Urban Money

Hero FinCorp Business Loan

Hero FinCorp
4.5

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
Loan Amount:₹5L - ₹25L
Interest Rate:18% - 26%
Processing Fee: Up to 2%
Tenure:3 Years
Details
BanksInterest RateProcessing FeeLoan Amount/Tenure
Hero FinCorp

18% - 26%

Up to 2%

₹5L - ₹25L

Tenure(Up to 3 Years)

Details

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].

FAQs

From refinancing to reducing your interest, we have the answers right here.

How can I speed up my loan approval?

You can fast-track your loan approval by taking the following steps: 

  • You can apply online and maintain a good credit score. 
  • Maintain a proper bank balance and show all income sources. 
  • Keep the ratio of debt to income on the lower side. 
  • Provide all the documents in an accurate manner. 
  • Emphasize your relationship with the bank/lender.

What is loan foreclosure?

Loan foreclosure refers to the total repayment of the remainder of the loan in a single payment instead of repaying in EMIs or multiple tranches. You can clear off or close the loan with a single payment before the end of the period of repayment. 

How much EMI do I have to pay for a business loan?

The EMIs for business loans are calculated with the help of online calculators where you can enter the loan amount, loan tenure and the interest rate. This will help you work out the EMI payable every month for a particular amount. 

What is the minimum turnover requirement for a business loan?

Those applicants with businesses making profits over the last two years and with minimum turnover of Rs. 10 lakh are usually eligible to apply for business loans. The minimum annual income should also be Rs. 2 lakh for getting a business loan in most cases. 

Who can take a business loan?

Any business entity with the employee count lower than 500, may hold eligibility for a loan. All self-employed applicants, proprietors and independent contractors are also eligible in most cases. 

Does Hero FinCorp provide business loan at the best rate?

Hero FinCorp offers attractive interest rates going up to 26% at the most on business loans.

What are the benefits Hero FinCorp offers on business loans?

Some of the benefits include the following: 

  • Loans between Rs. 5-25 lakh. 
  • Flexible repayment tenures up to 36 months. 
  • Minimal documentation with fast approvals in 48 hours. 
  • Unsecured business loans with multiple repayment options.

Does Hero FinCorp have a fixed rate of interest on a business loan?

Hero FinCorp offers both fixed and floating rates of interest on business loans. At the same time, the financial institution offers interest rates up to a maximum of 26% on business loans. 

What are the documents required in Hero FinCorp for a business loan?

Here are the documents required for a business loan: 

  • PAN Card and Application Form. 
  • Identity and Address Proof Documents. 
  • Business Continuity Proof (GST or other tax documents along with trade license/copy of partnership deed). 
  • Income proof. 
  • Signature proof.

How to apply for a business loan in Hero FinCorp online?

The steps to apply include the following: 

  • Check the eligibility criteria. 
  • Apply online or email at [email protected] or call this number- 1800-102-4145. 
  • You will then have to provide KYC and other documents. 
  • You can then select the amount and tenure along with completing other formalities. 
  • View the terms and conditions before accepting the same.

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