Secure a Shriram Finance Limited Personal Loan at interest rates starting from 11% p.a. Compare this rate with those of other lenders before you apply to make an informed financial decision.
Interest rates on personal loans represent the cost of borrowing funds. Lenders set these rates based on factors such as creditworthiness and market conditions. Shriram Finance Limited’s personal loan rate of interest starts at 11% p.a., which is competitive in the lending market.
Before applying, compare this rate with those of other lenders to evaluate affordability. Ensure that you are also aware of other applicable charges, and borrow smartly.
The lender offers interest rates for personal loans based on your credit profile and eligibility. The following table presents key details about the processing fee and interest rate for Shriram Finance Limited's personal loan:
| Particulars | Details |
|---|---|
| Core Product Interest Rates |
11% to 42% p.a. |
| Digital Product Interest Rates |
11% to 36% p.a. |
| Processing Fee |
Up to 5% |
Disclaimer: The details mentioned above are subject to change at the lender’s discretion.
There are several important charges associated with the loan that you should be aware of before applying for it. These charges add to the total borrowing cost and should be factored into repayment planning.
Shriram Finance Ltd. applies the following charges on personal loans:
| Particulars | Details |
|---|---|
| Cheque and NACH Swap charges |
₹500 per instance |
| Foreclosure Charges |
Up to 4% of the outstanding principal |
| Postal Charges |
Actuals |
| NOC Related Charges |
Up to ₹500 |
| Legal Charges |
Actuals |
Disclaimer: The details mentioned above are subject to change at the lender’s discretion.
Shriram Finance Limited's personal loan is an unsecured credit facility that will let you borrow a fixed amount and repay it in EMIs. Here are the factors that influence the personal loan interest rates:
Lenders review your cibil score to assess repayment history. A high score indicates a lower risk of default and can help you secure better rates. Timely repayments can help you maintain a good score.
Shriram Finance Limited will evaluate your repayment capacity. Stable, higher incomes with low debt obligations can reduce risk perception and help you get lower interest rates.
A lower DTI indicates a lighter financial burden, as a lower amount of your income is allocated toward debt payment. This can make you eligible for more favourable rates and terms.
Larger amounts or longer tenures may lead to higher rates. Choosing a suitable amount and shorter tenure often reduces interest costs.
Inflation or uncertainty can lead to higher interest rates. Staying aware of market trends can help you plan when to borrow more affordably.
A higher interest rate increases your EMIs, while a lower rate reduces them. Check the example below to understand how it impacts your repayment and monthly instalments:
Say you take a personal loan of ₹1 Lakh from Shriram Finance Limited with a tenure of 6 months at an interest rate of 11%. Your EMIs will come to about ₹17,205.
Here is a breakdown of your EMIs distributed between principal and interest periodically:
| Tenure | Principal Paid | Interest Charges | Outstanding Dues |
|---|---|---|---|
| Month 1 |
₹16,289 |
₹917 |
₹83,711 |
| Month 2 |
₹16,438 |
₹767 |
₹67,273 |
| Month 3 |
₹16,589 |
₹617 |
₹50,684 |
| Month 4 |
₹16,741 |
₹465 |
₹33,944 |
| Month 5 |
₹16,894 |
₹311 |
₹17,049 |
| Month 6 |
₹17,049 |
₹156 |
₹0 |
Disclaimer: The EMI calculations are for illustration purposes only. Actual figures may vary depending on the loan terms.
You can use the personal loan EMI calculator available on Bajaj Markets to compute your overall and month-wise obligations. All you have to do is set the preferred amount, interest rate, and loan tenure to get an estimate.
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The lender offers fixed-rate personal loans, ensuring your monthly EMIs remain constant. When you make a part-prepayment, the EMI or tenure will be reduced according to the principal repaid.
The rate of interest on the Shriram Finance Personal Loan is impacted by factors such as:
Credit Score
Income Level and Stability
Debt-to-Income Ratio (DTI)
Loan Amount and Tenure
Economic/Market Conditions
You can check the interest rate applicable to your sanctioned loan by logging into the official Shriram Finance portal or mobile app. The interest rate details will also be mentioned in your loan sanction letter.
The interest rates range from 11% to 42% per annum. The lender decides the final rate applicable to you based on your creditworthiness, income, and other factors.
Yes, existing customers with a good repayment history may be eligible for preferential rates. Offers vary case by case and must be confirmed with the lender.
Yes. Lenders may offer loans at lower interest rates if you have a good credit score. Lenders typically do this to reduce the risk of lending.