Hero FinCorp Business Loan

Features and Benefits of Hero FinCorp Business Loans

Along with easy Hero FinCorp business loan online application facilities, there are many other benefits for customers. They include the following: 

• Unsecured loans with quick and minimal documentation. 
• Fast approval within just 48 hours. 
• Flexible tenures up to three years. 
• Attractive and low rates of interest. 
• Quick turn-around time for sanctioning loans. 
• Pre-approved business loans. 
• Loans between Rs. 5-25 lakh. 
• Flexible tenures up to 36 months for repayment.

Hero FinCorp Business Loan Overview

You can easily apply for Hero FinCorp business loans at attractive rates of interest. Unsecured business loans are sanctioned between Rs. 5-25 lakh with tenures up to 36 months. The NBFC aims at being a partner for businesses in aiding their future growth requirements with quick and readily available loans, minimal paperwork/documentation and approval of requests within 48 hours. 

Along with an easy Hero FinCorp business loan online application procedure, B2B service providers, traders, manufacturers, wholesalers, distributors and retailers can apply for and avail of these unsecured loans with multiple repayment options such as NACH, PDC, Cash and ECS. The financial institution offers term loans and LOC (line of credit) facilities.

Hero FinCorp Business Loan Eligibility Criteria and Factors Affecting Eligibility

The Hero FinCorp business loan eligibility criteria include the following: 

• SMEs should possess five years of work experience as a minimum requirement. 
• They should have a positive credit history and financial track record as well. 
• Applicants should be Indian citizens between 21-65. 
• Self employed professionals and non-professionals are eligible to apply along with private limited companies/LLPs/partnership firms/trusts. 
• Steady income sources are a must. 

Along with these Hero FinCorp business loan requirements, you should know that the eligibility criteria are influenced by aspects like the monthly income, repayment ability, tenure, age of the applicant, the financial position of the business and other factors.

Hero FinCorp Business Loan Fees & Charges

The fees and charges are listed below: 

The type of charge	The amount
Processing Fees	As given in the loan sanctioning letter.
Repayment Swap Fees	Rs. 5,000 + GST
Pre-payment Costs	Allowed only after 12 months of the sanctioning of the loan.  Applicable charges as given in the loan sanctioning letter.
Default Interest Charge	2% of the overdue loan amount each month
Bounce Charges (per transaction)	Rs. 5,000 + GST
Issuance of Foreclosure Letter	Rs. 1000 + GST
Loan Rescheduling Fees	Rs. 5,000 + GST
Account Statement or the Amortization Schedule	Zero

Hero FinCorp Business Loan Interest Rates

The interest rates are competitive at Hero FinCorp and the maximum threshold is 26% for borrowers. There are fixed and floating rates available to choose from. The loan amount and tenure determine the rate of interest, i.e. the longer the tenure, the higher the overall rate. 

Factors affecting Hero FinCorp business loan interest rates

There are many factors that impact the overall interest rates including the credit score, loan amount, monthly income of the borrower and repayment ability, tenure of the loan and the existing relationship of the customer with the lender or financial institution.

Documents Required for Hero FinCorp Business Loans

The documents required include the following: 

• KYC documents like the PAN card, address proof and identity proof. 
• Business documents like audited financial statements and documents of the company, GST returns, and bank statements for the last six months and the list of shareholders and directors. 
• Business continuity proof (GST/tax registration). 
• Income proof and proof of signature.

How the EMI calculation works for Hero FinCorp business loans

The EMI calculation is done using the tenure, interest rate and loan amount. You can use an online calculator for entering these three fields and working out the payable EMI amount every month. The interest rate is calculated through either the flat rate method (Interest = Principal х Interest Rate х Repayment Duration / 100) or the diminishing rate method (Loan EMI = P x r x (1+r) n / (1+r) n-1). Here R refers to the rate of interest, P is the loan amount and N is the tenure of the loan.

How Hero FinCorp compares with other lenders?

Name of Financial Institution	Annual Interest Rate	Maximum Loan Amount	Tenure for Repayment (in months)
Kotak Mahindra Bank	14% onwards	75 lakh	6 – 48
HDFC Bank Business Loan	16% onwards	50 lakh	12 – 48
Axis Bank Business Loan	17% onwards	30 lakh	12 – 36
Fullerton Finance	17% onwards	50 lakh	12 – 48
Bajaj Finserv	17% onwards	45 lakh	12 – 60
ICICI Bank Business Loan	18% onwards	40 lakh	6 – 48
IIFL Finance	18% onwards	50 lakh	12 – 36
Tata Capital Finance	17% onwards	50 lakh	12 – 48
RBL Bank	19% onwards	50 lakh	12 – 36
IDFC First Bank Business Loan	20% onwards	90 lakh	12 – 48
HDB Financial Services Ltd.	22% onwards	30 lakh	12 – 36

Hero FinCorp Business Loan Customer Care Number

Retail customers should contact 1800-102-4145 or email [email protected]. Corporate customers can contact 1800-103-5271 or email [email protected].