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Our Personal loan is currently available for salaried individuals. We offer Business Loan for Self employed like yourself.
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Personal Loan How to Apply
Shriram Personal Loan, with its simple online application process, makes it easy for you to access funds for all your needs. To begin your application, register with your mobile number, add your details and upload a few documents. Once your application is reviewed and verified, one of our loan representatives will get in touch with you to take the process further.
With quick approval turnaround time and swift disbursal, managing personal financial needs has never been easier. Click on the Apply Now button to start your journey now!
How to Apply for a Personal Loan
Applying for a Shriram Personal Loan is as easy as it is quick. Follow the steps below to finish your application process in just a few minutes through our website or Shriram One app:
Step 01
Register with your mobile number to begin your application.
Step 02
Verify your personal details to ensure everything is compliant with the loan requirements.
Step 03
Choose your desired loan amount and tenure that suits your financial needs. Then confirm your bank details for the disbursal process.
Step 04
Once your application is reviewed and approved, Shriram Finance will begin the disbursal process.
How to Qualify for a Personal Loan
To qualify for a personal loan with Shriram Finance, consider the following key factors:
- Healthy Credit History: Aim to have a credit score above 750. A good credit history can significantly improve your chances of loan approval.
- Stable Income and Employment: Demonstrating steady income and/or a stable employment status shows you are capable of making timely repayments and may expedite your loan approval.
- Age Requirements: To qualify for a Shriram Personal Loan, you must be between 21 to 60 years of age.
- Debt-to-Income Ratio: Having a Debt-to-Income (DTI) ratio within 30-40% shows you can manage new loan obligations along with your existing debts. This can help with loan approval.
Things to Consider before Applying for a Personal Loan
It is essential to consider a few key factors to make an informed borrowing decision before you apply for a personal loan:
Interest Rates
The interest rate on your personal loan impacts the total repayment amount over the chosen loan tenure. Even a slightly higher interest rate can increase the total cost of the loan. A good credit score, among other factors, can help you negotiate for a lower rate.
Loan Tenure
Always choose a repayment tenure that suits your finances and helps you pay your EMIs comfortably. A longer tenure can lead to smaller EMIs but higher interest paid overall. A shorter tenure, on the other hand, means a higher EMI but lesser total interest paid.
Processing Fees
Check for the processing fees of the loan before applying. Shriram Finance charges a minimal processing fee of up to 5%*.
Eligibility Criteria
Review the eligibility criteria to ensure you meet all the requirements. This may help you quickly get approved.
Repayment Flexibility
Remember to check for prepayment or foreclosure charges that allow for early loan repayment without high penalties. The foreclosure fee at Shriram Finance is capped at 4%* on the outstanding principal amount, offering you flexibility to repay early.
Documentation Requirements
Keep all your documents handy, such as identity and address proof, income statements, etc., to streamline the application process.
Documents Required for a Personal Loan Application
Keeping all the required documents in place can help expedite the loan approval process. Here are some of the documents you will need to apply for a Shriram Personal Loan:
Eligibility Criteria
Identity Proof
- Accepted documents are Aadhaar Card, Passport, Driver’s Licence and Voter ID.
Address Proof
- Documents like Aadhaar Card, Passport, Driver’s Licence, utility bills (recent gas bill, telephone bill or electricity bill), bank statements with your address clearly visible are accepted.
Income Proof
- Salary slips from the last 3 months, bank statements of the last 6 months, Income Tax Returns (if self-employed) are accepted.
Additional Documents
- You may also need to submit other documents as required by Shriram Finance, including but not limited to, recent passport-size photos, cancelled cheque, ACH form for Electronic Clearing Mandate (eNACH).
Personal Loan How to Apply FAQs
How do I apply for a personal loan?
You can apply for a personal loan from Shriram Finance online or by visiting the branch closest to you. To apply online, you need to register using your mobile number, enter your personal details and upload the necessary documents. To experience a more personalised approach, visit the branch and talk to our loan representatives who will help you with your application.
How do I get quick approval for my personal loan application?
