Flexible Tenure
Choose a repayment tenure between 12 to 36 months based on your affordability
Personal Loan for Businessman
Loan up to ₹5 Lakh
Minimum Salary Required ₹15K
Instant Approval in 10 minutes
Calculate Your Personal Loan EMI
Get Personal Loan For Businessmen Up to 5 Lakh
Continuous flow of cash is a must when you are running a business. But, there could be situations when you need instant cash for managing your operations or achieving growth. In these scenarios, you can always take a Personal Loan for Businessmen through Hero FinCorp. With just Rs 15,000 monthly income, you can get a loan for up to Rs 5 Lakh. We offer loans with attractive interest rates starting from 1.58% per month and loan tenures from 12 months to a maximum of 3 years. The best part is that when you apply through our website or app, you get approval in less than 10 minutes!
Features and Benefits of a Personal Loan for Businessmen
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.
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 a Personal Loan for Businessmen
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.
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.
List of Documents Required for a Personal Loan for a Businessmen
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.
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 for Businessmen
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 |
|
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 loans. At Hero FinCorp, you can apply for a Personal Loan for businessmen online. Here are the steps to follow:
- 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
- 5
Click ‘Submit’ to complete your application
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Frequently Asked Questions
Yes, you can pre-close your Personal Loan by paying the outstanding amount before the tenure completion. Pre-closure may involve a nominal fee as per the loan agreement.
Yes, business owners can take Personal Loans with minimal documentation and flexible terms depending on their preferences, needs, and personal finances.
Yes, you may get rejected for a loan even with a good income due to your poor credit score, lender policies, loan defaults or incomplete documents.
You may apply for a Personal Loan for emergencies, expansion of your business, medical needs, or any other need requiring additional financing.
No, Personal Loans and business loans are different. Personal loans are unsecured and available to salaried or self-employed professionals, while business loans are intended only for business needs.