Shriram Capital Personal Loan Eligibility Calculator
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Shriram Capital Personal Loan Eligibility
The personal loans, offered by Shriram Finance, are intended to make your dreams come true or have necessary and pressing emergency spending. As the company has laid down minimum requirements for loan eligibility, low interest rates along with fast turnaround time to disburse funds, Shriram Finance can facilitate a smooth credit to fit your requirement perfectly.
Shriram Finance Personal Loan Eligibility
| Eligibility Criteria | Requirement |
|---|---|
| Age | 21 to 60 years |
| Documents Required | Last 3 months’ salary slips, bank statement, KYC |
| Minimum Work Experience | 2 years |
| Credit Score | 750+ |
| Loan Amount | Up to ₹10 Lakhs |
Shriram Finance Personal Loan Documents Required
| Document Type | Examples |
|---|---|
| ID Proof | Passport, Driving License, Voter ID, PAN Card |
| Address Proof | Passport, Driving License |
| Photograph | Recent passport-size photograph |
| Salary Certificate | Last 3 months’ salary slips and bank statements |
| Other Documents | Cancelled cheque, ACH form |
Factors that influence Shriram Finance personal loan eligibility
- Credit Score & History: A good credit status is evidence of creditworthiness since organizations grant loans to reliable entities.
- Income Level: The loan eligibility and even the favorable term of the loan can be influenced by a higher income. Generally a salary of 20000 atleast is desirable. Higher salary would ensure higher lower amount
- Employment Stability: Employment with a good employer for a long period is useful to your eligibility.
- Existing Debts: High debt commitments can influence the loan decision and getting a lower loan amount is not unusual.
- Loan Amount & Tenure: For larger loan amount and longer tenors, the eligibility criteria for
Shriram Finance Personal Loan Charges
| Transaction | Charges (₹) |
|---|---|
| Interest Rate | 11% to 42% |
| Loan Processing Fee | Up to 5% of the loan amount |
| Foreclosure Charges | Up to 4% of the principal outstanding + GST |
| Cheque Bounce Charge | ₹1000 |
| NOC Issuance | ₹500 |
| Loan Cancellation | 4% of the disbursed loan amount + taxes |
| Collection Charges | ₹500 |
FAQs about Shriram Finance Personal Loan Eligibility
1. At what age can one apply for a personal loan?
Applicants must be within 21-60 years old while applying for a personal loan
2. Can I get a personal loan with a low credit score?
While a higher credit score is usually preferred, Shriram Finance at certain instances may provide loan based on your existing relationship with them and your repaying ability. However, issuing such loans for lower credit score is certainly at the discretion of the user
3. Does Shriram Finance provide personal loan for self-employed people?
Yes, self-employed people can also get personal loan. However, salaried employees are given first preference, Shriram Finance may issue personal loan to self-employed after having their own set of eligibility
4. Are there some service charges on the processes of getting the loan?
Yes, Shriram Finance expects a nominal processing fee of upto 5% of the loan amount
5. How long does the loan approval process take?
Shriram Finance typically processes personal loan applications within 3–5 working days, provided all documents are in order