Hero FinCorp offers personal loans that can be availed quickly and easily through their online platform or app. With minimal documentation and the potential for instant approval, borrowers can access funds for various purposes. The loan amount ranges from ₹50,000 to ₹5,00,000 with flexible repayment tenures. Interest rates are competitive, and eligibility criteria include Indian citizenship, age between 21 and 58, and a minimum monthly income of ₹15,000.
The interest rates of Hero FinCorp Personal Loan start from 1.75% per month or 21% per annum. Hero FinCorp also offers personal loan for women, personal loan for doctor, personal loan for defense personnel, travel loans, marriage loans, personal loan for self-employed, instant cash loans, and much more.
Highlights of Hero FinCorp Personal Loan
The table below shows an overview of Hero FinCorp Personal Loan:
| Max Loan Amount | Up to 5 Lakh |
| Max Loan Tenure | Up to 36 Months |
| Interest Rate | Starting from 1.75% per month or 21% per annum |
| Processing Fees | 2.5% - 3.5% |
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Hero FinCorp Personal Loan Interest Rates & Charges
The table below shows the overview of the interest rate and charges of Hero FinCorp Personal Loan:
| Interest Rates | Starting from 1.75% per month or 21% per annum (Reducing balance interest Rate) |
| Processing Fee | 2.5% - 3.5% plus taxes (Reducing balance interest Rate) |
| Foreclosure Charges | 5% plus GST (Reducing balance interest Rate) |
Hero FinCorp Personal Loan Eligibility Criteria
Specific eligibility requirements must be met to apply for a Personal Loan online. Hero FinCorp offers the simplest eligibility criteria for a Personal Loan. Applicants must be of a certain age, have a steady income, and fulfill the credit score criteria.
Here is the eligibility criteria for Hero FinCorp Personal Loan
- The applicant must be between 21 and 58 years old.
- The applicant must be an Indian resident.
- For self-employed individuals, a minimum of 2 years of work experience is required.
- Salaried individuals need at least 6 months of work experience.
- The minimum monthly salary should be Rs. 15,000 or more.
Documents Required for Hero FinCorp Personal Loan
The documentation requirements differ for salaried individuals and those who are self-employed. Here is a list of documents required:
Salaried Individuals:
- Proof of Identity: Driver's License, Passport, PAN Card, Aadhaar card
- Mandatory Documents: Completed Loan Application Form, Colored Passport Size Photograph
- Proof of Income: Six Months' Salary Slip & Bank Account Statement, Form 16
- Proof of Job Continuity: Employment Confirmation Letter From Current Employer
- Proof of Residence: Driver's License, Passport, Aadhaar Card, Utility Bill
Self-Employed Individual
- Proof of Identity: Driver's Licence, Passport, PAN Card, Aadhaar card
- Mandatory Documents: Filled Loan Application Form, Passport Size Coloured Photograph
- Proof of Income: Last Six Months Bank Statement, ITR for the Last Two Consecutive Years
- Proof of Job Continuity: Maintenance Bill, Utility Bill, Property Documents, Rent Agreement
- Proof of Residence: Copy of Tax Registration, Shop Establishment Proof, Company’s Registration Certificate
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Hero FinCorp Personal Loan EMI Calculator
Hero FinCorp offers a convenient online personal loan EMI calculator to quickly estimate your monthly installments based on the loan amount, interest rate, and repayment tenure.
| Monthly EMI | ₹86 |
| Principal Amount | ₹1,000 |
| Total Interest | ₹32 |
| Total Amount | ₹1,032.00 |
To use the calculator, you typically need to input:
- Loan amount: The desired loan amount you require.
- Interest rate: The interest rate applicable to your loan.
- Loan tenure: The repayment period in months.
Compare Hero FinCorp Personal Loans Vs Other Lenders
When seeking a personal loan, comparing interest rates from different lenders is essential. Here is a comparative table showing the interest rates of various lenders.
| Lenders | Interest Rate (p.a.) |
|---|---|
| State Bank of India | 11% onwards |
| Axis Bank | 10.49% onwards |
| Bank of Baroda | 10.90% onwards |
| Kotak Bank | 10.99% onwards |
| IDFC Bank | Starts at 10.49% |
| ICICI Bank | 10.50% onwards |
| Indian Bank | 10.49% onwards |
| Induslnd Bank | 10.49% onwards |
| Bajaj Finserv | 11.00% onwards |
| Federal Bank | 11.49% onwards |
| Standard Chartered Bank | 11.49% onwards |
| IDBI Bank | 11% onwards |
| Indian Overseas Bank | 12.50% onwards |
| Central Bank of India | 10.95% onwards |
| Ambit Finvest | As per the business requirements |
| Loanbaba | 10.99% onwards |
| Pocketly | 12% onwards |
| Fullerton | 11.99% onwards |
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Note: The interest rates mentioned are subject to change. Do visit the website for more information.Don't know your credit score? You can find out for free!
