility Criteria:

  • Applicants must be citizens of India.
  • The applicant's age for loan eligibility should be not less than 21 years and not more than 60 years.
  • The applicant's CIBIL score should be 300 or above.

Required Documents:

  • Identity Proof (Aadhar Card, DL, Voter ID, PAN Card)
  • Address Proof (Passport, Driver's License, Gas Bill with Gas Book)
  • Income Proof (Last 3 months' salary slips or last 6 months' bank statements)
  • Recent Passport-size photograph

How to Apply:

  1. Visit the official website of Shriram Finance at shriramfinance.in/personal-loan.
  2. Choose the "Personal Loan" option on the home page.
  3. Click on the "Apply Online" button.
  4. Enter your loan amount, postal code, and mobile number.
  5. Click on "Apply Now".
  6. A Shriram Finance agent will contact you and provide information about the next steps.

For More Information:

  • Shriram Finance Website
  • Shriram Finance Toll-free Number: 1800-103-6369

So what are you waiting for? Apply for a Shriram Finance personal loan today and fulfill your financial needs!

Please Note:

  • Loan interest rates may vary based on the applicant's credit score, income, and other factors.
  • Always read all terms and conditions carefully before availing the loan.

We hope this information proves useful to you.

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