Calculate Personal Loan EMI
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.
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.
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 |
The following are the features and benefits of a 12-month Personal Loan for informed financial decisions tailored to your needs:
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:
You should be a citizen of India.
Six months for salaried individuals and 2 years for self-employed individuals.
Applicant should at least earn a minimum amount of Rs 15,000 monthly
Applicant should be between 21-58 years
Hero FinCorp facilitates hassle-free 12-month Personal Loans with minimal documentation. The following documents required for personal loans:
Driver’s Licence, Passport, PAN Card, Aadhaar card
Filled Loan Application Form, Passport Size Coloured Photograph
Six Month Salary Slip & Bank Account Statement, Form 16
Appointment Letter From the Current Employer
Driver Licence, Passport, Aadhaar Card, Utility Bill
Not Applicable
Driver’s Licence, Passport, PAN Card, Aadhaar card
Filled Loan Application Form, Passport Size Coloured Photograph
Last Six Months Bank Statement, ITR for the Last Two Consecutive Years
Not Applicable
Maintenance Bill, Utility Bill, Property Documents, Rent Agreement
Copy of Tax Registration, Shop Establishment Proof, Company’s Registration Certificate
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.
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 19% p.a. |
| Loan Processing Charges | Minimum 2.5%+ GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1-2% of the loan/EMI Overdue Amount Per Month |
| Cheque Bounce | Fixed Nominal Penalty |
| Loan Cancellation | 1. Online loan app does not charge any cancellation charges |
| 2. Interest amount paid is non-refundable | |
| 3. Processing charges are also non-refundable |
Applying for a 12-month Personal Loan online is a simple process that can be followed with these steps
Visit the Hero FinCorp website or install the personal loan app
Go to the Personal Loan page and click ‘apply now’
Enter your mobile number and verify with the OTP received
Choose the loan amount you need
Verify your KYC details to check income eligibility
Click ‘Submit’ to complete your application
*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.
