We demonstrate near shot-noise limited hyperspectral stimulated Raman scattering (SRS) spectroscopy using oscillator-only excitation conditions. Using a fast CMOS camera synchronized to an acousto-optic modulator and subtracting subsequent frames acquired at up to 1 MHz frame rates, we demonstrate demodulation and recovery of the SRS spectrum. Surprisingly, we observe that the signal-to-noise of SRS spectra is invariant at modulation frequencies down to 2.5 kHz. Our approach allows for a direct comparison of SRS with coherent anti-Stokes Raman scattering (CARS) spectroscopy under identical experimental conditions. Our findings suggest that hyperspectral SRS imaging with shot-noise limited performance at biologically compatible excitation energies is feasible after minor modifications to fast frame-rate CMOS array technology.