Hero FinCorp offers unsecured business loans in India to help you meet your business goals. These loans range from ₹3 lakhs to ₹40 lakhs and come with flexible repayment terms of up to 60 months. Attractive features include competitive interest rates, quick approvals within 48 hours, and minimal documentation requirements.
Hero FinCorp offers various types of business loans such as Term Loans, Working Capital Loans, Equipment loans, and Line of Credit to cover the diverse financial needs of entrepreneurs.
Highlights of Hero FinCorp Business Loans
The table below shows the overview of Hero FinCorp Business Loans:
| Feature | Description |
|---|---|
| Interest Rates | Affordable |
| Loan Amount | ₹3 lakh to ₹40 lakh |
| Repayment Term | Up to 60 months |
| Documentation | Simple and minimal |
| Approval Time | Within 48 hours (subject to eligibility and proper documentation) |
| Eligible Businesses | Wholesaler, Retailer, Manufacturer, Trader, Distributor, B2B service provider |
| Modes of Repayment | PDC, NACH, ECS and Cash |
Get Business Loan Online Up to ₹ 2 Crore
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Hero FinCorp Business Loans Interest Rates
Hero FinCorp provides the most competitive and cost-effective interest rates for business loans in India. The business loan rates can go up to a maximum of 30%, depending on factors and risks involved in lending.
Hero FinCorp Business Loans Fees & Charges
Hero FinCorp ensures that business loan fees and charges are minimal. Here are the fees and charges associated with a Hero FinCorp business loan:
| Fees and Charges | Amount |
|---|---|
| Business Loan Processing Fees | As described in Important Terms & Conditions |
| Pre-payment Charges |
|
| Repayment Swap Charges | ₹2000 + GST (per request) |
| Loan Rescheduling Charges | ₹2000 + GST (per request) |
| Bounce Charges (per transaction) | ₹700/- (per Bounce) |
| Default Interest | 2% per month on overdue amount |
| Account Statement/ Amortisation Schedule | NIL |
| Foreclosure Letter Issuance | ₹1000 + GST (per loan account) |
Eligibility Criteria For Hero FinCorp Business Loans
Here is a list of eligibility criteria to apply for Hero FinCorp Business Loans:
- Citizenship & Age:
- Must be a citizen of India.
- Minimum age of 21 years.
- Maximum age not exceeding 65 years at loan maturity.
- Occupation:
- Self-employed Professionals (Architects, Chartered Accountants, Doctors, Company Secretaries)
- Self-employed Non-Professionals (Sole Proprietors, Retailers, Traders, Manufacturers, Service Providers)
- Businesses (LLPs, Private Limited Companies, Partnership Firms, Trusts)
- Work Experience: Minimum 5 years of experience for SMEs in the existing business.
Documents Required For Hero FinCorp Business Loans
Here are the documents required for Hero FinCorp Business Loans for both salaried and self-employed.
| Category | Salaried | Self-Employed |
|---|---|---|
| Mandatory Documents | Duly filled loan application form, Passport size colored photograph | Duly filled loan application form, Passport size colored photograph |
| Age Criteria (Identity Proof) | Driver’s License/Passport, PAN Card (mandatory), Aadhaar Card | Driver’s License/Passport, PAN Card (mandatory), Aadhaar Card |
| Residence Proof | Driver’s License/Passport/Aadhaar Card/Ration Card/Utility Bill | Driver’s License/Passport/Aadhaar Card/Ration Card/Utility Bill |
| Proof of Income (Residence Ownership Proof) | Electricity Bills/Maintenance Bills/Property Documents | Maintenance Bill/Utility Bill/Property Documents/Rent Agreement |
| Minimum Income (Income Proof) | Last 3 months’ salary slips, Last 6 months’ bank account statement (salary account), Form 16 | Last 6 months bank statement, ITR for the last two consecutive years |
| KYC Documents (Job Continuity Proof) | Appointment letter from current employer, Experience certificate from previous employer | Not Applicable |
| Proof of Income (Business Existence Proof) | Not Applicable | Copy of Tax Registration/Shop Establishment Proof/Company’s Registration Certificate |
Features & Benefits of Hero FinCorp Business Loan
By providing quick access to capital with minimal hassle, Hero FinCorp can help you achieve your business goals.
