Shriram Finance is one of India’s well-known NBFCs, offering loans to salaried employees, self-employed individuals, and small business owners. Its personal loan process is designed to be simple, fast, and accessible, even for borrowers from smaller cities.
This guide explains everything about the Shriram Finance Personal Loan, including interest rates, eligibility, documents, EMI, benefits, charges, and the application process.
Shriram Finance Personal Loan Recap
| Feature | Details |
| Loan Amount | Up to ₹10 Lakhs |
| Interest Rate | Starting from around 12% p.a. |
| Loan Tenure | 12 to 60 months |
| Processing Fee | Up to 5% |
| Approval Time | 24–48 hours |
| Collateral | Not required |
Benefits of Shriram Finance Personal Loan
Quick Approval Process
Shriram Finance offers a fast digital application process with quicker verification and disbursal.
No Collateral Required
Since it is an unsecured loan, you don’t need to mortgage property or assets.
Flexible Loan Amount
Borrow up to ₹10 Lakh per person loan from Shriram Finance.
Suitable for Salaried & Self-Employed
Shriram Finance personal loan is available for both salaried employees and self-employed persons.
Flexible Repayment Tenure
You can choose a repayment tenure from 1 year to 5 years.
Minimal Documentation
The documentation process is simple compared to many traditional lenders.
Choose The Top Lender for Personal Loan Application
| Lenders | Interest Rate (p.a.) | Salary Per Month | |
| WeRize | 16% to 18% p.a. | Rs. 12,000 | Apply Now |
| MoneyView | 1.33% per month | Rs. 13,500 | Apply Now |
| InCred | 11.49% to 18% p.a. | Rs. 15,000 | Apply Now |
| Fibe | 24% to 30% p.a. | Rs. 18,000 | Apply Now |
| Prefr | 18% to 36% p.a. | Rs. 18,000 | Apply Now |
| Finnable | 16% to 22% p.a. | Rs. 15,000 | Apply Now |
| HDFC Bank | 10.75% to 21% p.a. | Rs. 25,000 | Apply Now |
| IDFC | 12.50% to 18% p.a. | Rs. 15,000 | Apply Now |
| PaySense | 1.4% to 2.3% per month | Rs. 18,000 | Apply Now |
| Upward | 9% to 32% p.a. | Rs. 18,000 | Apply Now |
| mPokket | 1% to 6% per month | Rs. 9,000 | Apply Now |
Eligibility Criteria
To be eligible for a Shriram Finance personal loan, applicants generally must be Indian residents aged 21–60, have a stable income from employment or self-employment, and meet the lender’s minimum credit score and income threshold.
| Criteria | Requirement |
| Age | 21 to 60 years |
| Employment Type | Salaried or self-employed |
| Minimum Income | ₹15,000+ monthly preferred |
| Work Experience | Stable employment/business |
| Credit Score | 700+ preferred |
Applicants with strong repayment history usually get better loan offers.
Documents Required
You may need the following documents:
- Aadhaar Card
- PAN Card
- Passport-size photograph
- Salary slips (for salaried applicants)
- Bank statements (last 3–6 months)
- Business proof (for self-employed applicants)
Accurate documents improve approval chances.
Shriram Finance Personal Loan Interest Rates
Shriram Finance offers personal loans with interest rates starting at around 11% per annum, making it a suitable option for borrowers seeking quick, affordable funding. The exact interest rate offered to you depends on several factors, including your credit score, monthly income, employment stability, loan amount, and chosen repayment tenure.
Shriram Finance Personal Loan EMI
| Loan Amount | Interest Rate | Tenure | Approx EMI |
| ₹1 Lakh | 13% | 2 Years | ₹4,754 |
| ₹3 Lakhs | 14% | 3 Years | ₹10,253 |
| ₹5 Lakhs | 15% | 5 Years | ₹11,895 |
Longer tenure reduces EMI but increases total interest cost. You can check the EMI Calculator before borrowing a personal loan.
Fees & Charges of Shriram Finance Personal Loan
Before applying for a loan from Shriram Finance, it is important to understand all applicable fees.
| Processing Fee | Up to 5% of the loan amount |
| Foreclosure Charges | Up to 4% |
| Balance Transfer Charges | Additional 2% if loan is transferred to another lender |
| Documentation Charges | Up to ₹3,000 |
| Penal Charges | 36% p.a. on overdue EMI amount |
| Cheque Bounce Charges | ₹1,000 per instance |
| Cheque/NACH Swap Charges | Up to ₹500 |
| Statement Retrieval Charges | Up to ₹500 |
| Collection Charges | ₹500 |
GST and other applicable taxes may be charged separately on these fees.
Also Read: Personal Loan vs Instant Loan
Factors Affecting Shriram Finance Personal Loan Interest Rate
Credit Score
A higher credit score reflects responsible repayment behaviour and improves your chances of getting a lower interest rate.
Monthly Income
Applicants with higher and stable incomes are considered lower-risk borrowers.
Existing EMIs and Loans
If you already have multiple active loans, the lender may charge a higher rate or reduce eligibility.
Employment Stability
Long-term employment or stable business activity increases lender confidence.
Loan Amount and Tenure
Higher loan amounts and longer tenures can affect overall interest costs and lenders’ risk assessments.
How to Apply for Shriram Finance Personal Loan
Step 1: Apply Directly from Our Platform
Apply through the lender’s website or a trusted platform like 24hrLoan.
Step 2: Fill Basic Details
Enter:
- Name
- Mobile number
- Income details
- Employment information
Step 3: Upload Documents
Submit KYC and income documents online.
Step 4: Verification Process
The lender checks eligibility and repayment capacity.
Step 5: Loan Approval & Disbursal
Get your approval loan disbursed within 30 minutes.
Also Read: 60,000 Loan Without Salary
Conclusion
Shriram Finance’s personal loan can be a practical option for borrowers seeking quick funds with flexible eligibility criteria and repayment options.
It is suitable for both salaried and self-employed individuals and offers a simple application process with minimal documentation. Before applying, compare interest rates, understand all charges, and choose a repayment tenure that comfortably fits your financial situation.
Written by Santanu Sarder
Finance Consultant & Loan Advisor