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Get a Shriram Finance personal loan with low CIBIL score, up to ₹2 lakh, 12‑month lock‑in, 36% annual interest and zero documentation fee.

📅 Updated 02 Jun 2024

📂 Category Sarkari Yojana

🔥 Status LATEST UPDATE

Shriram Finance Personal Loan for Low CIBIL Scores – 2024 Details

About the Loan

Shriram Finance offers a fully digital personal loan designed for borrowers whose CIBIL score is below 300. The product complies with RBI Section 45 and provides quick funding without any documentation charges.

Key Features & Benefits

Online application – complete the process from home.
No document verification fee or documentation charges.
Loan amount: ₹1,00,000 to ₹2,00,000.
Lock‑in period: 12 months.
Disbursement within 72 hours of approval.
Annual interest rate up to 36% (EMI based repayment).

Eligibility Criteria

Minimum CIBIL Score	Below 300 (special scheme) – priority given to scores ≥300.
Age	21 to 60 years.
Residency	Indian citizen (resident).

Required Documents

PAN Card
Aadhaar Card
Address Proof
Bank Statement
Passport‑size Photograph
Mobile Number (registered)

Fees & Charges

Processing Fee	Up to 3% of the loan amount.
Interest Rate	Starts at 12% per annum (maximum 36% annual).
Other Charges	Swift Charge – ₹500; Cheque Bounce Charge – ₹500; Collection Charge – ₹200; Post Charge – ₹50.
Documentation Fee	None.

How to Apply

Online: Visit the official Shriram Finance website, fill the digital application form, upload the required documents, and submit.
Offline: Visit the nearest Shriram Finance branch, submit the documents, and complete the verification process.
After verification, the loan is approved and the amount is transferred directly to the applicant’s bank account.

Why Choose Shriram Finance?

Quick approval and disbursal (within 72 hours).
No upfront documentation fees.
Flexibility for low CIBIL score borrowers.
Transparent fee structure.

Official Links

For the latest information and application portal, refer to the official Shriram Finance website.

Frequently Asked Questions

Can I get a loan with a CIBIL score below 300? Yes, Shriram Finance offers a special scheme for scores below 300.
What is the minimum loan amount? The minimum disbursable amount is ₹1,00,000.
How long does the approval process take? Approval and fund transfer can be completed within 72 hours.
Are there any hidden charges? All charges are disclosed: processing fee (up to 3%), interest, and specific service fees listed above.
What is the lock‑in period? The loan comes with a 12‑month lock‑in period.
Is there a requirement for a co‑applicant? No co‑applicant is required; eligibility is based on individual criteria.
Can I repay the loan via EMI? Yes, repayment is structured as monthly EMIs.
Do I need to visit a branch for verification? Verification can be completed online; a branch visit is optional.
What age groups are eligible? Applicants must be between 21 and 60 years old.
Is the loan available to NRIs? No, only Indian residents are eligible.

Conclusion

Shriram Finance’s personal loan for low CIBIL scores provides a viable financing option for borrowers who struggle to obtain credit through traditional channels. With a fully digital process, zero documentation fees, and a transparent fee structure, eligible candidates can secure funds quickly and repay them comfortably via EMIs. Ensure you meet the age and residency criteria, prepare the required documents, and apply through the official website or nearest branch to benefit from this offering.

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