Flexible Tenure
Enjoy flexible repayment tenure of up to 4 years, giving you ample time to repay your small business loan with ease.
Get Business Loan Up to 50 Lakh
A business loan is a capital or working capital borrowed by a business owner from lenders to fund expenses mainly related to daily operations, expansion, growth or marketing. The primary intention of a private business loan is the quick way to get a lump sum of money, enabling the business to support its urgent requirements such as business expansion, meeting working capital needs, purchasing business assets, and staff expansion.
The demand for a loan for a business varies depending on its size, needs, and the type of industry the business operates in. We, at Hero FinCorp, understand that from our years of experience in giving loans to SMEs across various industry verticals in India. Through a Hero FinCorp Unsecured Business Loan, we try our best to make sure that the financial needs of businesses are met. Our flexible business line of credit and term loans for small businesses are designed to give businesses quick access to urgent working capital.
Features and Benefits of Business Loan
Hero FinCorp is a trusted name in the financial industry with services to individuals and businesses. Here are some of the reasons why Hero FinCorp stands out for business loans:
Eligibility Criteria for Business Loan
To apply for a business loan, you must meet Hero FinCorp's eligibility criteria for business loan, including age, occupation, business status, and income requirements.
Age
You must be residing in India and must be between 25 and 65 years of age.
Citizenship
You must be an Indian citizen.
Business Status
You must be running the business successfully for at least five years.
Monthly Salary
There are no minimum income requirements for Business Loans.
Documents Required for Business Loan
When you apply for a Business Loan at Hero FinCorp, you can avoid being involved in unnecessary formalities and paperwork. You can fulfil our minimal documentation requirements for Business Loans from your smartphone in minutes. To get a quick business loan with Hero FinCorp, make sure you have all of the following documents in place.
Proof of Photo Identity
Aadhaar Card, PAN Card, passport, or any other valid identity proof issued by the government
Mandatory Documents
KYC documents for all business partners, stakeholders, and directors
Business Address Proof
Utility Bills, bank statements, or another document to verify your business address
Business Continuity Proof
Partnership deed, certificate of incorporation, or another registration document verifying your business structure
Income Proof
Bank statements for both personal and business accounts showing your cash flow
Other Documents (if applicable)
Balance sheets, profit and loss statements, past few years’ ITR showing your business performance
Interest Rate and Charges for Business loans
Hero FinCorp offers a reasonable Business Loan interest rate based on your credibility, repayment capacity, and business performance. When it comes to taking out a business loan, it's essential to understand the interest rates and charges involved:
Frequently Asked Questions (FAQs)
If you need a business loan to expand your business, the maximum amount you can obtain will be based on your business credit history, income, annual turnover etc. At Hero FinCorp, you can receive business loans ranging from Rs 3 lakh to Rs 40 lakh.
If you are a self-employed professional or non-professional such as a trader, manufacturer, or service provider, you can easily obtain an online business loan in India. Apart from this, entities such as LLPs, partnership firms, and private limited companies are eligible for small business loans in India.
A business loan is an unsecured form of credit offered to businesses for expansion, meeting capital expenditures, staff expansion etc. It comes with predefined terms and conditions. Borrowers need to repay the loan along with interest over a specific time.
Business loans have a short repayment period. At Hero FinCorp, we provide a flexible repayment tenure ranging from 12 months to 60 months.
You should opt for a business loan if you want to purchase new
machinery, or you want to establish a new office or are looking for
a staff expansion. You may also opt for a business loan for a new
business setup. A business loan does not have any restrictions on
its usage; you can use it for multiple business purposes.
To get a business loan for a small business without collateral, you
must possess a strong credit history and a regular stream of income.
You can apply for a small business loan with your preferred lender
either online or offline. To apply with Hero FinCorp, simply go to
our website's business loan section, fill out the online application
form, upload the mandatory documents, and receive instant approval.
You can also apply for a business loan at your nearest Hero FinCorp
branch or outlet.
Yes, business loans do have an impact on the borrower’s credit
score. Your credit score will be improved if you pay your EMIs on
time. Paying your EMIs on time will make you a low-risk borrower and
will increase your borrowing capacity in the future.
To determine your loan for company eligibility, Hero FinCorp
evaluates your income, business credit history, annual turnover,
sales report, and business debt-to-income ratio, among other things.
Yes, if you have taken out a small loan for business, you can
foreclose it after 12 months from the date of loan sanctioning.
However, business loan providers levy foreclosure fees in this case.
Read the business loan details mentioned on your loan agreement
letter to understand the charges in more detail.
You can get quick online approval for a business loan if you meet
the qualifying criteria of a business loan service provider and have
all the relevant paperwork on hand. Post verification of your
profile and documents, loans for business will be disbursed into
your account within 48 hours of online business loans approval.
If you need a loan for business, you must be at least 21 years old
and not more than 65 years old at the time of loan maturity.
As of now, Hero FinCorp does not offer business loans to new
businesses in India. However, to arrange loans for new business, you
may either opt for a loan against property or a personal loan.
If you want to qualify for low-interest business loans, you must
have a strong business profile and a high annual turnover. We don't
consider such business loans online applications where business
performance is below average, or the company is close to shutting
down.
In case you need a business loan but are unsure about the various
business loan products available, it is recommended that you first
determine the purpose for which funds are needed. If you require
funds for working capital, choose a working capital loan; if you
require funds for the purchase of machinery, choose equipment
financing. Business loans come with customised products to meet your
specific business requirements.
While giving a business loan, companies engage in loan business
requests for documents such as business existence proof, income
proof, business address proof, and a few more documents that they
think is necessary.
business loan Related Blogs
How to Start a Water Plant Business?30 Apr, 2025
What is Revenue-Based Funding?30 Apr, 2025
How to Start a Small Salon Business in India?30 Apr, 2025
List of Best Business Ideas in Kerala30 Apr, 2025
Top 10 Business Ideas Under 1 Lakh30 Apr, 2025
What is the HSN Code in GST?30 Apr, 2025