Finding an affordable and fast personal loan can be crucial in times of urgent need. Shriram Finance personal loan interest rate is one of the major attractions for salaried and self-employed individuals looking for quick credit. With flexible repayment options and competitive rates, Shriram Finance is a strong choice, especially in Tier 2 and Tier 3 cities.
In this guide, we explain all about Shriram Finance personal loans — their features, eligibility, interest rates, application process — and compare them with Airtel and other leading banks.
📌 What is a Shriram Finance Personal Loan?
Shriram Finance personal loan is an unsecured credit product offered to individuals for personal needs like medical emergencies, education, home renovation, or debt consolidation. These loans do not require any collateral and are disbursed quickly with basic documentation.
📋 Shriram Finance Personal Loan Features
| Feature | Details |
|---|---|
| Loan Amount | ₹50,000 to ₹20 lakhs |
| Interest Rate | Starts from 12.00% per annum |
| Processing Fees | Up to 2.5% of loan amount |
| Repayment Tenure | 12 to 60 months |
| Disbursal Time | Within 2–3 working days |
| Mode of Application | Online & Offline |
| Pre-closure Charges | Up to 4% after 6 EMIs |
💰 Interest Rate Comparison with Other Lenders
| Lender | Interest Rate (p.a.) | Max Loan Amount | Tenure (in months) |
|---|---|---|---|
| Shriram Finance | 12.00% – 24.00% | ₹20 lakhs | 12 – 60 |
| HDFC Bank | 10.50% – 21.00% | ₹40 lakhs | 12 – 60 |
| SBI | 11.15% – 13.80% | ₹20 lakhs | Up to 72 |
| Airtel Loan (via app) | 10.5% – 24.00% | ₹5 lakhs | 3 – 36 |
| ICICI Bank | 10.75% – 19.00% | ₹25 lakhs | 12 – 60 |
Note: Rates vary depending on credit profile, income, and city.
EMI Calculator
✅ Eligibility Criteria for Shriram Finance Personal Loan
| Criteria | Requirements |
|---|---|
| Age | 21 to 58 years |
| Employment | Salaried / Self-employed |
| Minimum Income | ₹15,000/month (varies by city) |
| Credit Score | 650+ preferred |
| Loan History | Clean repayment record improves chances |
📄 Documents Required
- PAN Card
- Aadhaar Card / Voter ID / Driving License
- Income Proof (Salary slip or bank statement)
- Passport-sized photographs
- Address proof (utility bill, rental agreement, etc.)
📲 Step-by-Step Application Process for Shriram Finance Personal Loan
Here is a simple flow to apply for a Shriram Finance personal loan:
✅ Step 1: Visit Website or Nearest Branch
Choose the “Personal Loan” section and select loan amount and tenure.
✅ Step 2: Fill the Online Form
Enter personal, employment, and income details.
✅ Step 3: Upload Documents
Submit scanned KYC and income documents online or provide at the branch.
✅ Step 4: Verification & Approval
Team verifies your credit score, documents, and repayment history.
✅ Step 5: Get Loan Offer
Eligible applicants receive the sanction letter with EMI details.
✅ Step 6: Sign Agreement & Disbursal
After e-sign or physical signature, amount is transferred to your bank account.
📊 Comparison: Shriram Finance vs Other Banks
| Feature | Shriram Finance | Airtel Loan | HDFC Bank |
|---|---|---|---|
| Loan Amount | ₹50,000 – ₹20 lakhs | ₹5,000 – ₹5 lakhs | ₹50,000 – ₹40 lakhs |
| Tenure | 12 – 60 months | 3 – 36 months | 12 – 60 months |
| Documentation | Moderate | Low (for Airtel users) | Moderate |
| Approval Time | 1–3 days | Instant to 1 hour | 1–2 days |
| Credit Score Required | 650+ | 600+ preferred | 700+ preferred |
| Customer Segment | General public | Airtel customers | Salaried & Business |
💡 Tips to Get Best Interest Rates
- Keep your credit score above 700
- Choose a shorter loan tenure to reduce interest outgo
- Avoid late EMI payments on previous loans
- Provide complete and accurate documentation
- Compare pre-approved offers using loan aggregator apps
📌 Final Thoughts
The Shriram Finance personal loan interest rate is suitable for borrowers who prefer quick processing with moderate documentation, especially in semi-urban and rural areas. While banks like HDFC or SBI may offer slightly lower rates, Shriram is more flexible with eligibility and has a faster turnaround in many regions.
Compared to Airtel loans, which are excellent for short-term or urgent needs, Shriram Finance stands out for medium to long-term financial needs with higher amounts and customizable repayment periods.