Urban Money

Shriram Urban Co Operative Bank Limited Personal Loan

Shriram Urban Co Operative Bank Limited
4.5

Shriram City Union Finance is one of the leading NBFCs in the country and was founded in the year 1986 as an entity of the Shriram Group, one of India’s most well-known conglomerates.

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Urban Money

Personal Loan Banks

Interest Rate

Processing Fee

Rating

Loan Amount/Tenure

Shriram Urban Co Operative Bank Limited Personal Loan Interest Rate

Shriram Urban Co Operative Bank Limited

Up to 18.5%

3% - 5%

4.5

-

Tenure(1 - 3 Years)

Details

Features and Benefits of Shriram Urban Co-operative Personal Loan

One can benefit from lucrative Shriram Urban Co-operative personal loan schemes that come in two variants. Firstly, one can apply for a loan under the salary deduction plan. Secondly, there is the loan which customers can avail of for personal use. The interest rates are fixed for the salary deduction scheme at 12% per annum. Moreover, for personal use, customers can avail of the Shriram Urban Co-operative personal loan, currently ranging from 12% to 18%.

Furthermore, applicants can enjoy a wide range of financial products and services. In this piece, read about the Shriram Urban Co-operative personal loan interest rates, features and benefits, document requirements, and other related information.

Shriram Urban Co-operative personal loan schemes come in two variants. Firstly, customers can apply for a personal loan dedicated to personal use. The other kind comes under the salary deduction scheme. The standard features of these two Shriram Urban Co-operative personal loans include the following:

  • Maximum Loan Limit - INR 3 Lakhs
  • Maximum Loan Repayment Tenure - 5 years
  • Processing Fee - 1% of the loan amount

The other features of the Shriram Urban Co-operative personal loan schemes are as follows:

One scheme is dedicated to personal use, whereas the other comes under a salary deduction plan. Moreover, for the salary deduction scheme, the applicant must be employed for at least two years with a minimum salary of INR 5000. On the other hand, the minimum salary requirement for a personal use loan is INR 1,50,000 per annum. Shriram Urban Co-operative's personal loan interest rate under the salary deduction scheme is fixed, whereas the personal use loan depends on the security provided.

Shriram Urban Co-operative Personal Loan Eligibility

Customers are required to adhere to specific eligibility guidelines to become qualified to apply for a Shriram Urban Co-operative personal loan scheme. These eligibility criteria are as listed below:

  • For Salaried Person Confirmed Employee with a Minimum of two years of service.
  • For Professional/Businessmen, Minimum Net Income of Rs. 1.50 lakhs per annum for the last three years.

Shriram Urban Co-operative Personal Loan Interest Rates

Shriram Urban Co-operative personal loans interest rates vary per loan type. With the loan devised under the salary deduction plan, applicants will be charged an interest rate of 12% per annum. This will be a fixed loan interest rate.

Moreover, customers considering the personal loan for personal use will have an interest rate dependent on the security amount. The details are as listed below:

  • Security Up to 60% of loan 18% per annum
  • Above 60% to 75% and 15% per annum
  • Above 75% to 90% and 13% per annum
  • Above 90% 12% per annum

Factors Affecting Shriram Urban Co-operative Personal Loan Interest Rates

Personal loans are versatile unsecured loans that can be utilised for various purposes. However, customers seeking the Shriram Urban Co-operative personal loan scheme will have the provision to use their loan for personal use or under a salary deduction plan. With this condition, the bank considers various factors before they quote an interest rate to the customers. These factors include the following pointers.

  • The CIBIL score of the applicant is a significant determinant of how the loan interest rate is quoted. The better the CIBIL score, the lower the interest rate. 
  • Another co-dependent factor is the income of the applicant. Customers with a steady income have a higher probability of getting approached by the bank for the loan scheme. Steady income shows reliability and is considered a good factor in disbursing loan amounts. 
  • One of the technical yet essential factors is the debt-to-income ratio. Applicants having a few unpaid debts can be seen as a negative factor for the banks. This could potentially mean that the customer’s repayment is either not punctual or that their existing debts may hamper their repayment capacity with the loan they are applying for.
  • Moreover, the applicant’s repayment history will also be assessed before sanctioning a loan to them.  

