Collateral-Free Loans
A number of lending options require you to pledge an existing asset or have a person guarantee your loan. A Hero FinCorp small loan is approved based on creditworthiness and some essential elements.
Small Personal Loan
Quick loan approval process
Flexible repayment tenure
Easy online application
Calculate Personal Loan EMI
Get a Small Personal Loan Online Up to Rs 5 Lakh
If you are looking for a small Personal Loan online with minimal paperwork and fast approval, Hero FinCorp can lend you online Personal Loans of small amounts up to Rs 5 Lakh. It can be for a medical emergency, education, travelling, repairs to your home or any of life's unforeseen events. These online small loans come with flexible repayment options, competitive interest rates, complete transparency and a hassle-free digital application from wherever you are. Hero FinCorp offers simple, secure and convenient loans. There are no hidden costs or waiting for long periods.
Hero FinCorp does have a simple loan online application, so apply today for a small instant loan and receive it when you want to use it.
Features and Benefits of Small Personal Loans
A Hero FinCorp small cash loan can assist you with your financial borrowing needs. Our fast, simple, friendly, and easy Personal Loans are a form of unsecured lending designed to provide financial assistance for an individual's personal needs and expenses. With online application and a minimal amount of documents, our small loans are designed to provide a simple, accessible and transparent borrowing and lending experience.
Easy Application and Documentation
Hero FinCorp aims to simplify the small Personal Loan process to assist its borrowers and potential customers. You can use our fully digital application that is very simple and requires minimal documentation. All they need to complete an application is basic KYC information and proof of income, so that the process is as easy as possible for the potential customer using the Hero FinCorp platform for personal borrowing and lending needs.
Flexible Repayment Plans
Select from different repayment tenures so that your EMIs are manageable within your budget and monthly cash flow.
Competitive Interest Rate
Enjoy our attractive interest rates starting from 19% p.a., which make your repayments affordable, helping you manage your finances easily.
Basic Loans vs. Small Loans: Key Differences
When you are thinking about a loan, it is helpful to know how basic loans or small cash loans are different in terms of eligibility, process and features. Here is a brief overview to help you make the right choice from the loan options available to you according to your financial needs.
| Parameter | Basic Loans | Small Loans |
|---|---|---|
| Loan Amount | Offer larger amounts, going up to Rs 5 Lakh | Start at Rs 50,000 and are ideal for short-term or smaller expenses |
| Foreclosure Flexibility | Usually have the option to foreclose the loan | May not always allow early closure |
| Interest Rates | Tend to have higher interest rates | Often more affordable with comparatively lower interest charges |
| Repayment Tenure | Come with longer repayment options of up to three years | Offer shorter tenures beginning from one year |
| Documentation Process | Require detailed paperwork submission | Can often be approved digitally with minimal or no paperwork involved |
Eligibility Requirements for an Instant Small Personal Loan
Before filling out the application for a small instant loan with Hero FinCorp, make sure you meet the basic eligibility requirements for a personal loan . These requirements will help ensure your application is processed smoothly, so that the money gets disbursed on time, especially when you need it most.
Age
The applicant must be between the ages of 21 and 58 years at the time of applying for the loan to get approval.
Citizenship
The applicant must be an Indian citizen with a valid ID proof issued by the Government of India to apply for a small Personal Loan.
Work Experience
If you are a salaried person, you will need to have a minimum of six months of continuous working experience with the company. If you are self-employed, you will need to have been running the business for at least two years.
Monthly Pay
To determine eligibility, there should be a consistent monthly income (enough to ensure timely EMI repayment and the loan gets approved). The minimum is just Rs 15,000 only.
List of Documents Needed to Apply for a Small Personal Loan
Mandatory Documents
Duly filled loan application form, Passport size coloured photograph
Identity Proof
Driving Licence/ Passport PAN Card (mandatory)/ Aadhaar card
Residence Proof
Driving Licence/ Passport/ Aadhaar Card/ Ration Card/ Utility Bill
Residence Ownership Proof
Electricity Bills/ Maintenance Bills/ Property Documents
Income Proof
Last three months' salary slips, Last six months' bank account statement (salary account), Form 16
Job Continuity Proof
Appointment letter from the current employer, Experience certificate from the previous employer
Mandatory Documents
Duly filled loan application form, Passport size coloured photograph
Identity Proof
Driving Licence/ Passport PAN Card (mandatory)/ Aadhaar card
Residence Proof
Driving Licence/ Passport/ Aadhaar Card/ Ration Card/ Utility Bill
Office Address Proof
Maintenance Bill/ Utility Bill/ Property Documents/ Rent Agreement
Business Existence Proof
Copy of Tax Registration/ Shop Establishment Proof/ Company’s Registration Certificate
Income Proof
Last six months' bank statement, ITR for the previous two consecutive years
Small Personal Loan Interest Rates and Charges
Prior to applying for a small Personal Loan, it's important to know the personal loan interest rates and charges. Hero FinCorp has simple, transparent pricing with competitive interest rates and nominal related costs to give you peace of mind and affordability.
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 19% p.a. |
| 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 | Online loan application does not charge any cancellation fees |
| Interest amount paid is non-refundable | |
| Processing charges are also non-refundable |
How to Apply For a Small Personal Loan?
The application process for a small instant Loan via Hero FinCorp is a simple fully digital process. Here’s how you can apply:
- 1
Go to the Hero FinCorp website or the Hero FinCorp personal loan app.
- 2
Select a small personal loan and click on ‘apply now’.
- 3
Enter your mobile number and authorise the OTP received.
- 4
Select your preferred loan amount and loan repayment tenure.
- 5
Complete the KYC verification to check your eligibility based on your income.
- 6
Click ‘Submit’ to complete the application process.
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Frequently Asked Questions
Once you have cleared KYC and income verification checks, as well as some basic verification, the approval is instant. The application submission is 100% online and the requirement for documents needed is minimal.
The minimum amount you can qualify for is Rs 50,000 and you can go up to Rs 5 Lakh for a small loan, based on eligibility.
Based on your income and employer, you may qualify, but a better credit score increases the chances of approval.
Personal Loans are unsecured loans and do not need collateral or a guarantor; they are approved based on your credit and income profile.
Hero FinCorp offers flexible loan terms, where a small instant loan can have a 12 to 36 months term.
Yes, you can prepay and pay off your loan early, but there will be applicable foreclosure fees applicable.
You can pay back early; however, a charge of 5% + GST may apply based on the outstanding loan amount as a foreclosure fee.
Usually, the loan amount is disbursed to your bank account within a few hours post-approval.
Repayment can be made through monthly EMIs via ECS or Auto-Debit, as suitable, based on the selected tenure and the bank details provided.
Depending on your repayment history, current liabilities, along with Hero FinCorp's assessment of your overall eligibility, multiple applications may be accepted.