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Personal Loan For Defence Personnel
Loan up to Rs 5 Lakhs
Minimum Salary Required Rs 15K
Instant Approval in 10 Minutes
Personal Loan EMI Calculator
Get Personal Loan For Defence Personnel Up to 5 Lakh
Defence personnel are our country's strength and pride. The sacrifices they make, their services in harsh conditions, and their role in ensuring civilian safety are irreplaceable. It is but natural that they and their families should never be required to sacrifice their dreams because of a lack of money.
In appreciation of their commitment, there are many financial institutions that provide customised financial solutions. Among these is the online Personal Loan for Defence personnel from Hero FinCorp—a trustworthy and well-liked option in the market.
We facilitate simple access to money for Army, Navy, and Air Force personnel. With online approval in a matter of 10 minutes, attractive interest rates, flexible tenures of repayment, and a Rs 15,000 minimum monthly salary, Hero FinCorp makes sure that your financial needs are fulfilled quickly and easily.
Features and Benefits of Personal Loan For Defence Personnel
A personal loan for Defence personnel comes with many perks. They are quick to access, easy to repay, need no collateral, and can be used in multiple ways. There are multiple reasons to choose Hero FinCorp for a instant loan online. Some of the best benefits are listed below.
Higher Loan Amount
Get instant loan amount of up to Rs 5 Lakh online.
Unsecured Loan
Get Personal Loan without pledging any collateral or security.
Simplified Application Process
Quickly apply online through the Hero FinCorp website or loan app.
Eligibility Criteria for Personal Loan for Defence Personnel
Before applying for a Personal Loan with Hero FinCorp, make sure you meet the Personal Loan eligibility criteria. These include your age, monthly income, work experience, and Indian citizenship. The Personal Loan eligibility criteria are simple and easy to fulfil.
Citizenship
You should be a citizen of India.
Age Requirement
You must be between 21 to 58 years to be eligible for the loan.
Work Experience
You should have at least six months experience in your current job.
Monthly Income
Your salary slip must reflect a monthly income of at least Rs 15,000.
List of Documents Required for a Personal Loan for a Defence Personnel
At Hero FinCorp, the documentation requirements for a personal loan are minimal. Below are the specific requirements for Defence personnel applying for a loan.
Proof of Photo Identity
Driving Licence, Passport, PAN Card, Aadhaar card
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Income
Three Months Salary Slips & Six Months Bank Account Statement, Form 16
Job Continuity Proof
Appointment Letter From the Current Employer
Proof of Residence
Driving Licence, Passport, Aadhaar Card, Utility Bill
Proof of Business Existence
Not Applicable
Interest Rates and Charges on Personal Loan For Defence Personnel
Before applying for a Personal Loan, it’s important to understand the related costs. At Hero FinCorp, Personal Loan interest rates and other charges are nominal. Here are 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 |
How to Apply for a Personal Loan for Defence Personnel?
As defence personnel, you may not always have the time to go to the lender's branch and fill out the lengthy paperwork. As such, we streamlined our online and offline processes to make borrowing easier for you.
- 01
Visit the Hero FinCorp website or install the personal loan app
- 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
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Frequently Asked Questions (FAQs)
You can apply for a Personal Loan during medical emergencies, debt consolidation, or planned expenses like home renovation, gadgets, or travel.
You can make the complete loan payment after completing 12 EMIs. Some lenders may charge a foreclosure fee, so you must check before proceeding.
Lenders assess your income, credit score, age, debt-to-income (DTI) ratio and work experience to determine your repayment capacity when approving your loan.
Monthly income
Debt-to-income ratio
Age
Credit report
Work experience
You should maintain a strong credit score, low DTI ratio, and avoid multiple loan enquiries at once to secure a lower interest rate.
Keep your debt-to-income ratio below 50.
Avoid applying with more than two lenders at a time.
Limit your revolving credit usage.
Maintain healthy terms with your existing lenders.
Look out for festive loan offers.
You can apply with a creditworthy co-applicant to share your EMI responsibility. Lenders favour applications backed by stable income and good credit profiles.
Disclaimer
*Approval & Agreement: Loan approval is at Hero FinCorp's discretion. By applying, you agree to our Terms & Conditions, Privacy Policy, and Loan Agreement.
*Data Use: You consent to electronic processes and data use for loan assessment, as per our Privacy Policy.
*Security: Keep your account and device secure. Report our customer care for unauthorized activity immediately.
*Grievances: For concerns, refer to our Grievance Redressal Policy.
*EMI Payment: Refer to our T&Cs here*
*RBI Mandate: RBI requires transparent disclosures. Learn more from RBI.