Shriram Urban Co-operative Fees and charges

Applicants applying for the Shriram Urban Co-operative personal loan will have to incur a processing fee of 1% of the loan amount, which they must pay at the time of loan sanctioning. The amount will be non-refundable.

Documents Required for Shriram Urban Co-operative Personal Loan

Majorly, one must present their KYC documents to the banking authorities while applying for the Shriram Urban Co-operative personal loan. These KYC documents can include the following:

  • PAN Card 
  • Aadhaar Card
  • Driving License
  • Passport
  • Voter ID 
  • Government-issued identification cards

Other than these, applicants will also be required to provide residential address proof, which can be any utility bills that have the residential address along with the name of the applicant. Moreover, borrowers will also be required to show their bank statements and income details.

How the EMI Calculation Works for Shriram Urban Co-operative Personal Loans?

Use one of the many online EMI calculators to determine the monthly EMIs for the personal loan. The calculator accurately calculates the user's results by accounting for the principal amount, interest rate, and tenure.

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Here,

  • ‘P’ stands for the Principal amount
  • ‘R’ stands for the interest rate
  • ‘N’ stands for the tenure

How does Shriram Urban Co-operative compare with Other Lenders?

Customers considering a personal loan for financing their needs should explore their options of lenders based on the interest rates offered. Here is a comparison of interest rates among various lenders offering the scheme of personal loans.

Banks/NBFCs Interest Rates (p.a.)
IDBI Bank 10.25% - 15.50%
HDFC Bank 11.00% onwards
State Bank of India 10.65%-15.15%
ICICI Bank 10.75% onwards
Axis Bank 10.49% onwards
Kotak Mahindra Bank 10.99% onwards
IndusInd Bank 10.49% onwards
IDFC First Bank 10.49% onwards
Bajaj Finserv 11.00% onwards
Tata Capital 10.99% onwards

Shriram Urban Co-operative Personal Loan Customer Care Number

Customers having any kind of personal loan related query can reach out to the Shriram Urban Co-operative Limited customer service via their various channels of communication. Shriram Urban Co-operative Limited personal loan applicants can find the contact details below:

  • Head Office - Plot No.4, “Shrinidhi”, Kulkarni-Deshmukh Layout, Shraddhanand Square, Laxmi Nagar, NAGPUR 440 022
  • Email address - ho@shrirambank.coop
  • Customer Care number - 86000 76206

FAQs

From refinancing to reducing your interest, we have the answers right here.

What is the interest rate of personal Loan in Shriram Urban Co-operative?

Shriram Urban Co-operative personal loan comes with an interest rate ranging from 12% to 18% for the customers.

What are the benefits Shriram Urban Co-operative Provides on Personal Loans?

Customers can benefit from the Shriram Urban Co-operative personal loan that has two categories bifurcated based on personal use and salary deduction plan.

Does Shriram Urban Co-operative have a fixed interest rate on a Personal Loan?

Shriram Urban Co-operative personal loan under the salary deduction plan has a fixed interest rate of 12%. Customers will be given the interest rate for the personal loan as per the security amount.

What documents are required in Shriram Urban Co-operative for a Personal Loan?

Applicants looking for Shriram Urban Co-op personal loans will have to submit a few KYC documents, including a PAN card, aadhaar card, driving license, or other valid government-issued cards.

How to check personal Loan Status in Shriram Urban Co-operative?

Get the Shriram Urban Co-operative personal loan status by contacting the customer representative. They are reachable at the number 1800-103-6369, which is a toll-free number.

Does Shriram Urban Co-operative Checks for CIBIL Score for Personal Loan?

Shriram Urban Co-op bank relies on the CIBIL score of an individual to assess their creditworthiness. Ideally, a customer with a CIBIL score of 750 or more will be quoted lower interest than their counterparts.

What is the maximum and minimum personal Loan amount I can get from Shriram Urban Co-operative?

One can get a maximum of INR 3 Lakhs from Shriram Urban Co-op bank limited personal loan, which can be repaid in 5 years.

What KYC documents will I submit to apply for a personal loan from Shriram Urban Co-operative?

To avail of a Shriram Urban Cooperative Personal Loan, one would be required to present a few KYC documents pertaining to their identification and residential address along with income and employment details. These documents can include a PAN card, an aadhaar card, etc.

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