Shriram Bank Personal Loan Interest Rates

4.5

Shriram Urban Cooperative offers personal loans to applicants, of which the interest rate might vary depending on the ask and the credit history of the applicant. Applicants will pay a 12% annual interest rate on loans created under the salary deduction plan. This loan's interest rate will be fixed. Customers who are considering a personal loan for personal use will also pay an interest rate that is based on the value of the security.

  • 12% - 42%

    Interest Rate (p.a.)
  • Up to ₹3L

    Tenure(1 - 5 Years)
  • Upto 5% of the sanctioned loan amount

    Processing Fee

Shriram Bank Personal Loan Rate Comparison with Other Banks

The table below pertains to Shriram Urban Co-Operative Bank Personal Loan Interest Rates with other banks and financial institutions.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • Prefr PL Interest Rate

  • 15% - 36%

  • 3-5% with Minimum Proc. Fee of INR 1500 + GST

  • 4.5

  • ₹50K - ₹5L

    Tenure(1 - 4 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Shriram Bank Personal loan Interest Rates 2023

The Shriram Urban Co-Operative Bank is a renowned brand in the banking industry. The interest rates offered to applicants commences from 12% per annum under the Salary Deduction Plan. The Shriram Urban Co-operative Bank Personal Loan interest rate is also security-based. However, it is to be noted that the Shriram Urban Co-operative Bank Personal Loan interest rate varies based on the applicant.

Securities Upto 60% of the Loan 18% per annum 
From 60% to 75%  15% per annum 
From 75% to 90%  13% per annum 
Above 90%  12% per annum 

Shriram Urban Co-operative Personal Loan Schemes

The Shriram Urban Co-Operative offers the following personal Loan schemes to cater to the financial requirement of the population in the country.   

Shriram Urban Co-operative Personal Loan 

  • The Shriram Urban Co-Operative Personal loan scheme allows borrowers to avail of funds for various purposes.
  • The borrowers can utilise the funds for medical emergencies, debt consolidation, and other purposes.
  • The Shriram Urban Co-Operative personal loan interest rate is security based. The maximum repayment period a borrower can avail of is five years.
  • One can obtain a loan amount of up to Rs 3 Lakhs. 

Shriram Urban Co-Operative Personal Loan for Salary Deduction 

The Shriram Bank Personal loan for salary deduction entails the following features: 

  • Loan amount up to Rs 3 Lakhs
  • Repayment tenure of up to 5 Years 
  • Salaried person with a confirmed two years of service can avail of the loan.
  • The loan can be availed of under salary deduction. 

Shriram Urban Co-Operative Bank Personal Loan Interest Rates for Salaried and Self-Employed

The Interest rate offered to the salaried and self-employed individual varies based on the applicant to the applicant. The interest rate offered to the applicant also varies based on the security pledged against the loan. The following table showcases the interest rate provided by the bank. 

Scheme  Eligibility  Interest 
Shriram Urban Co-operative Personal Loan Interest Rate Salaried and Self-Employed Individuals  12% to 18%; Based on the security against the loan. 
Shriram Urban Co-operative Personal Loan (Under Salary Deduction) Salaried Individual  12% Per annum 

Shriram Urban Co-Operative Bank Personal Loan Interest Rate for Salary Account

Shriram Urban Co-Operative Bank Personal Loan Interest Rates under the salary account are fixed at 12% p.a. For more information under this scheme, applicants can contact the bank on their customer service number or pay a visit to the nearest branch. 

Shriram Urban Co-Operative Bank Pre-Approved Personal Loan Interest Rate

The applicant can get a pre-approved personal loan interest rate by reaching out to the nearest branch of this financial institution.

Shriram Urban Co-Operative Bank Personal Loan Interest Rates and Charges

The processing fee for the Shriram Urban Co-operative Bank personal loan interest rates are as follows: 

Shriram Urban Co-operative Bank Personal Loan 
Interest Rate  12% -18% per annum 
Processing Fee 1% of the loan amount 
Shareholding  2.5% of the loan amount 
Security  Up to Rs 50,000: One Guarantor Above Rs 50,000: Only two Guarantors 
Shriram Urban Co-operative Bank Personal Loan 
Interest Rate  12% per annum 
Processing Fee 1% of the loan amount 
Shareholding  5% of the loan amount 
Security  Salary Deduction letter from the employer

Factors Affecting Shriram Urban Co-Operative Bank Personal Loan Interest Rates

The Shriram Urban Cooperative evaluate the following factors to compute the Interest rate on the personal loan. 

  • The lending institution evaluates the security pledged against the loan. If the security value is 90% of the loan amount, they can obtain interest rates as low as 12% per annum.
  • The Bank will also evaluate the applicant's credit history before approving the amount disbursal.
  • The bank will also determine the interest rate by examining the financial income of the applicant.

How to Calculate Shriram Urban Co-Operative bank Personal Loan Interest/EMI

The Shriram Urban Co-operative bank employs the following formulae in computing the interest on the Personal Loan. 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, 

And 

‘N’ stands for the tenure.

How to Get Low-Interest Rates on Shriram Urban Co-Operative Bank Personal Loan?

The Sriran Bank Personal Loan interest rate can be reduced if the applicant pledges a security whose value is that of the loan amount. An applicant with a satisfactory CIBIL score can also avail of lucrative interest rates from the lending institution.

Keynotes Shriram Urban Co-Operative Bank Personal Loan Interest Rates

The Shriram Urban Co-operative Bank Personal Loan provide the following benefits to the borrowers:

  • The salaried individual with a minimum of two years of experience can avail of a personal loan for salary deduction. 
  • One can also avail of lucrative interest rates on the Shriram Urban Co-operative Bank personal Loan by pledging collateral against the loan.

Personal Loan by Other Banks

Frequently Asked Questions (FAQs)

What is the current interest rate of shriram urban co-operative bank personal loan?

The current interest rate on personal loans can range from 12% to 18% based on the security pledged.

How can I reduce my interest in Shriram Urban Co-Operative bank personal loan?

The applicant can reduce the interest by pledging collateral, which is 90% of the loan amount. 

Is shriram urban co-operative bank personal loan a floating-rate loan or a fixed-rate loan?

The bank offers fixed-rate loans to the applicant to cater to their financial needs.

Do shriram urban co-operative bank demand collateral or security for personal loans?

Yes, the lending institution demands security against the loan. It is also factored in determining the interest rate on loans.

What is the EMI for a 1 lakh personal loan?

The EMI would depend on the interest offered, which the security value would determine as opposed to the loan amount.

What is the EMI for 10 lahks personal loan?

The EMI would depend on the interest provided, which the security value would determine as opposed to the loan amount.

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