To quickly get approved for a personal loan from Shriram Finance, try maintaining a good credit score, meet the eligibility criteria, keep the required documents updated and choose a loan amount and tenure that you are comfortable with.
What documents do I need to apply for a personal loan?
You need to have identity proof like Aadhaar or PAN Card, address proof like Voter ID, utility bills, income statements like salary slips and bank statements, passport-sized photos and any other documents that Shriram Finance may need.
How much can I borrow with a personal loan?
You can borrow up to ₹10,00,000 with Shriram Personal Loan, subject to your income and employment stability, credit score and other terms and conditions laid down by Shriram Finance.
Can I apply for a personal loan if I already have one?
Yes, absolutely. But you need to be able to demonstrate that you’re capable of making timely repayments. Having a high credit score, low DTI ratio and stable income can help improve your chances of approval.
Why should I choose a personal loan from Shriram Finance?
Shriram Finance offers collateral-free personal loans up to ₹10,00,000 at competitive interest rates and flexible repayment tenure. Our approval timeline is usually quick, with applications being approved in a few hours, subject to your eligibility and other terms and conditions. Plus, with a seamless digital application process, you can apply for a loan from anywhere.
How long does it take for the loan disbursal?
Shriram Finance disburses personal loans usually quickly, often within a few hours to days, subject to approvals.
Can I apply for a personal loan without a job?
Generally, Shriram Finance requires proof of income to ensure you can repay on time. But you can reach out to us to understand more about the eligibility criteria.
Can I apply for two personal loans at the same time?
It is usually not recommended to apply for multiple loans at the same time as this results in more credit enquiries within a short period of time, which can lower your score. Plus, applying for too many loans at the same time can send out a “credit-hungry” signal to lenders, lowering your chances of approval.
Is it safe to apply for a personal loan online?
Yes, it is completely safe to apply for a personal loan online with Shriram Finance. All your information is completely safe as long as you’re applying through the official Shriram Finance online portal or Shriram One app.
Can a homemaker apply for a personal loan?
A homemaker can apply for a personal loan, but eligibility depends on proof of stable income and the ability to repay the loan. If you are a homemaker with your own regular income, you may be eligible for a personal loan or in case of business-related income, a business loan may be appropriate. If you do not have proof of steady income or a good credit history, for instance, you can apply with a co-applicant with a strong financial profile.
Can I apply for a personal loan with bad credit?
Yes, it may be possible to apply for a personal loan even if you have bad credit. Reach out to us to check for specific eligibility requirements.
How can I apply for a personal loan without a salary slip?
Applying for a personal loan without a salary slip is possible by providing alternate proof of income. This may include bank statements, tax returns, etc.
Can two siblings apply for a personal loan?
Each sibling may need to apply individually with us and meet our eligibility requirements. Joint applications might be possible if the siblings meet the requirements for co-applicants.
Can unemployed people apply for a personal loan?
It is challenging to get a personal loan without any proof of stable income. You may be able to apply with a co-applicant who meets our eligibility criteria.
Can I apply for a personal loan if I have an education loan?
Yes, you can apply for a personal loan even if you have another education loan. Approval depends on your repayment capacity and other eligibility factors.
How can a farmer apply for a personal loan?
Farmers may apply for a personal loan by providing proof of land ownership, income statements from agricultural activities. However, since farming income is considered as a business activity, farmers are generally encouraged to apply for a business loan. If a farmer does apply for personal loan, the application may be assessed and redirected to a business loan product.
How can I apply for a ₹100000 personal loan for the first time?
Begin by checking our eligibility criteria and getting all the documents ready. Then apply using our online portal or the Shriram One app. You can also visit one of the branches closest to you to apply.
What do I need to apply for a personal loan?
You will typically need to have identity, address and income proof. Additional documents may also be needed at the time of application. Also, ensure that you meet our eligibility criteria.
How can I apply for an NRI personal loan in India?
NRIs may not be able to apply for a personal loan with Shriram Finance. To be eligible for a loan with us, you need to be an Indian resident of at least 21 years of age.