Shriram Finance Bank Personal Loan Details

Shriram City Union Finance Personal Loan is for salaried individuals and professionals. You can borrow up to Rs. 30 lakhs. You can use the fund for any monetary requirement. As an NBFC loan, you get the opportunity of greater flexibility in the loan scheme. As per your eligibility, you can choose the tenure and loan amount. The financial institution also charges a competitive rate of interest. It takes one to seven days for the loan approval and disbursal.

In this post, we will discuss Shriram City Union Finance Personal Loan features, interest rates, eligibility criteria, documents required, repayment norms, and FAQs.

Features of Shriram City Union Finance Personal Loan

Here are some of the features to know:

• You can get approval for an amount ranging between Rs. 1 lakh and Rs. 30 lakhs. The sanctioned amount depends on your profile
• The tenure is 12 months to 36 months. You can choose one as per your eligibility and suitability
• The processing fee is 2.50% of the sanctioned loan amount + applicable taxes
• The NBFC has a straightforward documentation and verification procedure
• All you need is verified signature proof, basic KYC documents, and income proof to apply for the personal loan

Shriram City Union Finance Personal Loan Interest Rates

Shriram City Union Finance Personal Loan Interest Rate is between 11.49% and 28% per annum. The rate of interest will depend on your age, income, repayment capacity, credit score, financial liabilities, employment history, and other factors. Also, it depends on how well you suit the eligibility norms. The better is your creditworthiness; the greater will be your power to negotiate the personal loan terms.

Shriram City Union Finance Personal Loan Eligibility Criteria

Personal loan eligibility criteria may differ from one candidate to another. The eligibility criteria for Shriram Finance personal loan are discussed below:

• The applicant’s age should be between 21 years (at the time of loan application) to 59 years (at the time of the loan's maturity)
• In case the applicant is employed then his or her account should show proof of continuous credit of salary at least for one year
• In case the applicant already has an existing loan from any other bank then he or she has to communicate about the same to the NBFC
• If the applicant is self-employed then he or she needs to be employed for at least two years

Documents for Shriram City Union Finance Personal Loan

With the duly filled and signed loan application form and necessary documents attached, you can apply for the loan at any branch of Shriram City Union Finance. Below-given are the documents you to apply for the loan:

• Address proof such as Driving Licence, Passport, a Gas bill with a Gas book, Ration Card
• Identity proof such as Voter ID, PAN card or Aadhaar card, Passport, Driving Licence
• Documents of income proof like salary slip, income certificate, etc.
• Electronic clearing mandates and post-dated cheques
• Bank statement of last six months
• Other documents as requested by the NBFC

How to Repay the Personal Loan from Shriram City Union Finance?

The NBFC will check the borrower's repayment capacity before providing the fund. Thus, primarily a person should be able to manage the EMIs comfortably from the monthly salary. But financial emergencies can come anytime even while paying EMIs on a loan. This is why; one must always keep some of the disposable income as an emergency fund and draw a strict budget monthly to curtail unnecessary expenses.

• This additional amount can come to the rescue when an unfortunate event strikes, like the robbery of money, job loss, etc.
• Also, if the borrower comes across additional funds from yearly or festival bonuses, investments, etc, then the amount can be used to repay the loan faster.
• It will then reduce the EMI burden and help in closing the loan too faster.