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Shriram Bank Personal Loan Interest Rates
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.
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Personal Loan offer for You
12% - 42%
Interest Rate (p.a.)Up to ₹3L
Tenure(1 - 5 Years)₹2,224 - ₹4,009
EMI Per Lakh
- Personal Loan offer for You
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)
Tata Capital Financial Services LTD PL Interest Rate
10.99% - 19%
Up to 3.00%
4.5
₹75K - ₹35L
Tenure(1 - 6 Years)
Edelweiss Financial Services PL Interest Rate
18% - 25%
4.5
₹2L - ₹20L
Tenure(0 - 4 Years)
- 50 K
- 1 Cr
- 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.
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Financial Calculators
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.