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Hero FinCorp offers a range of personal loan options to cater to your diverse financial needs. These include:
General Personal Loans
- Wedding Loan: A personal loan specifically designed to cover expenses related to weddings.
- Home Renovation Loan: A loan to finance home improvement or renovation projects.
- Education Loan: A loan to cover educational expenses, such as tuition fees, books, or hostel fees.
- Festival Loan: A loan to meet expenses during festive seasons.
- Medical Emergency Loan: A loan to handle unexpected medical expenses.
- Consumer Durable Loan: A loan to purchase electronic gadgets or appliances.
Specific Loan Types
- Personal Loan for Defence Personnel: A loan tailored to the needs of individuals serving in the armed forces.
- Personal Loan for Teachers: A loan specifically designed for teachers with specific terms and conditions.
These loan types are primarily unsecured, meaning they don't require collateral. They offer flexibility in terms of usage and repayment.
Features & Benefits of Hero FinCorp Personal Loan
Hero FinCorp offers personal loans that are easily accessible. Here are some of the features and benefits.
- Borrow Up to 5 Lakh: You can access a loan amount of up to 3 lakhs, providing you with significant financial assistance.
- Fast Approval: You can enjoy a quick approval process, ensuring you receive the funds you need without any delays.
- Customized Repayment Plans: You can tailor your repayment schedule to fit your budget and financial situation, making it convenient for you.
- Competitive Interest Rates: You can take advantage of competitive interest rates, ensuring affordable borrowing and saving money in the long run.
- Paperless Application Process: You can apply for a personal loan online, eliminating the need for extensive paperwork and saving you time.
- Quick Disbursal: You can have the loan amount transferred directly into your bank account, allowing you to promptly address your financial needs.
Are you looking for an emergency loan?
Steps to Apply for Hero FinCorp Personal Loans
Applying for a Personal Loan online has become more convenient than ever. Through a fast and secure online application process, you can easily and conveniently access instant funds.
Apply for Hero FinCorp Personal Loans Online
- Step 1. Click the 'Apply Now' button on the home page of the Hero FinCorp website.
- Step 2. Input your mobile number and confirm the OTP sent to the provided mobile number.
- Step 3. Select the desired loan amount.
- Step 4. Validate your KYC details to confirm income eligibility.
- Step 5. Click ‘Submit’ to finalize your application.
Apply for Personal Loans on Hero Fincorp App
You can easily apply for a Personal Loan online using the app, which enables you to quickly and conveniently access the funds. Here are the steps to follow:
- Step 1: Download the application from the Play Store
- Step 2: Select a loan amount (up to INR 3 Lac) and your preferred EMI
- Step 3: Provide your basic information including Name, Income, Purpose of the loan, and PAN Card number
- Step 4: Finish your KYC process
- Step 5: Enter your Bank Account details
- Step 6: Receive instant approval for the loan
- Step 7: Digitally sign the eMandate and Loan Agreement
- Step 8: The loan amount will be credited to your account
Apply for a Personal Loan with Buddy Loan
Follow the below-mentioned steps to apply for a Personal Loan for teachers:
Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
Step 2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
Step 5: Enter your work details (Including company name, years of service and Designation)
Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
Want to know more? You can check more on different loan types available by various lenders from the table below:
Apply For a Personal Loan with the Best Interest Rates
Frequently Asked Questions
You must be an Indian citizen aged 21-58, with a minimum monthly income of Rs. 15,000. Salaried individuals need 6 months' experience, while self-employed need 2 years in business.
You can apply online through their website or mobile app.
Required documents vary based on employment type. Generally, ID proof, address proof, income proof, and bank statements are needed.
The maximum loan amount varies based on individual eligibility. It's best to check their website or contact them directly.
Interest rates vary based on factors like loan amount, tenure, and your credit score.
Approval time depends on several factors, including document verification and credit checks. It can range from a few hours to a few days.
Repayment is typically through Equated Monthly Installments (EMIs).
You can check the status through your online account or by contacting their customer support.
Yes, there are usually processing fees. The exact amount can vary.
A good credit score above 750 increases your chances of loan approval and better interest rates.
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