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Shriram City Union Personal Loan

Apply Shriram City Union Personal Loan

Max Tenure

3 years

Processing Fee

2000₹

Best Rate

28% p.a

Features

  • Faster loan disbursal process
  • Simplified documentation process
  • Repayment through Equated Monthly Instalments

Pricing

  • Interest rate - 28%
  • Processing fee - 2000₹

Documents Required

  • ID Proof(any one)- Aadhaar card/Pan card/Driving License/Passport/Voter ID
  • Address Proof(any one)-Aadhaar card/Driving License/Passport/Voter Id
  • Post-dated cheque (For 6/12 Months)
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Shriram City Union Personal Loans

Shriram City Union: Introduction

Established in 1986 Shriram City Union is part of the three decade-old Shriram Group. Started as a deposit-accepting non-banking financial company (NBFC), Shriram City Union has transformed itself into one of India's premier financial services company specializing in retail finance. Shriram City has a comprehensive range of offerings, which has made Shriram City a dominant player in the field and the only NBFC to offer such a wide range of products under one roof.

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What is a personal loan?

A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.

An Introduction to Shriram City Union Personal Loans

Shriram City Union offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Shriram City Union.

Advantages of Shriram City Union

  • Low interest rate
  • No security needed
  • Less paperwork
  • Long tenure
  • Minimum Income Requirement

Documentation Required for Shriram City Union Personal Loans

Important documents to be submitted while applying for personal loans with Shriram City Union

  • Completed loan application
  • 3 Passport size photographs
  • Statement of Bank Account/ Pass Book for last six months
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • IT returns for the three years for self-employed professionals
  • Form 16/IT returns for the last two financial years for salaried employees

Documents to Be Submitted Post-Sanction of Your Personal Loan

  • Duly signed loan agreement
  • Standing Instruction (SI) Request / ECS Form. Security Cheques required for SI and ECS

For doctors, architects, CA, CS, ICWA, MBA consultant and engineers, the required qualification or registration proof may vary from customer to customer.

Shriram City Union Personal Loans

Shriram City Union provides personal loans with less paperwork and quick approval. A personal loan from Shriram City Union can help you in meeting your short-term requirements like renovating your house, wedding arrangements or a vacation. The payment mode is tailor made to suit your credit profile. The repayment tenure can range between 12 to 36 months. You can choose the tenure according to your comfort range. You can also use the personal loan EMI calculator to know the compound interest and other details.

Features of Shriram City Union Personal Loans

Key Highlights

Eligibility CriteriaSalaried/Self-Employed
AgeBetween 18-59 years
Loan TenureFrom 12 months to 36 months
Loan AmountDecided by the bank
Interest RateFixed at the discretion of the bank

A personal loan from Shriram City Union offers a lot features and benefits.

They are

Objective: Shriram City Union personal loans are tailor made to meet your financial needs.

Amount Range: You can get the loan amount depending on the eligibility parameters.

Tenure: Shriram City Union provides flexible tenure of repayment ranging between 12 to 36 months.

Interest Rate: Shriram City Union provides a competitive interest rate based on your eligibility status and credit profile.

Special EMI Calculator: With a specially designed EMI calculator, you can plan out your loan requirement and achieve it comfortably.

Easy Loan Transfer: If the interest rate on your personal loanis a burden, you can switch to Shriram City Union to avail the best rate of interest.

Enjoy Hassle-Free Process: The best advantage of taking a personal loan from Shriram City Union is that the process is quick with less paperwork.

Eligibility Criteria to Avail Shriram City Union Personal Loan

Shriram City Union personal loan is sanctioned to individuals who have the eligibility criteria that are laid down by the bank. Following are those criteria to avail Shriram City Union personal loan.

  • Shriram City Union personal loan is issued only to salaried employees. Individuals who are doctors, salaried employees of public and private limited companies, government sector employees including public sector undertakings and central and local bodies.
  • The applicant must be between 18 to 59 years of age. Anyone who is below 18 and above 59 are not offered a personal loan from Shriram City Union.
  • You can be salaried employee of any profession but to avail an Shriram City Union personal loan, you must have minimum monthly income as prescribed by the bank. Moreover, you should be employed for a minimum period of 1 year and 2 years for self-employed individuals.

Interest Rate on Shriram City Union Personal Loans

When compared to other lenders, Shriram City Union offers the best rate of interest on personal loans. The interest rates are subject to change from time to time as per the direction of the bank. Moreover, Goods and Services Tax will be charged as per the applicable rates on all charges and fees.

EMI Payment Methods

Your Shriram City Union personal loan can be repaid in following three ways.

Standing Instruction (SI): If you are an existing account holder with Shriram City Union, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Shriram City Union account you specify.

Electronic Clearing Service (ECS): This mode can be used if you have a non-Shriram City Union account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs): You can submit post-dated EMI cheques from a non-Shriram City Union account at your nearest Shriram City Union Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

Personal Loan FAQs

1. What are my loan limits?

Your personal loan limit would be determined by your income and repayment capacity.

2. Can my spouse income be included for calculating the loan amount?

Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.

3. Do I have to pledge some form of security?

No Security is Needed

4. What is the repayment schedule like?

 The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.

5. What is EMI?

EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.

6. What is the processing fee? Are there any other charges?

The processing fee is fixed by the loan provider which may vary depending on the internal policies. Processing fees have to be paid upfront. There are no hidden costs or other administrative charges.

7. Do I have the option of choosing a fixed or floating rate for the loan?

You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).

8. How does Shriram City Union Personal loan compare with those offered by other banks?

There is total transparency with regard to the rate of interest and the fees charged by us.

Shriram City Union offers personal loans at the cheapest rates of interest, with no security or collateral

Shriram City Union offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty.

The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity.

With an Shriram City Union personal loan, you can choose between fixed rates of interest and floating interest rates.

9. How can I apply for the Shriram City Union personal loan?

You can either apply online or visit the nearest Shriram City Union loan centre for a personal loan.

10. Will there be any charges for prepayment towards my Shriram City Union personal loan?

No pre-payment charges are levied towards the personal loan. You can make part-prepayment at the nearest Shriram City Union branches.

Shriram City Union Personal Loans Overview

Shriram City Union provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with no hidden charges makes Shriram City Union personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Shriram City Union personal loans do not impose much burden on the customers.

Customer Reviews

Overall Rating: 4.4 / 5 (2905 Reviews)

31 Jul 2018

VERY MUCH USEFUL IN FINANCIAL NEED

30 Jul 2018

Excellent

30 Jul 2018

Good work

29 Jul 2018

Very Good

28 Jul 2018

Thanks. Quick and good service

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