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Get an unsecured business loan as high as Rs 40 lakh from Hero FinCorp. If you want to skip the long queues and heavy paperwork, apply for the loan online and get your capital faster.
A business loan is 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 infusion 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.
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Our business loans for SMEs come at affordable interest rates and offer quick financial assistance for short term or long-term business needs. With Hero FinCorp, you can avail of an SME business loan ranging from Rs 5 lakh to Rs 40 lakh.
Our loan for small businesses offers flexible loan repayment tenure of up to 60 months, allowing you time and ease to repay the loan amount without worrying about running short of time.
We make sure you do not go through unnecessary paperwork or long delays in getting credit approval for your business. As long as you fall under our easy eligibility criteria, you can expect instant business loan approval and easy access to funds.
What's better than getting funds for your business just when you need it? Hero FinCorp takes pride in its TAT of 48 working hours. We make sure that you get a quick and easy business loan.
You can avail of collateral-free small business loans with Hero FinCorp. This means you do not need to put up an asset as security for getting a loan for the business. This makes your loan approval process even faster since there is no need to get your assets appraised to get credit for your SME business.
While running a business, you never know when or at what stage you may need funds. Hero FinCorp’s business loan allows you to use funds for multiple purposes such as machinery purchase, new office set-up, and staff expansion.
With Hero FinCorp, you need not bother putting your valuables or assets as collateral to obtain a business loan. If you have a stable income and strong credibility, you can easily apply for a business loan.
You do not need to worry about the loan costs with Hero FinCorp. Depending upon your profile, we offer a competitive interest rate; something that you can easily afford without feeling any burden.
Small business loans in India are subject to tax deduction under certain sections of the Income Tax Act, 1961. Therefore, in addition to easing your financial burden with a business loan, you will save a significant amount of money as tax benefits.
Good credit history can help you in managing your loans and finances better. By taking short-term small business loans from Hero FinCorp, you can easily establish your credibility and improve your prospects of obtaining large-scale finance in the future.
This type of business loan comes with short repayment tenure. You can use this loan to fund a specific business need, typically capital expenditures. The amount of the loan is determined by the credit history of the applicant.
A working capital business loan is a potential choice for you if your business cycle is having trouble managing inventories or operational expenses.
In case you need to upgrade or install new machinery in your business setup, you should opt for equipment business financing.
This type of revolving business loan allows you to access funds whenever you need them. Under this option, the loan amount is predetermined and you need not withdraw the entire fund at once.
To qualify for the best business loans, you must have a strong credit score. Your credit score or credit history reflects your previous or existing loan repayment pattern. It also shows if you have ever defaulted on a loan before.
When approving loans for small businesses, we look into the nature of your business. If you are involved in a seasonal or unstable business, your chances of getting a business loan approval are slim.
When applying for an online business loan, make sure your business has a strong sales turnover. Having a high annual turnover not only improves your chances of getting a business loan but also helps you get a low-interest business loan.
While approving small business loans, lending institutions look into the company's repayment capability. They assess a firm's debt-to-income ratio to analyse what amount of their income goes into existing debt repayment. A debt-to-income of less than 50% is considered good.
If you are running a business, you can't afford to wait in long queues for your loan application. With this in mind, we have simplified our loan application process. Follow the steps below to apply for a business loan online.
To apply for a business loan with Hero FinCorp, you must meet the following eligibility criteria:
| Parameters | Description |
| Age | You must be an Indian citizen between the age of 21 years and 65 years at the time of loan application and loan maturity. |
| Occupation |
Self-employed Professionals: Architects/ Chartered Accountants/ Doctors/ Company Secretaries Self-employed Non-Professionals: Sole Proprietors/ Retailers/ Traders/ Manufacturers/ Service Providers Entities: Limited Liability Partnership (LLPs)/ Private Limited Company/ Partnership Firms/ Trusts |
| Business Status |
SMEs must have at least 5 years of business experience. |
| Maximum Loan Tenure |
Flexible tenure up to 3 years The repayment tenure will not be extended once the borrower reaches the age of 62 years. |
| Maximum Loan Amount |
You can get a business loan amount ranging from Rs 5 lakh to Rs 40 lakh. The business loan amount depends upon many factors such as the applicant's age, income, business type, credit history etc. |
| Minimum Income |
You must have a steady source of income. Hero FinCorp does not have any predefined minimum monthly income. |
To get a quick business loan with Hero FinCorp, make sure you have all of the following documents in place.
| Parameters | Description |
| Mandatory Documents |
Duly filled application form PAN Card |
| Proof of Identity |
Voter ID Card/ Photo ID issued by GOI/Passport/ Driving Licence/Aadhaar Card |
| Proof of Address |
Aadhaar Card/ Voter ID Card/ Property Tax Receipt/ Driving Licence/ Utility Bill/ Registry Copy/Property Tax Receipt/ Lease or Rent Agreement |
| Business Continuity Proof |
VAT/ Excise/ Sales Tax/ Service Tax Registration Trade License/ Copy of partnership deed/ Registration Certificate issued by RBI or SEBI/ Certificate of Practice |
| Signature Proof |
Banker's Verification/ Passport/ PAN Card |
| Proof of Income |
Latest ITR GST returns for the financial year Latest audited financials Last 6 months bank statement |
| Other Documents (if applicable) |
List of Directors Shareholding patterns |
Under this, the monthly instalment comprising the principal component and the amount of interest charged remains the same throughout the loan tenure. Borrowers should opt for this business loan EMI option if they have a consistent flow of income.
This is a customised business loan EMI option that allows borrowers to select the EMI that best fits their income. This is a viable strategy if you or your company expects a profit gain at regular periods.
Small business loan EMI calculator allows you to determine your monthly obligations even before the loan approval. This online tool helps you figure out how much interest and principal you will pay on a business loan over the loan's term. To use this calculator, all you need to do is input the loan amount, interest rate, and loan tenure. Using this calculator, you can choose the small business loan amount that best suits your needs and budget.
Select Loan Amount
₹
Min ₹ 3,00,000
Max ₹ 40,00,000
Interest Rate
15 %
Min 15%
Max 30%
Select Loan Repay Duration
12 Months
Min 12 Months
60 Months
₹ 4477
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 5 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 instant business loan online approval if you meet the qualifying criteria of a business loan services provider and have all of 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.
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