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Personal Loan in Salem
Salem, known for its textile and steel industries, is a city where financial needs can arise at any time. Whether you need funds for a medical emergency, home renovation, or your child education, a personal loan in Salem can be a reliable solution. Shriram Finance offers personal loans with interest rates starting from 11%* p.a.âŻ, making borrowing more affordable. You can avail of an unsecured loan of up to âı10,00,000/-* without pledging any collateral. With repayment options ranging from 12 to 60 months, you can choose a tenure that suits your budget. The online application process is simple and saves time, ensuring quick disbursal of funds once approved. Shriram Finance also provides EMI reminders to help you stay on track with repayments. If you're looking for financial flexibility, a personal loan in Salem can be the ideal choice.
Personal Loan Types in Salem
Shriram Finance offers a variety of options for a personal loan in Salem to cater to different needs:
Features and Benefits of Personal Loan in Salem
Choosing Shriram Finance for your personal loan in Salem comes with several advantages:
Quick Approval
Collateral-free Loans
Regular Reminders
Seamless Experience
Competitive Interest Rates
Flexible Repayment Options
Personal Loan Interest Rates and Charges in Salem
For individuals in Salem looking for financial assistance, it important to be aware of the interest rates and charges before applying. A personal loan in Salem from Shriram Finance comes with competitive interest rates starting at 11%* p.a.âŻ
- The final rate offered to you will depend on factors such as your credit score, income, and repayment capacity. You may also face processing fees and charges for prepayment or foreclosure.
- Shriram Finance ensures complete transparency by clearly outlining all applicable costs, so you can make an informed choice.
| Type of Fees | Applicable Charges |
|---|---|
| Interest Rate | Customised interest rates starting from 11%* p.a.⯠|
| Processing Fees | Up to 5%* |
| Prepayment Charges | Up to 5%* |
| Late Payment Fees | 36%* p.a. |
These rates are designed to provide affordability while maintaining transparency.
How to Use the Personal Loan EMI Calculator
Planning your loan repayments is easier with an EMI calculator. Shriram Finance offers an online tool that helps you explore different repayment options before making a decision. To use the personal loan EMI calculator in Salem, simply enter the loan amount, interest rate, and repayment tenure. The calculator will instantly display your EMI, helping you choose a repayment plan that aligns with your financial situation.
STEP 01
Required loan amount
STEP 02
Interest rate
Min 11%
Max 42%
STEP 03
Min 12 months
Max 60 months
Personal Loan Calculator Summary
Loan
Loan Amount
âı 50,000
Interest Payable
âı 3,029
Monthly EMI
âı 4,419
Eligibility and Documentation Criteria for Personal Loan in Salem
To qualify for a personal loan in Salem from Shriram Finance, make sure you meet the following criteria:
Eligibility Criteria:- Nationality: Must be an Indian resident.
- Employment Status: Salaried individuals employed with reputable organisations or self-employed professionals.
- Credit Score: A minimum score of 700 is preferred.
- Age: Applicants should be between 21* to 60* years old (on loan closure).
- Income: Minimum monthly income requirement varies based on the loan amount.
- Required Documents:
- Identity Proof
- Passport
- Driving License
- Voter ID
- PAN Card
- Address Proof
- Passport
- Driving License
- Gas Bill with Gas book
- Other Documents
- Recent passport-size colour photographs
- Income Proof Documents of Last 3 months
- Bank Statement for the last six months
- One cancelled Cheque and ACH form for the Electronic Clearing Mandate (eNACH)
Step-by-Step Application Process for Personal Loan in Salem
Applying for a personal loan in Salem with Shriram Finance is straightforward:
Step 1
Visit the official website or the nearest branch.Step 2
Fill out the online application form with the necessary details.Step 3
Submit the required documents for verification.Step 4
Wait for approval, which usually takes less than 24 houStep 5
Upon approval, funds will be disbursed directly to your bank account.
Our Personal Loan Branches in Salem
Shriram Finance aims to provide a smooth and transparent borrowing experience in Salem. Our branch team is ready to assist you with any queries and guide you through the loan application process. Whether you need help selecting the right loan option or understanding the terms, we're here to support you. For personalised assistance, visit our Salem branch. You can also use our online branch locator to find the nearest location. We are committed to making your loan journey convenient and hassle-free.
Locate Us
Personal Loan Customer Care in Salem
If you need help with your personal loan in Salem, Shriram Finance customer support team is ready to assist you. You can reach out to us by phone or visit our branch for personalised guidance.
Personal Loan Status in Salem
Tracking your personal loan application status in Salem is simple with Shriram Finance. You can check your status in two easy ways:
- Online Tracking: Enter your reference number on the Shriram Finance website for instant updates.
- Customer Support: Contact our support team for personalised assistance with your loan application.
We ensure a transparent process, keeping you updated at every step.
Personal Loan in Major Cities in India
FAQs
What are the eligibility criteria for a personal loan in Salem?
To qualify, you must be a resident Indian aged between 21* to 60* years by the end of the loan term. You also need to provide valid identity and address proof, along with income verification and bank statements from the past six months.
What is the interest rate on a personal loan in Salem?
Shriram Finance offers personal loan interest rates starting at 11%* p.a.⯠Your final rate will depend on factors such as your credit score and repayment ability.
Is a personal loan in Salem unsecured?
Yes, Shriram Finance provides personal loans without requiring any collateral. Maintaining a good credit score can improve your chances of approval.
Can I prepay or foreclose my personal loan in Salem?
Yes, you can prepay or foreclose your loan. However, prepayment charges may apply as per the terms of your loan agreement.
Can I apply for a personal loan online in Salem?
Yes, the application process is available online through the Shriram Finance website, making it quick and convenient.
How can I check the status of my personal loan application in Salem?
You can track your loan application by entering your reference number on the Shriram Finance website or by reaching out to our customer support team.
What is the minimum income required for a personal loan in Salem?
The minimum income requirement depends on the loan amount. You need to show sufficient income to manage your repayments.
Are there any hidden charges for a personal loan in Salem?
No, all applicable charges will be clearly explained during the application process. Shriram Finance ensures complete transparency.
Disclaimer
The information provided in this guide is for educational purposes only and should not be considered financial advice. Always consult with a financial advisor before making investment decisions related to fixed deposits or any other financial products.