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:
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.
Competitive Interest Rates
Our interest rates start at 11%* p.a., making EMI payments easier on your pockets.
Flexible Repayment Tenure
With options ranging from 12 to 60 months, you can choose a tenure that you are comfortable with.
Seamless Application Process
Apply easily in just a few steps with our user-friendly website or Shriram One app.
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.
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.