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Personal Loan
Affordable EMIs, Flexible Tenure
Enjoy a Shriram Personal Loan
for All Your Needs
  • Salaried
  • Self-Employed Business
  • Self-Employed Professional

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Personal Loan Features and Benefits

Shriram Personal Loan is designed to cater to all your financial needs. Whether it’s for a family wedding you’ve been planning for a while, paying education fees, or sudden medical expenses, our personal loans are for everybody. With quick approval turnaround times and competitive interest rates, we ensure that you get the funds you need when you need them. 

Check out more of our compelling personal loan features and benefits to learn what’s on offer before you start your loan application with us.

Key Features of Personal Loan

Shriram Finance offers a host of attractive features in its personal loans that make it a great choice for your financial requirements. Take a look at some of them discussed below:

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High Loan Amounts

You can access up to ₹10,00,000, if you meet the eligibility criteria, to cover significant expenses like renovations or hospital bills.

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Competitive Interest Rates

Our interest rates start at 11%* p.a., making EMI payments easier on your pockets.

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Flexible Repayment Tenure

With options ranging from 12 to 60 months, you can choose a tenure that you are comfortable with.

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Seamless Application Process

Apply easily in just a few steps with our user-friendly website or Shriram One app.

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Quick Approvals

You may be approved in just a few hours to days and enjoy fast disbursal if you meet our eligibility criteria and have the required documentation.

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Wide Branch Network

With over 2800 branches over the country, applying for a Shriram Personal Loan in-person has never been easier.

Key Benefits of Personal Loan

Here are some of the benefits that you get to enjoy on applying for a personal loan with Shriram Finance:

    • Minimal Documentation

      We only require some basic paperwork which simplifies the loan application process and reduces processing time.

    • Collateral-free Loans

      With a Shriram Personal Loan, you can fulfil your financial needs without having to pledge any collateral.

    • Loan EMI Calculator

      Use our accurate personal loan EMI calculator to work out your monthly payments and get a precise idea about the total interest outgo.

    • Versatile Usage

      You can use the funds for a variety of purposes, like medical emergencies, weddings, education, travel, etc.

Is there a Tax Benefit on Personal Loans?

Typically, the interest paid on a personal loan is not eligible for any tax deductions. But if you use the funds for specific purposes, you may enjoy tax benefits. Here are some of those use cases:

  • Business Purposes

    : If you use the personal loan for business purposes, the interest paid on the loan may be claimed as business expense.

  • Home Renovation

    : If you use the personal loan for home renovation, you may be eligible for tax benefits of personal loans. But please bear in mind that this is subject to specific conditions and limits under the Income Tax Act.

  • Higher Education Purposes

    : You may also be eligible for tax benefits if you use the personal loan to pay for higher education.

Things to Keep in Mind While Opting for a Personal Loan

Before you apply for a personal loan, it is always smart to consider a few factors to make your borrowing experience smooth.

    • Maintain a Good Credit Score:

      Having a good credit score of above 750 can help you negotiate lower interest rates and favourable loan terms.

    • Assess All Costs:

      Check for costs like processing fees, foreclosure or prepayment charges, late penalties, etc. to understand the total cost of the loan. Shriram Finance caps the processing fee at 5%* and levies a minimal foreclosure fee of up to 4%* on the outstanding loan amount.

    • Consider the Repayment Tenure:

      Choose a repayment tenure that works for you. Remember that a shorter tenure may lead to higher EMIs but save up on the total interest you pay. A longer tenure may help you with smaller EMIs but the total interest outgo might be higher.

    • Read the Fine Print:

      Before you sign on the dotted line, make sure you have read through the loan agreement. Shriram Finance discloses all fees, charges and clauses upfront to help you make informed decisions. But being thorough yourself doesn’t hurt.

Personal Loan Features and Benefits FAQs

What is the advantage of a personal loan?

A personal loan from Shriram Finance helps you access funds when you need them, typically without pledging any collateral. Plus, the funds you receive can be used for any legitimate purpose. One of the most compelling benefits of our personal loans is that these loans are often quickly approved and disbursed, helping you manage your financial needs on time.

Is taking a personal loan risky?

Taking out a personal loan isn’t risky in itself. It’s about how you handle the loan. If you weigh in all the personal loan benefits and disadvantages before committing, pay your EMIs on time, and demonstrate responsible behaviour with the loan, a personal loan can often be just the thing you need to meet your financial obligations.

Is it right to take a personal loan?

Whether it’s right to take a personal loan or not depends on your individual circumstances and how you handle loans. If you need funds for a significant expense, are responsible with borrowed money, and can pay your EMIs, a personal loan may be a great choice.

What are the benefits of online personal loans?

The benefits of getting a personal loan online often include a faster application process, minimal documentation and quick approval.

What are the benefits of low-interest personal loans?

The benefits of personal loans on low interest rates are lower monthly payments and reduced overall cost of borrowing.

What are the benefits of overpaying your personal loan?

Part payment of your personal loan is currently not available; however, you may choose to close the loan in full before the end of the tenure through foreclosure or prepayment. Please note that foreclosure charges apply.

What are the benefits of taking a personal loan from a Non-Banking Financial Company (NBFC)?

A personal loan from an NBFC often offers more flexibility in terms of eligibility criteria, like your credit score.

What are the key features of personal loans?

Some of the key features of a Shriram Personal Loan are quick processing and approval, competitive interest rates starting at 11%* p.a., flexible repayment tenures ranging from 12 to 60 months, seamless digital application and collateral-free loans.

Low Processing Charges & Quick Loan Disbursals on Personal Loan