- Affordable Interest Rates: Reduce your borrowing costs and free up cash flow for growth.
- Flexible Loan Amounts: Get the capital you need, from ₹3 lakh to ₹40 lakh, to fit your specific business goals.
- Tailored Repayment Terms: Choose a repayment plan of up to 60 months that aligns with your business’s financial health.
- Minimal Documentation: Save time and effort with a streamlined application process requiring minimal paperwork.
- Quick Approvals: Get a decision on your loan application within 48 hours (upon submitting proper documentation).
- Wide Eligibility: Whether you’re a wholesaler, retailer, manufacturer, trader, distributor, or B2B service provider, Hero FinCorp can support your business needs.
- Multiple Repayment Modes: Choose the most convenient method for your business, including PDC, NACH, ECS, or cash payments.
Get Business Loan Online Up to ₹ 2 Crore
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Hero FinCorp Business Loan EMI Calculator
A business loan EMI calculator is a valuable tool that empowers small and medium-sized enterprises (SMEs) in India to plan their financial obligations effectively. By inputting the total loan amount, loan tenure, and interest rate, the calculator provides a realistic projection of the monthly installments, enabling SMEs to make informed decisions about their borrowing needs.
Experimenting with different loan parameters using the calculator gives SMEs a clear understanding of various scenarios, ultimately helping them to make the most prudent financial choices for their business growth and expansion.
Your Amortization Schedule (Yearly/Monthly)
If you want to compare business loans from other lenders, check for different business loan options from various lenders from the links given below:
Types of Hero FinCorp Business Loan
Businesses often require external financing to support their operations and growth. There are several types of business loans available, each tailored to address specific financial needs. Here are the key types of business loans:
- Term Loans: This category of business loan comes with a short repayment period. You can utilize this loan to finance a specific business requirement, usually for capital expenditures. The loan amount is based on the applicant’s credit history.
- Working Capital Loans: A working capital business loan is a suitable option if your business is struggling to manage inventory or operational expenses within its business cycle.
- Equipment Financing: If you require upgrading or installing new machinery in your business, you should consider equipment business financing.
- Line of Credit: This type of revolving business loan enables you to access funds as needed. With this option, the loan amount is predetermined, and you are not required to withdraw the entire fund at once.
Steps to Apply For Hero FinCorp Business Loan
Please follow the instructions below to complete an online application for a business loan:
- Visit the Hero FinCorp online business loan application page.
- Complete the required fields and upload the necessary documents.
- Specify the desired business loan amount and duration.
- If your details meet their eligibility criteria, you will be given a reference number. Keep this number for future reference.
- A representative will get in touch with you for further information.
- Following verification, you will receive a personalized loan offer detailing the loan amount and interest rate.
- Upon approval, the loan amount will be disbursed to your bank account.
Steps to Apply for Business Loan on Buddy Loan
Follow the steps to apply for a business loan through Buddy Loan:
- Step 1: visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the business loan application page. Enter your mobile number and OTP.
- Step 3: Specify the desired loan amount and email. Next, choose the Business Loan option.
- Step 4: Choose if you have a Business Proof (Yes/ No)
- If ‘Yes’ (If you have a business proof), enter your business and personal details.
Or - If ‘No’ (If you do not have a business proof), choose the profession type and enter your details.
- If ‘Yes’ (If you have a business proof), enter your business and personal details.
- Step 5: Provide income details and Click the ‘Submit’ button.
Get Business Loan Online Up to ₹ 2 Crore
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Know more about different types of business loans offered as per the government schemes by various banks & other private lenders. Check more on this from the links in the table below:
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