Shriram Finance Vehicle Loan Details
Thinking of financing your dream two-wheeler or car through a vehicle loan? Shriram Finance, a leading financial institution in India, might be a good option to consider. But before you dive in, let’s take a detailed look at Shriram Finance vehicle loan details, including types, benefits, eligibility, application process, and more.
What is Shriram Finance?
Established in 1974, Shriram Finance is a non-banking financial company (NBFC) offering various financial products like vehicle loans, personal loans, gold loans, and more. They have a wide network across India, making them a popular choice for vehicle financing.
Types of Vehicle Loans Offered by Shriram Finance:
- Two-wheeler Loans: Finance your motorcycle, scooter, or even electric two-wheeler with flexible repayment options.
- Car Loans: Get a loan for a new or used car, including hatchbacks, sedans, SUVs, and more.
- Commercial Vehicle Loans: Finance your commercial vehicle needs, like trucks, tempos, and small commercial vehicles.
Benefits of Shriram Finance Vehicle Loans:
- Competitive Interest Rates: Enjoy competitive interest rates compared to other lenders.
- Flexible Repayment Options: Choose a repayment tenure that suits your budget, from 12 to 84 months.
- Minimal Documentation: Get your loan approved with minimal paperwork.
- Fast Processing: Enjoy quick loan processing and disbursal within 24 hours in some cases.
- Wide Network: Access Shriram Finance services through their extensive network of branches across India.
Eligibility Criteria for Shriram Finance Vehicle Loan:
- Age: Minimum age of 18 years and maximum age as per loan type (usually 65 years).
- Income: Stable monthly income with a good credit score.
- Employment: Salaried individuals, self-employed individuals, or businessmen can apply.
- Documents: Valid ID proof, address proof, income proof, bank statements, and vehicle registration documents (if used car).
Documents Required for Shriram Vehicle Finance Loan:
- Completed loan application form
- Photo ID proof (PAN card, Aadhaar card, etc.)
- Address proof (ration card, utility bills, etc.)
- Income proof (salary slips, bank statements, etc.)
- Bank account details
- Vehicle registration documents (if used car)
What are the Requirements of Collateral or Security?
Shriram Finance typically requires hypothecation of the financed vehicle as collateral security for the loan. In some cases, depending on your creditworthiness and loan amount, additional security like guarantors might be required.
How to Apply for Shriram Finance Vehicle Loan Online:
- Visit the Shriram Finance website and choose the desired loan type (two-wheeler or car).
- Fill out the online application form and upload the required documents.
- A Shriram Finance representative will contact you to verify the information and discuss loan options.
- Once approved, submit the final documents and sign the loan agreement.
- Your loan amount will be disbursed within 24 hours in some cases.
Loan Application Process:
You can also apply for a Shriram Finance vehicle loan offline by visiting their nearest branch. Carry all the required documents and meet with a loan representative to discuss your options and initiate the application process.
Tips for Getting Approved:
- Maintain a good credit score.
- Have a stable source of income.
- Choose a shorter loan tenure for potentially lower interest rates.
- Make a larger down payment (if possible).
- Submit all required documents accurately and promptly.
Features of Shriram Finance Vehicle Loan:
- Flexible repayment options with EMI holiday schemes.
- Top-up loan facility to meet additional financial needs.
- Loyalty benefits for existing customers.
- 24/7 customer support.
Factors Affecting Shriram Finance Vehicle Loan Interest Rates:
- Loan amount
- Repayment tenure
- Credit score
- Applicant’s profile and income
- Market interest rates
Interest Rates and Charges for Shriram Finance Vehicle Loan:
Interest rates for Shriram Finance vehicle loans typically range from 8% to 24% per annum, depending on the factors mentioned above. Additional charges may include processing fees, foreclosure charges, and late payment penalties.
Loan Repayment Options:
- Standing Instructions: Set up a standing instruction with your bank to automatically deduct your EMI amount every month.
- Online Payment: Pay your EMI securely through the Shriram Finance website or mobile app.
- Cheque Payment: Issue a cheque in favor of “Shriram Finance Limited” and drop it off at any branch.
- Cash Payment: Make cash payments at any Shriram Finance branch.
What is a Loan Foreclosure?
Loan foreclosure means paying off the entire outstanding loan amount before the end of the agreed-upon term.
Are There Any Foreclosure Charges with Shriram Finance?
Shriram Finance charges a foreclosure fee for early repayment of the loan, typically around 2-4% of the outstanding loan amount.
Submitting a Complaint About Shriram Finance Personal Loan:
If you have a complaint regarding your Shriram Finance personal loan, you can lodge it through the following channels:
- Customer Care: Call their toll-free number 1800 258 7472 or email them at [email address removed].
- Online Complaint Form: Submit a complaint form on their website: [invalid URL removed]
- Social Media: Reach out to them on their official social media pages.
- Ombudsman: If you’re not satisfied with their response, you can escalate your complaint to the Reserve Bank of India Ombudsman.
