There are some mistakes in your code.
The first one, is very common when we start learning C
1 / fact must be replaced by 1.0f / fact
Why? Because in C, 1 / 2 is performed using integer arithmetic and returns 0. If you want to perform computation using floating numbers you must force at least one argument being a floating number, this can be done by 1.0/2, 1/2.0 or 1.0/2.0. The previous expressions will be evaluated using double floating number type (which is the C default type for floating number). If you want to use simple precision floating numbers, float, you can use 1.0f
the second one is certainly an inadvertent error:
sum += fact; must be replace by sum += term;
Here is a "working" code
#include <stdio.h>
void
main()
{
  /*Any problems with the variables ?*/
  int i, lim, fact = 1;
  float sum = 0.0, term;
  printf("Enter the limit for the sum of series: ");
  scanf("%d", &lim);
  /*Any problems in the loop ? */
  for (i = 1; i <= lim; i++)
  {
    fact *= i;
    term = 1. / fact; /* instead of 1/fact */
    sum += term;      /* instead of sum += fact */
  }
  printf("%f is the sum of the series\n", sum);
}
Enter the limit for the sum of series: 5
1.716667 is the sum of the series
There is a more subtle error. By instance, if you want lim = 50,
Enter the limit for the sum of series: 50
inf is the sum of the series
The reason is that 50! is way too big to be stored in an int.
The solution is to compute directly 1/i! using floating number (and not i! using int then 1/i!)
A modified program, that also uses double for an higher precision is :
#include <stdio.h>
void
main()
{
  /*Any problems with the variables ?*/
  int lim;
  double sum = 0.0, term = 1.0;
  printf("Enter the limit for the sum of series: ");
  scanf("%d", &lim);
  /*Any problems in the loop ? */
  for (int i = 1; i <= lim; i++)
  {
    term = term / i;
    sum += term;
  }
  printf("%f is the sum of the series\n", sum);
}
that now works, even when lim=50
Do not be discouraged by these mistakes. These are mistakes we all made when we learned C !
Expected result:
exp(1) = exp(0) + sum_{i=1}^\infty 1/i!
thus your expected result is exp(1)-exp(0) = 1.718281828459045....