Hero FinCorp Business Loan 2024: Features and Benefits

Hero Fincorp business loans are easily available with competitive interest rates on application. Unsecured business loans ranging from Rs 5 lakh to Rs 25 lakh are sanctioned, with tenures as low as 36 months. The NBFC seeks to partner with a company to meet future growth requirements, for which the loans are fast and easy to disburse, require less paperwork, and are sanctioned within 48 hours. 

B2B service providers, traders, manufacturers, wholesalers, distributors, and retailers can apply for these unsecured loans and get them with multiple repayment options such as NACH, PDC, cash, and ECS, apart from an easy online application process for Hero Fincorp business loans. The financial institution offers services for Line of Credit (LOC) and term loans. Also, check IDFC FIRST Bank Personal Loan.

Hero Fincorp Business Loan Features and Benefits

Customers get several other benefits apart from the Hero Fincorp business loan online application process. These include the following:

• Unsecured loans with quick and minimal documentation.
• Instant approval within 48 hours.
• Flexible terms up to three years.
• Attractive and low interest rates.
• Loan approvals are quick.
• Pre-approved business loans.
• Loan limits range from Rs 5 to Rs 25 lakh.
• Flexible repayment tenure of up to 36 months.

Hero FinCorp Business Loan Overview

Hero FinCorp business loans are easily available at affordable interest rates after approval. Unsecured business loans allow for a loan amount of up to Rs 25 lakh and a tenure of up to 36 months. The NBFC seeks to partner with companies to meet future growth requirements with loans that are fast and easy to access, require less paperwork, and are approved within 48 hours.

B2B service providers, traders, manufacturers, wholesalers, distributors, and retailers can apply and avail of these unsecured loans with multiple repayment options such as NACH, PDC, cash, and ECS, apart from an easy online application process for Hero FinCorp business loans. The financial institution offers services for Line of Credit (LOC) and term loans.

Hero FinCorp Business Loan Eligibility and Factors Affecting Eligibility 

The eligibility requirements for Hero FinCorp business loan include the following: 

• SMEs must have a minimum of five years of work experience. 
• They must have both a stellar credit history and financial performance. 
• Candidates must be Indian citizens aged between 21 and 65 years. 
• Professionals and non-professionals who work for themselves can apply, as can private limited businesses, partnerships, trusts, and LLPs. 
• Consistent revenue flow is a must. 

Apart from these prerequisites of Hero FinCorp business loan, you should know that other factors such as the applicant’s age, monthly income, capacity to repay the loan, tenure, and the company’s financial position can also affect their eligibility. You may also check Bank of India (boi).

Hero FinCorp Business Loan Fees & Charges:

Interest Rates for Hero FinCorp Business Loans

Hero FinCorp offers affordable interest rates for customers with a maximum interest rate of 26%. There are two options for rates: fixed and dynamic. The interest rate is affected by the loan amount and tenure; the longer the tenure, the higher the overall rate.

Factors affecting Hero FinCorp business loan interest rates

Many factors influence the total interest rates, such as the credit history of the applicant, loan amount, and monthly income, ability to repay the loan, loan length, and current customer relationship with the lender or financial institution.

Documents Required for Hero FinCorp Business Loans:

Documents necessary include the following: 

• KYC paperwork includes PAN cards, address proof, and identification proof. 
• The company’s records include certified financial accounts and documents for the company, GST reports, bank statements for the last six months, and a list of owners and executives. 
• Business continuity proof (GST/tax registration). 
• Proof of income as well as signature.

How to calculate EMI for Hero FinCorp Business Loan

The EMI is calculated based on the loan amount, interest rate, and tenure. Enter these three fields in the online calculator to calculate the monthly EMI amount. The interest rate can be calculated using either the flat rate technique (Interest = Principal x Interest Rate x Repayment Term / 100) or the decreasing rate method (Loan EMI = P x r x (1+r) n / (1+r) n-1).

Here, R represents the interest rate, P represents the loan amount, and N represents the loan tenure. Must read Axis Bank Business Loan.

How Hero FinCorp compare with other lenders?

Hero FinCorp Business Loan Support