Hello friends, I have availed loan of RS 44000 from Shriram finance for a bike which is Bajaj CT 100 .my review are.
As I loaned for RS 44000 by down payment of RS 9250 but after calculating it I found that their interest rate is higher as compared to other finance company.
My monthly installment is RS 2290 for 18 months which costs me RS 41290.hence I will pay approximately RS 10000 extra which is very high.however it doesn’t matter if it will be in the range of RS 5000-6000.
Loan sanction process is very complicated.they demand for various documents like aadhar card, voter card, electricity bill, cheque book and some extra documents.this isn’t so appropriate.
Cheque bounce charges are RS 500 but I would be better if they provide another chance to pay monthly installment without any penalty.
Sometimes cheque is not cleared so they call for cash payment but their office are located far away approximately within 100 kilometers.hence it costs extra for cash payment.
However I have no dues with Shriram finance company but if I miss any installment it will charge me a lot. I will be very happy if their interest rate would be low.but as their interest rate are higher and complicated process for loan sanction I will never recommend to anyone who wants to avail loan.