Considering a used car loan from Shriram Finance? Use our advanced Shriram Finance used car loan EMI calculator below to accurately forecast your monthly payments and understand the total cost of your loan. This will empower you to choose a vehicle that truly fits your financial plan.
As one of India’s largest and most trusted Non-Banking Financial Companies (NBFCs), Shriram Finance specializes in providing quick, accessible vehicle financing. Their loan schemes often with more flexible eligibility criteria than traditional banks. With interest rates projected to start from 12.00% p.a. in late 2025, they cater to a wide spectrum of borrowers.
Shriram Finance Pre-owned Car Loan: Key Facts (October 2025)
| Attribute | Value | Notes | Source | Last Checked |
| Interest Rate Range | 12.00% – 24.00% p.a. | Fixed Rate. The final rate depends heavily on credit profile and vehicle condition. | Shriram Finance Site | October 12, 2025 |
| Max Loan Tenure | 5 Years (60 Months) | Tenure may vary based on the age of the vehicle at the time of purchase. | Shriram Finance Site | October 12, 2025 |
| Processing Fee | Up to 2% of the loan amount | A one-time, non-refundable fee deducted at the time of loan disbursal. | Shriram Finance T&C | October 12, 2025 |
| Max LTV | Up to 90% of vehicle’s value | Higher LTV may be available for customers with a strong existing relationship. | Shriram Finance Site | October 12, 2025 |
| Prepayment Policy | 4-5% on outstanding principal | Charges apply for foreclosure. Conditions may vary based on the loan agreement. | Shriram Finance FAQs | October 12, 2025 |
| Vehicle Age Limit | Up to 12 years at loan maturity | More flexible than most banks, allowing financing for older vehicle models. | MyLoanCare Shriram Page | October 12, 2025 |
| Loan Amount Range | Starts from ₹50,000 | Maximum amount is subject to your income and the car’s valuation. | Shriram Finance Site | October 12, 2025 |
| Eligibility Basics | Age: 18-70 yrs. Flexible on CIBIL. | Known for catering to self-employed & new-to-credit profiles. | Shriram Finance Eligibility | October 12, 2025 |
Check Your Eligibility with Shriram Finance
Quick pre‑check. No hard credit pull. Policy terms apply.
How Does Shriram Finance’s Used Car Loan Work?
Shriram Finance has built its reputation on a simplified and rapid loan process. Their approach as an NBFC often means faster approvals and more inclusive criteria compared to traditional banks.
Interest Rates
Shriram Finance provides a fixed interest rate, ensuring your EMI remains unchanged for the entire loan duration. The rate offered is highly personalized, falling within a range of 12.00% to 24.00% p.a. This wide range allows them to finance applicants with diverse credit profiles, from excellent to those new to credit. Your final rate is determined by your credit history, income, and the car’s age and condition.
Eligibility Criteria
A key advantage is their flexible eligibility. The minimum age for applicants is 18 years. Shriram Finance is well-known for its accommodating stance on CIBIL scores and is a preferred choice for self-employed individuals and those with informal income sources. The focus is more on repayment capacity than rigid credit score cut-offs.
Loan Amount & Tenure
Loan amounts start from as low as ₹50,000. The maximum amount is determined by the vehicle’s valuation and your demonstrated ability to repay. Shriram Finance will fund up to 90% of the car’s value. The maximum repayment tenure for a used car loan is 5 years (60 months). Adjust the tenure slider in the calculator above to find an EMI that suits your budget.
Processing Fees & Other Charges
Shriram Finance charges a one-time processing fee of up to 2% of the loan amount. This fee covers the administrative costs of processing your loan application. If you choose to foreclose the loan, prepayment charges between 4% to 5% of the outstanding principal will apply. It is important to review your loan agreement for the exact terms.
Application-to-Disbursal Flow
Speed is a cornerstone of their service. The process involves minimal paperwork, focusing on essential KYC and income proofs. After submission, the vehicle is evaluated. With a robust network and digital processes, Shriram Finance aims for a disbursal turnaround time that can be as quick as 24 to 48 hours, getting you on the road faster.
The information you need to use this calculator is the loan amount, the annual interest rate, and the loan tenure in months or years; optionally add a monthly prepayment to estimate interest saved and earlier closure under standard amortization logic.
NBFCs like Shriram often offer faster processing, more flexible eligibility criteria, and finance older vehicles. Banks might offer slightly lower interest rates but typically have stricter credit score and documentation requirements.
Changing the loan tenure (length) affects your EMI and total interest by making shorter tenures raise EMI but cut lifetime interest, while longer tenures lower EMI but increase total interest. Use the tenure slider to view immediate, scenario‑based results precisely.
The used‑car loan interest rate range is not published on cited pages today. Use a modeling band like 10%–16% APR in the calculator, then rely on your sanction letter for the final APR and repayment schedule before committing terms.
Part‑prepayment and foreclosure are contract‑specific. From 1 Jan 2026, floating‑rate individual loans should have no prepayment charges by regulation; confirm fixed vs floating in your sanction, then model savings using the prepayment input field confidently.
The loan‑to‑value you can expect is typically profile‑ and valuation‑driven. Many market cases align near 80%–85% of valuation. Final LTV depends on inspection, vehicle condition, and scheme rules disclosed in your sanction and valuation report.
Yes, most likely. Shriram Finance’s policy allows financing vehicles up to 12 years old at loan maturity. This makes it a great option for those looking to buy well-maintained older models that banks may not finance.
The vehicle age limits that usually apply ensure the loan ends before the car reaches around ten years of age. Specific model‑year policies can vary; confirm the permissible age and residual life during valuation and underwriting checks diligently.
The documents you need typically include KYC, income proof, recent bank statements, vehicle RC, insurance, and seller/valuation papers. The final checklist may differ by profile and scheme; request the latest list before submission proactively.
The disbursal turnaround time commonly ranges 24–72 hours post‑sanction and documentation in market practice. Timing varies by branch workflow, inspections, and compliance steps; keep all documents ready and respond promptly to verification requests to avoid delays efficiently.
Changing the EMI due date after disbursal is a policy‑driven service. Submit a formal request with updated mandate details if permitted. Charges or limits may apply; confirm with your servicing branch before making adjustments to avoid administrative friction.
Processing fees are usually non‑refundable because they cover evaluation and admin work. Any exception depends on policy and stage. Review the fee disclosure in the application and sanction, and clarify refundability with the branch before payment carefully.
To compare tenures and APRs, move the tenure and rate sliders to model EMI and total interest. Shorten tenure if affordable. Keep buffer for expenses. Download the amortization PDF to evaluate repayment trajectory against monthly cash flows clearly.
To independently validate, cross‑check results on a trusted used car loan EMI calculator and compare ranges. Use identical loan amount, tenure, and APR, then rely on the offer letter for final sanctioned terms and disclosures confidently.
Yes, Shriram Finance offers a fixed interest rate on its used car loans. This means your EMI will remain constant throughout the repayment period, making it easier to manage your monthly budget.
No, it is not mandatory. Shriram Finance is known for its flexible credit policy and often considers applicants with lower CIBIL scores or those who are new to credit, focusing instead on their current repayment ability.
If you miss an EMI, lenders may levy late fees and report delinquency to bureaus, potentially lowering your score. Contact support quickly, arrange payment, and request guidance on regularizing the account to minimize downstream credit consequences prudently.