Get Rid of Financial Hurdles with Shriram Finance Personal Loan
The need for money can not be replaced with anything. When you have an emergency, you want it to control the situation and mostly money becomes the reason behind your tension. Shriram Finance personal loans are one of the most preferred options that has helped people. If you are in a situation where you can afford to lose the battle, don’t worry.
You can also get finances for your needs by applying for the loan. Shriram personal loan can be taken by matching their eligibility and documents checklist. The interest rate on loans is variable depending on factors such as your income, age, CIBIL score and documentation. If you manage to have everything as per the requirement, you can expect a lower rate. So, have a look at the details below and get away with your financial tensions, if any.
What is the eligibility required for Shriram Finance personal loan?
The finance company accepts the application from individuals having the below listed criteria in their profile:
- Applicant should be in the age group of 18 to 59 years of age
- Applicant should be employed for a minimum period of 1 year or in business for 2 years in case of self-employment.
- Should be in the same residence for a minimum period of 1 year.
- Loan Amount
- Subject to applicants income profile and repaying capacity.
Documents required for Shriram Finance Personal Loan
Below are the documents that you need to have to apply for the loan and get approval for a personal loan:
- Valid Identity Proof – as per RBI norms
- A valid Identity Proof will be any one of the following
- Driving Licence
- Voter ID Card
- Aadhar Card
- PAN Card
- Valid Address Proof – as per RBI norms
- A valid address Proof will be any one of the following
- Driving Licence
- Ration Card
- Gas Bill with Gas book
- Minimum Tenor – 12 Months Maximum Tenor 36 months – Scheme based
- Income Proof Documents
- Bank Statement for last 6 months
- Post Dated Cheques and Electronic Clearing Mandates
- Legal Documents as stipulated by Shriram City Union Finance Limited
- Collateral Security as advised by Shriram City Union Finance
- Any other document as advised by Shriram City Union Finance
Personal Loan EMI Calculator
For example, if you are taking a Shriram Finance personal loan wherein you have applied for the loan amount of ₹15 lakhs for the tenure of 5 years. The bank has offered you the interest rate of 15.50% per annum depending on your overall repayment capacity.
The payment details according to your inputs would be as follows:
Total Interest Outgo- ₹6,64,787
Total Amount (Interest + Principal)- ₹21,64,787
With the above details, you have got the idea about the product and how can you get it. So, why not just go for it if everything looks perfect?