12 Month Personal Loan
A 12-month personal loan is an unsecured, short-term loan that can help you meet planned or unplanned expenses without a long-term repayment commitment.
Calculate Personal Loan EMI
What Is a 12 Month Personal Loan?
A 12 month Personal Loan is an unsecured credit facility with a one-year repayment tenure. You borrow a lump sum and repay it in 12 Equated Monthly Instalments (EMIs). Because the tenure is short, you clear the debt quickly and pay less total interest compared with longer tenures. The loan can be used for any legal purpose, including medical expenses, home renovation, travel, wedding functions or any other short-term requirement. At Hero FinCorp, eligible applicants can draw up to Rs 5 Lakh with a minimum monthly income of Rs 15,000.
Why Choose Hero FinCorp for a 12 Month Personal Loan?
A 12 month tenure suits applicants who want to avoid long liabilities and close the loan within a financial year. Here is why borrowers choose Hero FinCorp:
- Short, disciplined tenure: Repay within 12 months and exit the debt cycle faster.
- Lower total interest outgo: Shorter tenure keeps the overall interest burden lower than multi-year loans.
- 100% online process: Apply, verify and receive disbursal digitally - no branch visits.
- Instant decisioning: Approval in 10 minutes, subject to eligibility; quick credit to your bank account.
- RBI-registered NBFC: Hero FinCorp operates under RBI oversight, giving you regulatory assurance.
- No hidden charges: All fees are disclosed upfront - see the Interest Rates and Charges section.
How to Apply for a 12 Month Personal Loan
Applying for a Personal Loan online is a simple process that can be followed with these steps:
Eligibility Criteria
| Parameter | Requirement |
| Age | 21 to 58 years |
| Citizenship | Indian citizen |
| Employment | Salaried or self-employed |
| Monthly income | Minimum Rs 15,000 |
| Work experience | 6 months (salaried) / 2 years (self-employed) |
| Credit score | 725 and above preferred |
Tip: You can check your eligibility instantly using the Personal Loan Eligibility Calculator on the website before applying.
Paperless Documents Required
Hero FinCorp's 12-month Personal Loan is a paperless product. No physical documents are required. Just provide digital consent during the application and keep your PAN and Aadhaar numbers handy for digital KYC. Bank account details are required at the time of disbursal.
Interest Rates and Charges
| Fee | Amount |
| Interest rate | Starting from 18% p.a. |
| Processing fee | Minimum 2.5% + GST |
| Prepayment charges | Not applicable |
| Foreclosure charges | 5% + GST on outstanding principal |
| EMI bounce charges | Rs 350 per instance |
| Overdue interest | 1-2% of the overdue amount per month |
| Loan cancellation | No cancellation fee via app; interest and processing fee non-refundable |
Disclaimer: The above rates are indicative and effective as of the latest Schedule of Charges published by Hero FinCorp. Actual rates may vary based on your credit profile, income, and other factors.
Tips to Improve Your 12 Month Loan Approval Chances
- Maintain a healthy credit score: A score of 725 or above improves approval odds and helps you secure more attractive rates.
- Keep debt-to-income ratio low: A DTI below 50% signals healthy repayment capacity.
- Avoid multiple simultaneous applications: Too many credit enquiries can dent your score.
- Provide accurate, verifiable details: Mismatches in KYC or income data slow down approval.
- Clear existing EMI bounces: A clean repayment track record on ongoing loans supports eligibility.
EMI Breakdown for a 12 Month Personal Loan
The table below shows the principal-interest split for a Rs 5 Lakh loan at 18% per annum over 12 months. Your actual EMI is calculated on a reducing-balance basis.
| Month | Principal (Rs) | Interest (Rs) | EMI (Rs) |
| 1 | 38,744 | 7,333 | 46,078 |
| 2 | 39,365 | 6,713 | 46,078 |
| 3 | 39,996 | 6,082 | 46,078 |
| 4 | 40,637 | 5,441 | 46,078 |
| 5 | 41,288 | 4,790 | 46,078 |
| 6 | 41,948 | 4,130 | 46,078 |
| 7 | 42,619 | 3,459 | 46,078 |
| 8 | 43,300 | 2,778 | 46,078 |
| 9 | 43,991 | 2,087 | 46,078 |
| 10 | 44,693 | 1,385 | 46,078 |
| 11 | 45,405 | 673 | 46,078 |
| 12 | 45,958 | 120 | 46,078 |
Disclaimer: The EMI figures above are approximate and calculated using the standard reducing-balance method. Actual EMI may differ based on the interest rate offered to you. Use the Personal Loan EMI Calculator on the website for a precise estimate.
What Our Customers Say About Us
It's a great appreciation for obtaining the best personal loan with the fewest papers necessary and promptly disbursing loan ...funds. I truly appreciate your assistance. Simple procedure and a user-friendly interface. There are no problems, inquiries or anything else as long as you pay.
Savi Gupta
Herofincorp has great funds for various purposes. I got the best personal loan offer compared to interest rates, terms, and fees for ...my best financial situation. Thanks for your assistance.
Rashi Kohli
It is a simple procedure. For financial emergencies, it is the best option. Thanks for their assistance. Adaptable and well-balanced. You can acquire an immediate loan transfer with Hero FinCorp.
Lalji Soni
Processing is quick, and had great experiences with this personal loan application and service. I appreciate customer support's gentle communication in helping the process go more smoothly. interest rates provided on the personal loan is the lowest in market. Overall experience good. I'm grateful.
Raj Chaudhary
I have been looking for a platform that allows me to borrow money quickly, it is convenient, safe and reliable to borrow money on this practical and reliable platform.
Kadam Kailash
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Frequently Asked Questions
Eligible applicants can borrow up to Rs 5 Lakh from Hero FinCorp, subject to income and credit assessment.
Hero FinCorp's Personal Loan interest rate starts from 18% per annum (1.50% per month). The final rate depends on your credit profile and income.