Hero FinCorp Personal Loan

Features and Benefits of Hero FinCorp Personal Loans

• Loan amounts up to INR 5 lakh. 
• Quick loan process and lower rates of interest. 
• Minimal documentation and instant approvals. 
• Flexible loan tenures and convenient repayment options. 
• Zero hidden costs. 
• Easy apply options for personal loans. 
• Prompt and responsive customer support.

Hero FinCorp Personal Loan Overview

You can easily apply for Hero FinCorp personal loans at attractive rates of interest. Hero FinCorp offers easily attainable personal loans that you can use to meet varying needs and requirements with aplomb. Personal loans are unsecured loans, i.e. those not secured by collateral, which people take for various reasons. Some of these reasons include home renovation or repairs, wedding expenses, expenses for higher education, medical costs, buying gadgets, or even taking vacations among others. Personal loans come with faster processing, especially at NBFCs like Hero FinCorp and require lesser time for disbursal in comparison to many other loans.

Hero FinCorp Personal Loan Eligibility Criteria

Here are the Hero FinCorp personal loan requirements that you should note- 

Salaried Customers

Age- 21-58 years	Minimum income of Rs. 15,000 each month
Employment for a minimum tenure of six months

Self Employed Customers

Age- 21-58 years	Minimum income of Rs. 15,000 per month
Should be in present business for at least two years

Factors Influencing Eligibility

Age	Job Stability
Credit History	Debt to Income Ratio
Monthly Income

Hero FinCorp Personal Loan Fees and Charges

The bank charges processing fees of 2.5% of the loan amount along with taxes that are applicable.

Hero FinCorp Personal Loan Interest Rates

While choosing Hero FinCorp personal loan apply online options, you should check out the rate of interest. Customers are charged competitive rates going up to 25% as a maximum threshold. 

Factors affecting Hero FinCorp Personal Loan Interest Rates

Before taking the Hero FinCorp personal loan online apply option, make sure that you are eligible and also check the interest rates carefully. They are influenced by the following factors: 

• Loan Amount
• Tenure of the Loan 
• Your Age
• Your credit score and repayment track record
• Your income and liabilities 
• Nature of your employment
• Status of your employer

Documents Required for Hero FinCorp Personal Loan

The documents required for Hero FinCorp personal loan include the following:

KYC documents like address and identity proof	PAN Card
A passport-size photograph	Bank statements or salary slip for last 6 months

How the EMI calculation works for Hero FinCorp personal loans?

The personal loan may be calculated with an EMI calculator where you enter the loan amount, tenure and rate of interest to arrive at the final figure. You can also use this formula for calculating your personal loan EMI- 

 [P x R x (1+R)N] / [(1+R)(N-1)]

Here, P indicates the principal amount of the loan, R is the monthly interest rate and N is the loan tenure. 

How Hero FinCorp compares with other lenders?

Hero FinCorp offers maximum personal loans up to Rs. 5 lakh with interest rates up to 24%. Here are details of some other lenders. 

Name of the Financial Institution	Rate of Interest	Maximum Loan Amount
Mahindra Finance	Varies	Up to Rs.3 lakh
HDB Financial Services	Up to 36%	Up to Rs.20 lakh
Tata Capital	10.99% onwards	Up to Rs.25 lakh
Aditya Birla Capital	14.00% p.a. to 26.00% p.a.	Up to Rs.15 lakh
IIFL Finance	24% p.a. onwards	Up to Rs.2 lakh

At the same time, ICICI Bank and Kotak Bank have interest rates of 10.25% each while the same rate is charged by HDFC Bank as well. Axis Bank charges 10.49% as its rate of interest on personal loans. These are only starting rates and may vary depending upon eligibility and other conditions.

Hero FinCorp Personal Loan Customer Care Number

The customer care number (toll free) is 1800 102 4145.