High Loan Amount
A 12-month loan provides quick access to a substantial loan amount.
Personal Loan EMI Calculator
Get a 12 Month Personal Loan Upto 5 Lakh
Apply for a 12-month Personal Loan from Hero Fincorp to experience a hassle-free process, helping you with your finances. With a user-friendly online application platform, which allows financial assistance, and a simple process. To avail of this loan, the first step is to fill out the application form. Ensure to provide all the necessary details, such as personal information, income, and employment details. With the updated and efficient process, there is a quick verification and approval, which helps applicants access their funds instantly, without any trouble. Whether you're looking to consolidate debt, cover unexpected expenses, or fulfill your personal needs, the Personal Loan of 12 months is suitable due to its competitive rates and quick process.
Why Opt for a 12-month Personal Loan?
Opting for a 12-month Personal Loan comes with various advantages. It holds benefits like a shorter repayment tenure, which allows borrowers to achieve their financial goals while reducing the overall interest burden. The manageable time frame also allows disciplined repayment habits, allowing borrowers to maintain financial stability. In addition, the shorter duration ensures quicker debt clearance. This ensures borrowers can enjoy their financial aspirations behind loans without suffering from long-term liability. Ultimately, a Rs 12-month Personal Loan provides an effective solution, especially when planning short-term goals.
EMI for Personal Loan of 12 Months
Understanding the details of Equated Monthly Instalments (EMIs) is important. Here is the month-wise EMI breakdown for a ₹5 lakh personal loan with a 19% annual interest rate for 12 months:
| Month | Principal (₹) | Interest (₹) | EMI (₹) |
|---|---|---|---|
| 1 | 38,756.96 | 7,333.33 | 46,091.30 |
| 2 | 39,378.51 | 6,712.79 | 46,091.30 |
| 3 | 40,009.60 | 6,081.70 | 46,091.30 |
| 4 | 40,650.36 | 5,440.94 | 46,091.30 |
| 5 | 41,300.94 | 4,790.36 | 46,091.30 |
| 6 | 41,961.48 | 4,129.82 | 46,091.30 |
| 7 | 42,632.12 | 3,459.18 | 46,091.30 |
| 8 | 43,312.99 | 2,778.31 | 46,091.30 |
| 9 | 44,004.24 | 2,087.06 | 46,091.30 |
| 10 | 44,706.01 | 1,385.29 | 46,091.30 |
| 11 | 45,418.44 | 672.86 | 46,091.30 |
| 12 | 45,971.52 | 119.78 | 46,091.30 |
Features and Benefits of a 12 Month Loan
The following are the features and benefits of a 12-month loan for informed financial decisions tailored to your needs:
Eligibility Criteria For 12 Month Personal Loan
A Personal Loan is an effective tool to manage unforeseen expenses or emergencies. Whether you need money to fund a trip, give your house an aesthetic touch, or tackle any medical emergency, get access to quick funds with Hero FinCorp. You only need to align with a few eligibility points. Whether you are self-employed or salaried, the simple process ensures fast loan approval. The 12 months Personal Loan eligibility criteria include:
Age
Applicants between the ages of 21-58 can apply for the loan.
Citizenship
If you are a citizen of India, you can be eligible for this loan.
Work Experience
Salaried employees need 6 months' experience, while self-employed individuals require 2 years.
Monthly Salary
There is a minimum salary requirement of Rs. 15,000.
Documents Required For 12 Month Personal Loan
Hero FinCorp facilitates hassle-free 12-month Personal Loans with minimal documentation. The following documents required for Personal Loans:
Documents required for Salaried
Proof of Photo Identity
Driver’s Licence, Passport, PAN Card, Aadhaar card
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Income
Six Month Salary Slip & Bank Account Statement, Form 16
Job Continuity Proof
Appointment Letter From the Current Employer
Proof of Residence
Driver Licence, Passport, Aadhaar Card, Utility Bill
Proof of Business Existence
Not Applicable
Documents required for Self Employed
Proof of Photo Identity
Driver’s Licence, Passport, PAN Card, Aadhaar card
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Income
Last Six Months Bank Statement, ITR for the Last Two Consecutive Years
Job Continuity Proof
Not Applicable
Proof of Residence
Maintenance Bill, Utility Bill, Property Documents, Rent Agreement
Proof of Business Existence
Copy of Tax Registration, Shop Establishment Proof, Company’s Registration Certificate
Interest Rate on a 12 Month Personal Loan
When planning for a loan, it is important to understand the associated interest rates and charges, as it is crucial for making informed financial decisions. Here's an overview of the our 12-month Personal Loan interest rates and charges.
How to Apply for a 12 Month Personal Loan?
Applying for a 12-month Personal Loan is a simple process that can be followed with these steps:
- 1
Visit the Hero FinCorp website or install the Personal Loan app
- 2
Go to the Personal Loan page and click ‘Apply Now’
- 3
Enter your mobile number and verify with the OTP received
- 4
Choose the loan amount you need
- 5
Verify your KYC details to check income eligibility
- 6
Click ‘Submit’ to complete your application
get 12 month personal loan Related Blogs
Frequently Asked Questions
A 12-month Personal Loan is a type of loan with a repayment tenure of 12 months. Borrowers can use it to access funds for various personal expenses, including debt consolidation, home renovation, or medical emergencies.
For a 12-month Personal Loan from Hero Fincorp, borrowers have several options starting from Rs. 5,00,000.
The interest rates for a 12-month Personal Loan from Hero Fincorp start from 19% annually.
Applicants must pass certain eligibility criteria to qualify for a 12-month Personal Loan. These criteria include being an Indian citizen, being between 21 and 58 years old, and having a monthly income of 15,000 with all the necessary and required ID proofs.
Calculating your 12-month Personal Loan EMI is no effort with Herofincorp's user-friendly personal loan EMI calculator. It simply puts your loan amount, interest rate, and repayment duration. One can properly manage their account and amount by simply understanding the calculation and EMI pattern. This calculator allows you to explore several EMI plans customized as per your needs. Choose an EMI that aligns with your budget and aspirations, providing financial stability. Make informed decisions and then apply for Personal Loans online with the intuitive EMI calculator.
No, pay slips are an important requirement for a Personal Loan application. In case you do not have a salary slip, you can provide your Form 16, income tax returns or bank statements.