Hero Fincorp Business Loan – Eligibility & EMI Calculator- 2017

Business Loan

Get finance for your business at an attractive rate of interest from the Hero Fincorp Ltd. The company lends both secured and unsecured business loan to the candidates who require funds to enhance the productivity of the business. The loan amount is decided on the basis of customer's requirement, credit assessment and the assessment of the business. The customer can opt for either secured or unsecured loan as per his/her eligibility. The eligibility and other product related information is given below :

 

Hero Fincorp Business Loan Details

ParticularsDetails
Interest RatesCustomised
Loan AmountDepends on personal eligibility
TenureUp to 3 years
Processing FeeAs per bank's norms
Type Of LoanSecured & unsecured

How To Apply

The application portal is available online. The customer can fill the online application form, the executive will reply back as soon as possible. Or you can even call on the customer care number to avail the loan facility. 

Hero Fincorp Business Loan EMI Calculator

The EMI calculator is a calculator designed to make the calculation of EMI quick and simple. It computes the real results in the shortest time. The calculator helps the user to know his/ her EMI value and plan for the future payments accordingly. The user can also learn about the amount of interest he/ she has to pay for the loan amount being taken. The calculator works on a simple principle. The user only needs to enter the loan amount, the rate of interest and the tenure of the loan. After insertion of these values in the relevant fields, the user has to press enter key to get the EMI amount and total repayment amount.

Must Read  Dena Bank Business Loan – Interest Rate 2017

For Example, a person takes a loan of Rs.35,00,000 from bank to enhance his business for the period of 3 years. He will repay the loan amount in 36 monthly installments along with the interest charged. The bank charges interest @17%p.a. His monthly installment amount or EMI will be Rs. 1,24,785. The total amount he will be paying by the end of tenure will be Rs. 44,92,244 .

Table Showing EMI, Total Interest Outgo and Total Amount

Loan Amount (In Rs.)Interest Rate (p.a)Tenure (In years)EMI (In Rs.)Total Interest Amount (In Rs.)Total Amount (Principal + Interest) (In Rs.)
35,00,00017%13,19,2173,30,60038,30,600
35,00,00017%21,73,0486,53,15041,53,150
35,00,00017%31,24,7859,92,24444,92,244

Amortization Table

YearPrincipal Payment (In Rs.)Interest Outgo (In Rs.)Balance Amount (In Rs.)
19,76,1645,21,25625,23,836
211,55,6713,41,74913,68,165
313,69,9081,29,230

Features and Benefits

Following are the features and benefits of Hero Fincorp Business Loan

  • Low and attractive rate of interest
  • Loans processed in 10- 15 days
  • Easy documentation
  • Flexible repayment tenure
  • Prompt customer service

Eligibility Criteria for Hero Fincorp Business Loan:

To avail a business loan from the Hero Fincorp the applicant must satisfy the following criteria –

  • The entity should belong to any of the mentioned constitutions:  Public Ltd., Private Ltd., Proprietorship or Self-employed
  • The business shall be in continuation for minimum 3 years
  • The business should be profitable as per industry norms
  • The applicant must have satisfactory credit score

Documents Required

  • Photographs of loan applicant and co-applicant
  • Proof of Identity
  • Residence Proof
  • PAN Card 
  • Office/residence ownership proof
  • Business Continuity Proof (Bank Statements/IT Returns /Incorporation Certificate/ Partnership Deed)
Must Read  IIFL Business Loan – EMI Calculator & Interest Rate- 2017

Financial Documents Required

Category
List of Documents
Self-Employed Individuals / Sole Proprietorships- Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
- Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet
For Self-Employed Professionals- Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
- Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet
- Professional Qualification Certificate and Degree Certificate for professionals. (Doctors, Architects, Chartered Accountants etc.)
For Partnership Firms / Private Limited Companies- Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
- Bank statements from the main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet
- Partnership Deed and partnership authority letter for partnership firms
- Memorandum and Articles of Association and Board Resolution from the company
- Certificate of Incorporation (COI) for companies
- Latest shareholding patterns for Private Ltd. / Public Ltd. companies

Factors Affecting Hero Fincorp Business Loan Eligibility

  • Loan Repayment track
  • Credit Performance / Credit Bureau Update
  • Debt servicing ability of the customer
  • Business Vintage
  • Financial Ratios
  • Existing relationship

Hero Fincorp Customer Care Number

Contact the customer care executive to get all product related information. Feel free to pose your doubts and queries. Place a call on customer care helpline number 1800-102-4145 and get your queries resolved.

Must Read  State Bank Of Hyderabad Business Loan – Interest Rate & EMI Calculator- 2017

Hero Fincorp Business Loan Status

To know the current status of your application contact the customer care. You can even send the email on the customer care email id available on the website.