Shriram Finance is a leading non-banking financial company in India that provides a range of financial products and services, including car loans. Shriram Finance Car Loan offers affordable and flexible financing options to customers who want to purchase a new or used car. With a hassle-free application process, competitive interest rates, and easy repayment options, Shriram Finance Car Loan is a popular choice among customers looking for car financing.
Shriram Finance Car Loan offers several features and benefits, including:
Competitive interest rates
Flexible repayment tenures of up to 60 months
High loan-to-value ratio, which means you can get up to 90% of the car's value as a loan
Hassle-free documentation process
No prepayment charges
Quick disbursal of the loan amount
You can apply for the loan online or visit a nearby Shriram Finance branch to avail of the loan. Additionally, the loan is available for a wide range of new and used car models, making it convenient for you to choose the car of your choice.
With flexible repayment options, you can choose a repayment tenure that suits your financial needs. Shriram Finance also offers various repayment methods, such as Electronic Clearance Service (ECS), post-dated cheques, and auto-debit, making it easier for you to make timely payments. Furthermore, the high loan-to-value ratio offered by Shriram Finance means that you can get a substantial loan against the car's value, which can help you purchase the car of your dreams without any financial burden.
The interest rate for a Shriram Finance Car Loan is influenced by various factors, such as:
Market fluctuations and economic conditions
Loan amount and tenure
Age of the car
Credit score of the applicant
To apply for a Shriram Finance Car Loan, follow these simple steps:
Visit the Shriram Finance website or a branch near you.
Fill in the application form and provide the required documents.
Get your car evaluated by a Shriram Finance representative.
Once your application is approved, the loan amount will be disbursed to your account.
To be eligible for a Shriram Finance Car Loan, you must meet the following criteria:
You must be a resident of India.
You must be between 21 and 65 years of age.
You must have a minimum annual income of Rs. 1.5 lakh.
You must have a stable job or business.
The following documents are required to apply for a Shriram Finance Car Loan:
Identity proof (Aadhaar card, PAN card, etc.)
Address proof (utility bills, rental agreement, etc.)
Income proof (salary slips, bank statements, etc.)
Proof of car ownership (RC book, insurance papers, etc.)
Allows you to purchase a car without having to pay the entire amount upfront
Offers flexible repayment options
Helps build your credit score
Can be a tax-efficient way of financing a car
This can result in a higher total cost of ownership due to interest charges
Late or missed payments can negatively impact your credit score
The car serves as collateral, which means it can be repossessed if you default on the loan
The applicant should be at least 21 years old and not more than 58 years old at the time of loan maturity.
Shriram Finance offers car loans up to 100% of the ex-showroom price of the vehicle.
The tenure of Shriram Finance car loans ranges from 12 months to 60 months.
The interest rates for Shriram Finance car loans start from 9.50% p.a. and can vary depending on various factors.
No, you don't need to provide any collateral to get a Shriram Finance car loan. The car itself is hypothecated to Shriram Finance as security for the loan.
You can prepay your Shriram Finance car loan any time after paying at least 6 EMIs.
Yes, you can track the status of your Shriram Finance car loan application status online through the bank's website or mobile app.
While a good credit score is preferable, Shriram Finance considers other factors, such as income, employment stability, and credit history, to evaluate loan applications.
The processing fee for Shriram Finance car loans is up to 3% of the loan amount.
You can apply for a Shriram Finance car loan online through the bank's website or mobile app.