Flexible Tenure
Choose a repayment tenure between 12 to 36 months based on affordability.
Personal Loan for Businessman
Loan up to ₹5 Lakhs
Minimum Salary Required ₹15K
Instant Approval
Calculate Your Personal Loan EMI
Get Personal Loan For Businessmen Up to 5 Lakh
It is difficult to keep your company afloat in the market while dealing with the countless challenges of being a business owner. Businesses are prone to unexpected losses. And if you don't have easy access to funds in such situations, running your business for a long time may appear to be an impossible task. This is where our Personal Loan for businessmen comes to the rescue. Our quick approval process and competitive interest rates ensure you stay ahead of the competition.
Features and Benefits of Personal Loan for Businessmen
Applying for a Hero FinCorp Personal Loan will provide you with a slew of benefits. These include the following:
Higher Loan Amount
Get up to Rs 5 Lakh to manage business needs or unexpected expenses.
Unsecured Loan
Access funds easily without pledging assets or providing collateral.
Easy Documentation
Submit basic KYC details and income proof for quick loan approval.
Eligibility Criteria for Personal Loan for Businessman
Why look for other lenders when Hero FinCorp can provide you with quick access to funds by meeting the bare minimum of eligibility requirements.
Age
You must be between 21 to 58 years to be eligible for the loan.
Citizenship
You should be a citizen of India.
Work Experience
Your business must be at least two years old.
Monthly Salary
The minimum monthly income required is Rs 15,000.
Documents Required for a Personal Loan for a Businessmen
Documentation requirements are minimal for a Personal Loan at Hero FinCorp. Here are the separate documentation requirements for a personal loan for a businessmen:
Documents Required for Salaried Employee
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Photo Identity
Driver’s Licence, Passport, PAN Card, Aadhaar card
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
Documents Required for Self-Employed
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Photo Identity
Driver’s Licence, Passport, PAN Card, Aadhaar card
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 Rates on Personal Loans in businessman
Understanding the interest rates and charges on a Personal Loan for Businessmen is crucial for effective financial planning. These costs impact your repayment amount, so knowing the terms beforehand helps you make informed borrowing decisions for business growth and stability.
How to Apply for a Personal Loan for Businessmen?
As a business owner with limited free time, you may not always be able to physically visit the lender's branch and apply for funds. Given this, Hero FinCorp allows you to apply for a Personal Loan for businessmen online or offline.
Online Process
- 01
Visit the Hero FinCorp website.
- 02
Go to the Personal Loan page and click ‘Apply Now’
- 03
Enter your mobile number and verify with the OTP received
- 04
Choose the loan amount you need
- 05
Verify your KYC details to check income eligibility
- 06
Click ‘Submit’ to complete your application
personal loan for businessman Related Blogs
Frequently Asked Questions (FAQs)
Financial institutions permit you to foreclose on your loan well in advance of the binding due date. However, the time period after which you are permitted to close a loan varies by lender. If you apply with Hero FinCorp, you can request a pre-closure after paying the first twelve months' EMI on time without any break or delay.
Yes, we offer an instant Personal Loan for businessmen. Personal Loans are not restricted to salaried individuals and can be availed by self-employed individuals, including business owners. One such platform where business owners can explore Personal Loan options is the Hero FinCorp Personal Loan app, which offers convenient and accessible loan solutions.
Your income is not the only factor that influences your personal loan approval. If you have a history of debt default, skipped or delayed several EMIs on your current loan, or continue to use more than 30% of your total revolving loan balance, you may be denied a loan, even if your monthly income is well above the lender's minimum requirements.
You will receive personal loan approval within minutes. However, the total time it takes for disbursement is determined by your profile and the list of documents you have provided. Typically, it takes anywhere from 24 to 48 hours for disbursement. But, if a crucial document is missing, or if there is a discrepancy in the name or address of two different documents, the loan processing will take a little longer than usual.
No, most lenders provide unsecured personal loans. However, if you fail to demonstrate your repayment capacity, the lender may require you to put up any valuable asset as collateral or to add a co-applicant with a strong credit profile for approving funds.
Financial institutions place no restrictions on the end use of this loan product. It means you can use them for any purpose you see fit. Usually, applicants apply for this loan to deal with the following situations.
Wedding expenses
Medical bills
Travelling
Home renovation
Child's education fees
Debt consolidation
No, a Personal Loan for businessmen is different from a business loan. A Personal Loan is granted to an individual for personal financial needs, while a business loan is specifically designed to meet the financial requirements of a business, such as capital for expansion, inventory purchase, or operational expenses.