What is Personal loan?

Personal loans are short-term unsecured loans that are disbursed quickly, to meet all your immediate /exigencies Requirement.

What are the eligibility criteria for availing a personal loan from Hero FinCorp?

The eligibility criteria are pretty simple. You have to be 21-58 years of age, and have a valid Aadhaar and PAN card. For salaried persons, the minimum income required is Rs 15000 and they should have been in current employment for at least 1 year. For self-employed & professionals, the last ITR filed should be more than Rs 2, 00, 000 in value and they should have been in the current business for a period of 2 years.

What are the minimum and maximum personal loan amounts?

Loan amount can vary from Rs 50,000 to Rs 5 lakhs.

What are the personal loan tenure options?

Loan tenure is up to 60 months.

What should be the minimum age of a salaried or self-employed person applying for a personal loan?

The minimum age to apply for a personal loan is 21 years.

How long will it take to get a personal loan?

Personal loans are disbursed within a few minutes as soon as you submit all the required documents.

What documents are required to change my communication/mailing address?

To change your communication/mailing address, you need a valid address proof for that address. You can either visit the nearest branch or contact our customer care and follow the simple process.

What are the KYC documents needed for a personal loan?

Valid PAN card and income proof are the KYC documents required.

How can I close a personal loan?

For closing/foreclosing your personal loan, contact us with all your documents like ID/address proof, EMI payment document etc. We will verify all your documents and issue a No Objection Certificate, stating that there is no outstanding balance that is pending. For any assistance, please contact our customer care team.

How can I check the personal loan status?

Our evaluation process is very fast and we share status through SMS and Email. You can always contact our customer care team to check the status of your personal loan by quoting your Application No. or Mobile No. mentioned in the application.

Do personal loans offer tax exemptions?

There is no tax exemption on personal loans in India.

What is the reason for rejection of a personal loan?

Some common reasons for personal loan rejection are a low credit score, incomplete details in the application form, job instability or too many existing loans. To avoid personal loan rejection, it is always advisable to discuss your case with the lender before applying for a loan.

Top Ways To Spot And Deal With Financial Frauds

Use Secure Websites

Always check the URL (website link) before clicking on it. A URL starting with "HTTPS://" indicates that the website is reliable and secure.

Use Secure Internet Connection

Always use a secure Internet connection for online transactions and other finance-related things. Ensure your device’s Antivirus and Firewall are up and running. Avoid transacting online from cyber cafes and using unknown devices.

Use Verified Apps

Fake loan apps are becoming increasingly popular among scammers. Therefore, opt for a well-known lender in the industry, look up their physical address, read customer reviews, and check if the lender of your choice is registered with the RBI or any other regulating body.

Avoid Super Cheap Loans

An online lender offering a loan at a 1% or 2% interest rate could be a red flag. Such tempting offers are solely intended to steal your personal information including banking details.

Avoid Sharing Sensitive Information

Legitimate lenders never request personal information such as ATM pins, credit card passwords, or CVVs. They also never ask for receipts from past bank transactions. Beware, if someone asks you for these details.

Keep Your Data Confidential

Sharing sensitive information via text message or email is never a good idea. Also, avoid posting your personal details on social networking sites.

Always Raise Your Concerns and Queries

Never be afraid to ask questions if you receive a call from someone claiming to be a financial institution's representative. During the phone call, gather as much information as possible. A fake caller will not be able to answer your specific questions.