Personal Loan for Corporate Employees

Yes, for a loan with Hero FinCorp, you can choose the repayment period as per your convenience. You will also get many flexible repayment options, ranging from 6 to 36 months. Use the personal loan for corporate employees' EMI calculator to determine what your optimal EMI should be and then finalise your repayment tenure for the loan.

Obtaining a personal loan without a credit record is difficult because the lender has no way of determining your credit behaviour. However, if you can arrange a collateral or include a co-applicant on your personal loan application, your chances of approval increase. Another solution is to first apply for a short-term consumer durable loan. Repaying such a loan on time will build a good credit score for you, which can be leveraged when applying for personal loans.

There are several factors that play a part in determining your personal loan interest rate. These include the following:

• Your credit score
• Your credit report remarks
• Your work experience and employment status
• Your salary
• Your debt-to-income ratio

The credit report is prepared by the credit rating agency and includes information on your previous defaults (if any), loan settlements, number of hard enquiries, any EMI skips, and so on. Any negative remark on this report makes it difficult for you to secure a personal loan.

You may add a co-applicant to your personal loan application to get loan approval with an average credit score. The co-applicant must be financially stable, and you can introduce your spouse, parents, or friends as a co-applicant. However, remember that the co-applicant’s repayment obligation is similar to yours. Furthermore, even if you provide a co-applicant, it is still up to your lender's discretion whether to approve or deny your loan application.