Running a business often brings unexpected expenses. Hero FinCorp, an RBI-licensed NBFC, offers personal loans for businessmen up to Rs 5 Lakh with instant approval and low EMIs.
Calculate Personal Loan EMI
A steady flow of cash is important for every business to run. But sometimes, there may not be enough cash. You might need to buy stock, pay your suppliers on time, or deal with an important bill. Hero FinCorp can always help you get a Personal Loan for Businessmen in these situations.
With a monthly income of just Rs 15,000, businessmen can qualify for a personal loan of up to Rs 5 Lakh. We offer loans with competitive interest rates starting at 1.58% per month. Business entrepreneurs can pick repayment terms that range from 12 months to 3 years. Business owners don't need to put up any collateral, so you can focus on growing your business while we take care of the money. The best part is that when you apply through our website or app, you’ll receive approval in under 10 minutes!
Before you apply for a instant personal loan online, you must check out the features and benefits of these loans. Here are the key advantages and features of Hero FinCorp’s Personal Loan for businessmen.
Choose a repayment tenure between 12 to 36 months based on your affordability
Get up to Rs 5 Lakh to manage business needs or unexpected expenses.
Access funds easily without pledging assets or providing collateral.
Submit basic KYC details and income proof for quick loan approval.
To apply for a personal loan for businessmen, make sure you meet the eligibility requirements, including your age, monthly income, work experience, and citizenship. At Hero FinCorp, the personal loan eligibility criteria are simple and easy to fulfil.
| Eligibility Criteria | Details |
|---|---|
| Age | You must be between 21 to 58 years. |
| Citizenship | You should be a citizen of India. |
| Work Experience | Your business must be at least two years old. |
| Monthly Income | The minimum monthly income required is Rs 15,000. |
At Hero FinCorp, the documentation requirements for a personal loan application are minimal. Knowing the requirements before applying and being ready with the essential personal loan documents is better to ensure a smooth application process. Here is the list of documents.
Filled Loan Application Form, Passport Size Coloured Photograph
Driver’s Licence, Passport, PAN Card, Aadhaar card
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
It’s better to know the loan costs, like the interest rates and processing fees, before applying for a Personal Loan for Businessmen. At Hero FinCorp, personal loan interest rates are competitive, and other charges are nominal. Check out the details.
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 1.58% per month |
| 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 |
As a business owner with limited free time, you may not always be able to physically visit the lender's branch and apply for loans. At Hero FinCorp, you can apply for a Personal Loan for businessmen online. Here are the steps to follow:
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
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