Need a Business Loan? Here’s How to Apply with Shriram Finance Easily

Whether you’re planning to expand your venture, purchase equipment, or need working capital, a business loan from Shriram Finance can be a great choice. Here’s a detailed walkthrough to help you smoothly navigate the application process.

1. Assess Your Eligibility

Before starting the application, ensure you meet Shriram Finance’s AB decision criteria:

• Business vintage: Most loans are available to businesses operating for at least 2 years, though select schemes may accept 1-year operations or start-ups.

• Business type: Sole proprietorships, partnerships, LLPs, and MSMEs across various sectors—manufacturing, trading, services, transport—are eligible.

• Minimum turnover: Typically, a yearly turnover of ₹6–10 lakhs is preferred, depending on the loan segment.

• Repayment track record: A good credit history is crucial. Avoid high repayment delinquencies or ongoing defaults.

2. Choose the Right Business Loan Product

Shriram Finance offers various loan products tailored to different business needs:

• SME/Business Loan: For diverse working capital or growth needs.

• Vehicle Loan – Commercial: For purchasing commercial vehicles like goods carriers or buses.

• Tractor Loan: Designed for agriculture-based entrepreneurs buying tractors or agricultural attachments.

• Equipment Loan: Helps finance industrial machines, commercial vehicles, or micro industries machinery.

Pick a scheme that best aligns with your specific business needs.

3. Gather Required Documents

Prepare these key documents before applying (specifics may vary):

1. Identity Proof: Aadhaar, PAN card, Voter ID, or Passport.

2. Address Proof: Utility bills, Aadhaar, Passport, or lease agreements.

3. Business Proof & Address: GST certificate, Shop & Establishment License, registration documents, partnership deed (if applicable).

4. Financial Documents:

   • Copies of last 1–2 years’ income tax returns (Form ITR).

   • Bank statements for the last 6–12 months.

   • GST returns or other revenue proofs.

5. Vehicle-related documents: For vehicle loans, provide quotations or invoices.

6. Passport-sized photographs of promoters/owners.

4. Apply via Convenient Channels

A. Online Application

• Visit the Shriram Finance website.

• Select your business loan type and click Apply Now.

• Fill in business and personal information, upload scanned documents, and submit.

• You’ll receive an OTP/confirmation call from a relationship manager.

B. Branch Visit

• Visit a nearby Shriram Finance branch with your documents.

• A loan officer will help you complete the application form and check your eligibility.

C. Through Agents or Financial Service Providers

• Shriram Finance has a network of authorized agents and partners.

• They assist you with application, documentation, and pre-approved finance offers.

5. Verification, Approval & Disbursal

1. Assessment: Shriram Finance evaluates your business turnover, cash flow, credit history, and collateral (if needed).

2. Sanction: Once approved, you receive a sanction letter detailing loan amount, interest rate, tenure, processing fee, and repayment schedule.

3. Agreement Signing: Sign the loan agreement and produce any required post-sanction documents, such as NOC from the current financier or vehicle documents.

4. Disbursal: Funds are disbursed directly to your account or directly to the vendor (for vehicle/equipment loans).

Disbursal can take anywhere from 3 working days up to 2 weeks, depending on the loan type and documentation speed.

6. Key Benefits and Tips

• Quick processing via digital channels and branch support.

• Flexible tenures: Up to 60 months (5 years), based on the loan type.

• Competitive interest rates: Vary according to your credit profile and loan size.

• Prepayment options: Some products allow pre-payment with minimal or no penalty.

• Maintaining credit discipline: Timely EMI payments help build and maintain your credit rating.

7. Final Thoughts

A business loan from Shriram Finance can provide the financial boost your venture needs. To ensure a successful application:

• Verify your eligibility and choose the right loan scheme.

• Keep all documents up to date, accurate, and well‑organized.

• Apply through the channel most convenient for you—online, branch, or agent.

• Be transparent during evaluation and repay on time.

With these simple steps, you’ll be well on your way to securing the right business financing, unlocking growth opportunities for your enterprises.