Hero Fincorp Business Loan
Last Updated : Nov. 3, 2016, 8:11 a.m.
Hero FinCorp is the best-in-class provider of financing solutions for Small and Medium-Sized Enterprise and offers unsecured business loans up to 25 lacs to SME wholesalers, traders and Manufacturers. Hero FinCorp’s unsecured business loans enable business owners to have quicker access to funds to meet their business operation requirements without any delay.
Hero FinCorp’s deep understanding of business operations and requirement of a quick hassle free loan disbursement, flexible tenure up to 36 months, doorstep service for document collections and faster TAT assist them to deliver a seamless experience to its customer across all touch points.
Hero FinCorp Offers Unsecured Business Loans to :
- Manufactures, Traders & Wholesalers
- SME businesses with a minimum of 5 years of experience with satisfactory credit and financial history.
- Sole Proprietorship, Partnership, Private Limited, Public Limited, Trust/Society, and Hindu Undivided Family (HUF)
Unsecured Business Loan for Traders
| Loan Amount | INR 5- 25 Lakhs |
|---|---|
| Interest rates | 19%-23% |
| Tenure | 12 to 36 Months |
| Applicants age | 25-55 Years |
| Documents | KYC of Borrowers Business, vintage & Ownership Proof 12 months Bank Statement Latest Audited Financials |
Unsecured Business Loan for Manufacturers
| Loan Amount | INR 5- 25 Lakhs |
|---|---|
| Interest rates | 19%-23% |
| Tenure | 12 to 36 Months |
| Applicants age | 25-55 Years |
| Documents | KYC of Borrowers Business, vintage & Ownership Proof 12 months Bank Statement Latest Audited Financials |
Unsecured Business Loan for Wholesalers
| Loan Amount | INR 5- 25 Lakhs |
|---|---|
| Interest rates | 19%-23% |
| Tenure | 12 to 36 Months |
| Applicants age | 25-55 Years |
| Documents | KYC of Borrowers Business, vintage & Ownership Proof 12 months Bank Statement Latest Audited Financials |
How Much a Business Loan Can be Availed?
The loan amount is dependent upon your requirement, your credit score and assessment of the companies.
Loan Tenure or Duration for Unsecured Business Loans
The minimum tenor available for unsecured business loan is 12 months and it can go up to 36 months.
Mode of Repayment
Loan repayment can be done via multiple repayment methods, such as NACH, PDC etc.
TAT for Loan Disbursement
Loan processing usually takes around 2 to 3 working days, provided everything is in order and all required documentation are made available.
How to Apply for an Unsecured Business Loan?
The candidate can apply Hero FinCorp unsecured business loan online at Hero FinCorp official website by filling the online application form. Once the application form is successfully submitted the company representatives will connect with you and visit you to collect the essential documents. After gathering your financial requirements and documents evaluation, the loan will be disbursed in your account.
Hero Fincorp Business Loan EMI Calculator
The EMI calculator is a calculator designed to make the calculation of EMI in a quick and simple way. It computes the real results in the shortest time. The Business Loan EMI 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 the enter key to get the EMI amount and total repayment amount.
For Example, a person takes a loan of ₹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 ₹1,24,785. The total amount he will be paying by the end of tenure will be ₹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.) |
|---|---|---|---|---|---|
| 35,00,000 | 17% | 1 | 3,19,217 | 3,30,600 | 38,30,600 |
| 35,00,000 | 17% | 2 | 1,73,048 | 6,53,150 | 41,53,150 |
| 35,00,000 | 17% | 3 | 1,24,785 | 9,92,244 | 44,92,244 |
Amortization Table
| Year | Principal Payment (In Rs.) | Interest Outgo (In Rs.) | Balance Amount (In Rs.) |
|---|---|---|---|
| 1 | 9,76,164 | 5,21,256 | 25,23,836 |
| 2 | 11,55,671 | 3,41,749 | 13,68,165 |
| 3 | 13,69,908 | 1,29,230 | 0 |
Features & Benefits
- Loan amount from INR 5 lakh to 25 lakhs
- Quick Disbursal
- Faster TAT
- Loan tenure of 12 to 36 months
- Flexible repayment modes
- Prompt service
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)
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 Contact Number
For further details and product information contact the Hero FinCorp customer success executives on 1800-103-5271 or write to [email protected]. The experts are available on all working days during the working hours.
Hero Fincorp Business Loan Status
To know the current status of your application, contact the customer care on the aforesaid number. You can even send the email on the customer care email id available on the website.
About Hero FinCorp
Hero FinCorp Limited (HFCL) was incorporated in December 1991 as Hero Honda FinLease Limited. After the restructuring of our parent company Hero MotoCorp limited (formerly Hero Honda Motors Limited), HFCL also changed its name to Hero FinCorp Limited in July 2011.
Under the leadership of Mr. Abhimanyu Munjal (Jt. MD & CEO), HFCL aims to become India’s ‘Next Generation, Ultra-Lean, Credit Champion’. Over the last few years, the company has expanded its presence and offers multiple financing options for both the corporate and retail segments. Currently, Hero FinCorp is present at over 3100+ retail touch-points across India.