Flexible Repayment Tenure
A 12-month Personal Loan offers flexible repayment options, easing the borrower’s financial burden
12 Month Personal Loan
Loan up to Rs 5 Lakhs
Minimum Salary Required ₹15K
Instant Approval in 10 minutes
Personal Loan EMI Calculator
Get a 12 Month Personal Loan Up to 5 Lakh
With the increasing cost of living, Personal Loans are nowadays considered by most individuals for various planned or unplanned expenses like education, healthcare or maintenance of home. For immediate requirements, a 12-month Personal Loan is usually considered by salaried and self-employed individuals alike. We at Hero FinCorp provide Personal Loans of up to Rs 5 Lakh at highly competitive interest rates and flexible repayment options (12 to 36 months). If you have a minimum monthly income of Rs 15,000, you can apply online and receive approval in 10 minutes.
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 Breakdown for a 12 Month Personal Loan
Understanding the details of Equated Monthly Instalments (EMIs) is important. Here is the month-wise EMI breakdown for a Rs 5 lakh Personal Loan with a 19% annual interest rate for 12 months:
| Month | Principal (Rs) | Interest (Rs) | EMI (Rs) |
|---|---|---|---|
| 1 | 38,744.67 | 7,333.33 | 46,078.00 |
| 2 | 39,365.21 | 6,712.79 | 46,078.00 |
| 3 | 39,996.30 | 6,081.70 | 46,078.00 |
| 4 | 40,637.06 | 5,440.94 | 46,078.00 |
| 5 | 41,287.64 | 4,790.36 | 46,078.00 |
| 6 | 41,948.18 | 4,129.82 | 46,078.00 |
| 7 | 42,618.82 | 3,459.18 | 46,078.00 |
| 8 | 43,299.69 | 2,778.31 | 46,078.00 |
| 9 | 43,990.94 | 2,087.06 | 46,078.00 |
| 10 | 44,692.71 | 1,385.29 | 46,078.00 |
| 11 | 45,405.14 | 672.86 | 46,078.00 |
| 12 | 45,958.22 | 119.78 | 46,078.00 |
Features and Benefits of a 12 Month Personal Loan
The following are the features and benefits of a 12-month Personal 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:
Citizenship
You should be a citizen of India.
Work Experience
Six months for salaried individuals and 2 years for self-employed individuals.
Monthly Income
Applicant should at least earn a minimum amount of Rs 15,000 monthly
Age
Applicant should be between 21-58 years
List of 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 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 online 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
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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.
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.
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 Rs 15,000 with all the necessary and required ID proofs.
You can use the Personal Loan EMI calculator online. Just enter your loan amount, repayment tenure and interest rate to calculate your monthly instalments.
No, you may not get a Personal Loan with a bad or poor credit score. If you do, the lender may not give you a larger loan amount or the best rates.
You need minimal documentation when you apply online with Hero FinCorp. Also, you get approval in less than 10 minutes.
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 Rs 15,000 with all the necessary and required ID proofs.
You can use the Personal Loan EMI calculator online. Just enter your loan amount, repayment tenure and interest rate to calculate your monthly instalments.
No, you may not get a Personal Loan with a bad or poor credit score. If you do, the lender may not give you a larger loan amount or the best rates.
You need minimal documentation when you apply online with Hero FinCorp. Also, you get approval in less than 10 minutes.
To get a Personal Loan for 12 months quickly, just apply on the Hero FinCorp loan app or website. Depending on your eligibility, you should expect approval in 10 minutes.
Personal Loan interest rates may vary based on credit score and loan eligibility. Hero FinCorp’s interest rates start from 1.58% per month or 19% per annum.
No, proof of income (like pay slips, bank statements and Form-16) is needed for a Personal Loan application. It helps the loan provider know about your repayment capacity.
Yes, you can probably get a Personal Loan even with a bad or no credit score but the lender may not give you a larger loan amount or the lowest rates.
Amongst all, the Hero FinCorp app can offer approval in as little as 10 minutes, backed by quick disbursal.
Disclaimer
*Approval & Agreement: Loan approval is at Hero FinCorp's discretion. By applying, you agree to our Terms & Conditions, Privacy Policy, and Loan Agreement.
*Data Use: You consent to electronic processes and data use for loan assessment, as per our Privacy Policy.
*Security: Keep your account and device secure. Report our customer care for unauthorized activity immediately.
*Grievances: For concerns, refer to our Grievance Redressal Policy.
*EMI Payment: Refer to our T&Cs here*
*RBI Mandate: RBI requires transparent disclosures. Learn more from RBI.