Hero FinCorp Loan Against Property
Hero FinCorp offers Loan Against Property options for businesses and borrowers who require funding for buying equipment/machinery and other purposes. Customers can easily apply for Hero FinCorp Loan Against Property with easy provisions to submit their Hero Fincorp Loan Against Property online applications.These are secured loans and customers automatically gain from lower rates of interest since the amount is determined on the basis of the property valuation. With collateral being either commercial or residential property, customers can get bigger amounts in comparison to other types of loans. Hero FinCorp offers LAP up to 75% of the value of the collateral, accepting all types of properties including land, apartments, buildings, factories, hospitals, shops, schools and many more. Other advantages include swift processing, doorstep collection of documents and multiple methods of repayment.
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Hero FinCorp Business Loan Overview
You can easily apply for Hero FinCorp business loans at attractive rates of interest. Unsecured business loans are sanctioned between Rs. 5-25 lakh with tenures up to 36 months. The NBFC aims at being a partner for businesses in aiding their future growth requirements with quick and readily available loans, minimal paperwork/documentation and approval of requests within 48 hours.
Along with an easy Hero FinCorp business loan online application procedure, B2B service providers, traders, manufacturers, wholesalers, distributors and retailers can apply for and avail of these unsecured loans with multiple repayment options such as NACH, PDC, Cash and ECS. The financial institution offers term loans and LOC (line of credit) facilities.
Features and Benefits of Hero FinCorp Business Loans
Along with easy Hero FinCorp business loan online application facilities, there are many other benefits for customers. They include the following:
- Unsecured loans with quick and minimal documentation.
- Fast approval within just 48 hours.
- Flexible tenures up to three years.
- Attractive and low rates of interest.
- Quick turn-around time for sanctioning loans.
- Pre-approved business loans.
- Loans between Rs. 5-25 lakh.
- Flexible tenures up to 36 months for repayment.
Hero FinCorp Business Loan Eligibility Criteria and Factors Affecting Eligibility
The Hero FinCorp business loan eligibility criteria include the following:
- SMEs should possess five years of work experience as a minimum requirement.
- They should have a positive credit history and financial track record as well.
- Applicants should be Indian citizens between 21-65.
- Self employed professionals and non-professionals are eligible to apply along with private limited companies/LLPs/partnership firms/trusts.
- Steady income sources are a must.
Along with these Hero FinCorp business loan requirements, you should know that the eligibility criteria are influenced by aspects like the monthly income, repayment ability, tenure, age of the applicant, the financial position of the business and other factors.
Hero FinCorp Business Loan Fees & Charges
The fees and charges are listed below:
| The type of charge | The amount |
| Processing Fees | As given in the loan sanctioning letter. |
| Repayment Swap Fees | Rs. 5,000 + GST |
| Pre-payment Costs |
|
| Default Interest Charge | 2% of the overdue loan amount each month |
| Bounce Charges (per transaction) | Rs. 5,000 + GST |
| Issuance of Foreclosure Letter | Rs. 1000 + GST |
| Loan Rescheduling Fees | Rs. 5,000 + GST |
| Account Statement or the Amortization Schedule | Zero |
Documents Required for Hero FinCorp Business Loans
The documents required include the following:
- KYC documents like the PAN card, address proof and identity proof.
- Business documents like audited financial statements and documents of the company, GST returns, and bank statements for the last six months and the list of shareholders and directors.
- Business continuity proof (GST/tax registration).
- Income proof and proof of signature.
Hero FinCorp Business Loan Interest Rates
The interest rates are competitive at Hero FinCorp and the maximum threshold is 26% for borrowers. There are fixed and floating rates available to choose from. The loan amount and tenure determine the rate of interest, i.e. the longer the tenure, the higher the overall rate.
Factors affecting Hero FinCorp business loan interest rates
There are many factors that impact the overall interest rates including the credit score, loan amount, monthly income of the borrower and repayment ability, tenure of the loan and the existing relationship of the customer with the lender or financial institution.
How the EMI calculation works for Hero FinCorp business loans
The EMI calculation is done using the tenure, interest rate and loan amount. You can use an online calculator for entering these three fields and working out the payable EMI amount every month. The interest rate is calculated through either the flat rate method (Interest = Principal х Interest Rate х Repayment Duration / 100) or the diminishing rate method (Loan EMI = P x r x (1+r) n / (1+r) n-1). Here R refers to the rate of interest, P is the loan amount and N is the tenure of the loan.
How Hero FinCorp compares with other lenders?
| Name of Financial Institution | Annual Interest Rate | Maximum Loan Amount | Tenure for Repayment (in months) |
| Kotak Mahindra Bank | 14% onwards | 75 lakh | 6 – 48 |
| HDFC Bank Business Loan | 16% onwards | 50 lakh | 12 – 48 |
| Axis Bank Business Loan | 17% onwards | 30 lakh | 12 – 36 |
| Fullerton Finance | 17% onwards | 50 lakh | 12 – 48 |
| Bajaj Finserv | 17% onwards | 45 lakh | 12 – 60 |
| ICICI Bank Business Loan | 18% onwards | 40 lakh | 6 – 48 |
| IIFL Finance | 18% onwards | 50 lakh | 12 – 36 |
| Tata Capital Finance | 17% onwards | 50 lakh | 12 – 48 |
| RBL Bank | 19% onwards | 50 lakh | 12 – 36 |
| IDFC First Bank Business Loan | 20% onwards | 90 lakh | 12 – 48 |
| HDB Financial Services Ltd. | 22% onwards | 30 lakh | 12 – 36 |
Hero FinCorp Business Loan Customer Care Number
Retail customers should contact 1800-102-4145 or email customer.care@heroFinCorp.com. Corporate customers can contact 1800-103-5271 or email corporate.care@heroFinCorp.com.
FAQs
- You can apply online and maintain a good credit score.
- Maintain a proper bank balance and show all income sources.
- Keep the ratio of debt to income on the lower side.
- Provide all the documents in an accurate manner.
- Emphasize your relationship with the bank/lender.
- Loans between Rs. 5-25 lakh.
- Flexible repayment tenures up to 36 months.
- Minimal documentation with fast approvals in 48 hours.
- Unsecured business loans with multiple repayment options.
- PAN Card and Application Form.
- Identity and Address Proof Documents.
- Business Continuity Proof (GST or other tax documents along with trade license/copy of partnership deed).
- Income proof.
- Signature proof.
- Check the eligibility criteria.
- Apply online or email at corporate.care@heroFinCorp.com or call this number- 1800-102-4145.
- You will then have to provide KYC and other documents.
- You can then select the amount and tenure along with completing other formalities.
- View the terms and conditions before accepting the same.