Customer Service and Support:
Shriram Finance Contact Number:
Toll-free number : 18001036369, 18001034959
Website: www.shriramfinance.in
Shriram Finance Corporate Office Address:
Shriram Finance Limited, Wockhardt Towers, 3rd Floor, West Wing, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051. Maharashtra.
Shriram Finance Registered Office Address:
Shriram Finance Limited, 14A, Sri towers,South Phase, Industrial Estate, Guindy, Chennai – 600 032, Tamil Nadu
Conclusion
Shriram Finance vehicle loans offer a convenient and flexible way to finance your two-wheeler or car purchase. With competitive interest rates, quick processing, and a wide network of branches, they are a popular choice for many borrowers. However, it’s crucial to carefully consider your eligibility, compare interest rates and charges with other lenders, and understand the repayment terms before making a decision.
Also Read: Quick Personal Loan Resource App List, Comparison, Benefits, Application 2024
FAQ’s about Shriram Finance Vehicle Loan Details
Can I pay Shriram finance EMI online?
Yes, you can pay your EMI online through the Shriram Finance website, mobile app, or net banking.
Can we break Shriram FD?
Yes, you can break your Shriram FD prematurely, but there will be penalty charges depending on the FD scheme and tenure.
How can I check my EMI in Shriram Finance?
You can check your EMI on the Shriram Finance customer portal, mobile app, or by contacting their customer care.
How can I check my loan details in Shriram Finance?
You can check your loan details by logging in to the Shriram Finance customer portal or by contacting their customer care.
How can I check my Shriram Finance bike loan status?
You can check your Shriram Finance bike loan status by contacting their customer care or visiting their branch.
How can I check my Shriram loan details?
You can check your Shriram loan details by logging in to the Shriram Finance customer portal or by contacting their customer care.
How can I download Shriram Finance loan statement?
You can download your Shriram Finance loan statement by logging in to the Shriram Finance customer portal.
How old is Shriram Finance Company?
Shriram Finance was established in 1974.
How to find Shriram Finance loan number?
Your Shriram Finance loan number is typically mentioned on your loan agreement, welcome email, or loan statements. You can also check it by logging in to the Shriram Finance customer portal or contacting their customer care.
How to get NOC from Shriram finance online?
Currently, Shriram Finance doesn’t offer the option to apply for an NOC (No Objection Certificate) online. You need to visit their branch and submit a written request along with required documents like loan closure confirmation and payment receipts.
Is shriram finance good for FD?
Whether Shriram Finance is good for FD depends on your individual needs and investment goals. They offer various FD schemes with competitive interest rates and flexible durations. However, compare returns and features with other FDs before choosing.
Is Shriram Finance safe or not?
Shriram Finance is a registered and regulated NBFC under the RBI. They are generally considered a safe and reliable financial institution. However, like any financial institution, there are inherent risks involved, so do your research before investing.
Is Shriram Finance trustable?
Shriram Finance has a long-standing presence in the Indian financial market and enjoys a decent reputation. However, trust is subjective. Research their customer reviews, complaints, and financial stability before making a decision.
Is shriram finance under RBI?
Yes, Shriram Finance is registered and regulated by the Reserve Bank of India (RBI) under the Non-Banking Financial Companies (NBFCs) regulations.
What are the charges for EMI bounce in shriram finance?
Shriram Finance charges a penalty fee for bounced EMI payments. The exact amount varies depending on the loan type and outstanding amount. Check their website or loan agreement for specific details.
What is credit rating of Shriram Finance?
The credit rating of Shriram Finance varies depending on the rating agency. Typically, their ratings fall within the “AA” to “AAA” category, indicating a high degree of creditworthiness.
What is the age limit for shriram car loan?
The age limit for a Shriram car loan typically ranges from 18 to 65 years, depending on your chosen loan scheme and employment type.
What is the interest rate of Shriram Finance car loan?
The interest rate for a Shriram Finance car loan depends on various factors like loan amount, tenure, credit score, and market conditions. Rates typically range from 8% to 24% per annum.
What is the minimum FD amount in Shriram Finance?
The minimum FD amount in Shriram Finance varies depending on the chosen scheme and tenure. It usually starts from ₹1,000 for some schemes.
Who is the owner of Shriram Finance?
Shriram Finance is a public limited company with no single majority owner. Its shares are traded on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
How to Calculate EMI for Shriram Finance Car Loan?
You can use the online EMI calculator available on the Shriram Finance website to estimate your monthly EMI based on the loan amount, interest rate, and tenure.
How to Know the EMI of My Loan?
Your loan agreement will mention the EMI amount. You can also check your EMI online on the Shriram Finance customer portal or by contacting their customer care.
Repayment Tenure of Shriram’s Two-wheeler Loan?
The repayment tenure for Shriram’s two-wheeler loan ranges from 12 to 48 months.
How Can I Apply for a Shriram Two-wheeler Loan?
You can apply for a Shriram two-wheeler loan online through their website, mobile app, or by visiting their nearest branch.
Maximum Two-wheeler Loan Amount Offered by Shriram Finance?
The maximum two-wheeler loan amount offered by Shriram Finance varies depending on the model, your income, and creditworthiness. However, it typically ranges from ₹50,000 to ₹2 lakh.
