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What is Hero Fincorp Personal Loan?
Hero Fincorp Personal Loan is an unsecured loan (collateral-free) that helps individuals meet personal expenses. It offers quick disbursal, flexible repayment plans, and competitive interest rates.
Hero Fincorp Personal Loan Interest Rates
| Interest Rate | 19% - 30% per annum (Reducing Balance) |
| Processing Fee | 2.5% - 3.5% + taxes |
| Foreclosure Charges | 5% + GST |
| Loan Tenure | 12 - 36 months |
| Loan Amount | Upto Rs. 5 lakhs |
Example Calculation:
If you take a loan of ₹1,00,000 at 19% p.a. for 12 months, the payable interest will be ₹10,588.
Total Payable Amount = ₹1,00,000 (Loan) + ₹10,588 (Interest) + Processing Fees + GST.
Hero Fincorp Personal Loan Features and Benefits
1. Loan Amount
- Get a personal loan of Upto Rs. 5 lakh.
- Suitable for various financial needs such as medical expenses, education, home renovation, or travel.
2. Quick Approval and Disbursal
- Instant approval process.
- Funds credited directly to your bank account in minimal time.
3. Flexible Repayment Options
- Loan tenure ranging from 12 to 36 months.
- Choose an EMI plan that fits your budget.
4. Competitive Interest Rates
- Interest rates starting at 19% per annum.
- Maximum interest rate up to 30% per annum.
5. Paperless Digital Application
- Online application process with minimal documentation.
- No need to visit a branch.
6. No Collateral Required
- Personal loans are unsecured, meaning you don’t have to provide any security.
7. Low Processing Fees
- Processing fee ranges from 2.5% to 3.5% of the loan amount.
Hero Fincorp Personal Loan Eligibility Criteria
To apply for a Hero Fincorp Personal Loan, you must meet the following eligibility requirements:
1. Age
- Minimum age: 21 years
- Maximum age: 58 years
2. Citizenship
- Must be an Indian resident.
3. Employment Type
- Salaried employees: Minimum 6 months of work experience.
- Self-employed individuals: Minimum 2 years of business continuity.
4. Minimum Monthly Salary
- Salaried individuals must earn at least Rs. 15,000 per month.
Factors Affecting Eligibility
- Credit Score: A higher credit score (700+) increases loan approval chances.
- Employment Stability: A steady income assures lenders of repayment ability.
- Existing Loans: Fewer ongoing EMIs improve eligibility.
- Banking History: A clean financial record helps in faster loan approval.
Documents Required for Hero Fincorp Personal Loan
For Salaried Employees
- Identity Proof: Aadhaar Card, PAN Card, Passport, or Driver’s Licence.
- Address Proof: Utility bills, Aadhaar Card, Passport, Rent Agreement.
- Income Proof: Last 6 months' salary slips, bank statements, Form 16.
- Job Continuity Proof: Appointment letter from the current employer.
- Passport-size Photographs
For Self-Employed Individuals
- Identity Proof: Aadhaar Card, PAN Card, Passport, or Driver’s Licence.
- Address Proof: Utility bills, property documents, Rent Agreement.
- Income Proof: Last 6 months’ bank statements, ITR for the last 2 years.
- Business Proof: Tax registration certificate, shop establishment proof.
- Passport-size Photographs
How to Apply for a Hero Fincorp Personal Loan
Online Application
- Click on the Apply Now button on the Hero Finance website.
- Enter your mobile number and verify the OTP.
- Select the required loan amount.
- Verify KYC details and income eligibility.
- Submit the application form.
- Receive instant approval.
- Loan amount is credited to your bank account.
Offline Application
- Visit the nearest Hero Finance branch.
- Speak with a loan representative.
- Submit the required documents.
- Receive instant approval within minutes.
How to Repay Hero Fincorp Personal Loan?
Hero Fincorp offers multiple repayment options.
Auto-Debit/EMI
- Link your bank account for automatic monthly EMI deduction.
- Best for salaried employees – ensures timely payment & avoids late fees.
Online Payment
- Use net banking, UPI, debit card, or mobile wallets to pay EMIs.
Offline Payment
- Pay via cash or cheque at Hero Finance branches.
Tip: Opt for auto-debit to avoid late fees & maintain a good credit score.
Fees and Charges for Hero Fincorp Personal Loan
Charges | Amount |
|---|---|
Processing Fee | 2.5% - 3.5% + taxes |
Foreclosure Charges | 5% + GST |
Late Payment Fee | Subject to loan agreement |
Uses of Hero Finance Personal Loan
You can use the Hero Finance Personal Loan for multiple purposes, including:
- Medical emergencies
- Wedding expenses
- Higher education
- Home renovation
- Travel and vacations
- Business expansion
- Debt consolidation
Why Choose Hero Fincorp for a Personal Loan?
Fast approval and instant disbursal.
- Minimal paperwork and hassle-free process.
- Competitive interest rates.
- Flexible repayment options.
- Trusted brand with over 9 million users.
Disclaimer: All the features, interest rates, steps, and other information specified above are sourced when this page was written and are subject to change. For exact information, refer to the Hero FinCorp’s website or contact them.
FAQs on Hero Fincorp Personal Loan
1. What is the maximum loan amount I can get from Hero Finance?
You can get a personal loan of upto ₹5 lakh, depending on your eligibility and credit profile.
2. How long does it take for Hero Finance to approve and disburse the loan?
Loan approval is instant, and disbursement usually happens within 24 hours after verification.
3. What is the minimum salary required to apply for a Hero Finance Personal Loan?
You must have a minimum monthly salary of ₹15,000 to be eligible for the loan.
4. Can I foreclose my Hero Fincorp Personal Loan early?
Yes, you can prepay the loan, but a 5% foreclosure charge plus GST will apply.
5. Does Hero Finance check credit score for loan approval?
Yes, a Credit score of 700 or above improves your chances of approval and helps you get lower interest rates.
6. What happens if I miss an EMI payment?
Missing an EMI may result in late payment charges and negatively impact your credit score.
7. How can I apply for a Hero Fincorp Personal Loan?
You can apply online through the Hero Fincorp website or app, or visit the nearest branch for an offline application.
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