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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 a businessman comes to the rescue. Our quick approval process and competitive interest rates ensure that 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:

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Flexible Tenure

With Hero FinCorp, you have the freedom to choose the tenure based on your affordability. We typically offer personal loans for businessmen with payback terms ranging from 12 to 36 months. You can always use our personal loan EMI calculator to see what EMI is best for your budget.

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Higher Loan Amount

As a business owner, you should always be prepared to deal with the consequences of a sudden loss or a delay in payment from a customer. However, if you are missing out on an opportunity due to a lack of funds, turn to our personal loan for businessmen for assistance, which is available for a maximum amount of Rs 5. lakh.

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Unsecured Loan

Putting your company's assets on the line for a few lakh during an emergency makes no sense. At Hero FinCorp, we ensure that you can access funds with a few clicks on your smartphone and without putting up any collateral.

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Easy Documentation

Why should the various departments within your company spend their valuable time gathering a long list of documents for loan approval? Our personal loan for businessmen can be obtained by simply submitting your personal and business-related KYC documents, as well as proof of monthly income.

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?

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Citizenship

You must be a legal citizen of India.

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Age

You must be at least 21 years old. Your maximum age when applying for a loan should not be more than 58 years.

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Work Experience

You must have been running your current business for at least two years.

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Minimum Salary

Your current account statement or ITR must show a minimum business income of Rs 15,000 per month.

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Documents

PAN Card, Identity Proof, Address Proof, Business existence proof, Office address proof, Previous six months current account statement/ ITR for previous two consecutive years and Passport size photograph

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 a businessman online or offline.

Online Process

  • 01

    Tap here to complete the loan application

  • 02

    Upload your business income and other vital KYC and business-related documents.

  • 03

    If the information you provided meets our qualifying criteria, we will contact you to complete the next steps.

  • 04

    After finishing all the mandatory procedures, you will receive the funds shortly in your account.

Offline Process

  • 01

    Visit the Hero FinCorp outlet in your city or connect with our registered DSA.

  • 02

    Explain your funding requirements

  • 03

    Fill out the required details on the application form.

  • 04

    Furnish the relevant documents.

  • 05

    If the information you furnish meets our requirements, you will get approval in less than five minutes.

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.
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
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