Here are a few factors
|Business Vintage||3 Year|
|Minimum Turnover||50 Lac+|
|Loan Amount & Tenure||5
(12 Month to 36 Month)
|Loan Product||Term Loan-40 Lac, OD Product-15 Lac|
|Rate of Interest & Type||18%-21% (Reducing)|
|Processing Fees||1.50% to 3%|
|Applicant Type||Individual, Proprietorship Concern, Partnership Firm/LLP/Company|
|Whether Co-Applicant Mandatory||Yes if Applicant is Other than Proprietorship Firm|
|Proprietor Age/Co-Applicant Age||24 Year to 65 Year|
|Part Payment Allowed||Yes with applicable charges|
|Whether Ownership Proof Required||Yes, Either Office or Residence must be owned|
|Business Registration Proof Mandatory||Yes|
2. GST Program-30 Lac
3. Income-40 Lac
|Product for Professionals||No|
Share Traders, Liquor, School, Real Estate,Aviation Sector,Tour & Travel,
Both Side Rented,Grain Trader
|USP||Loan without financial upto 30 lac|
Minimum 51% Shareholding required on Loan if applicant is LLP/Partnership
2. Minimum Bankin g Churning required-80%
hero fincorp business loan EMI Calculator
|Interest %||18 %|
|Emi (monthly)||₹ 9,168|
|Total Interest||₹ 10,016|
|Loan Amount + Interest||₹ 110,016|
|Year||Total Principal |
( A )
|Total Interest |
( B )
( A + B)
|Total Payment||Loan Paid Till Date (%)|
|₹ 23,351||₹ 4,153||₹ 27,504||₹ 76,649||23.35 %|
|₹ 76,651||₹ 5,861||₹ 82,512||₹ 0||100.00 %|
Documents Required for Hero Fincorp Business Loan
KYC of applicant & Co-Applicant
Last 3 year ITR with computation of income of applicant & co-applicant
Last 3 year audited balance sheet of applicant
Last 3 year Tax audit report of applicant
Last 12 month Bank Statement of applicant & co-applicant
26AS of last 2 year of applicant & co-applicant
Copy of GST registration
Copy of MSME registration
Copy of Last 12 month GST return
Sanction letter of all running loan
Latest utility Bill of residence if owned or rent agreement if rented
Latest utility Bill of Office if owned or rent agreement if rented
2 Reference with contact details
Last 3 year Debtors & Creditors on letter head
List of Directors & Shareholders, if applicant if Company or List of Partners if applicant is Partnership firm/LLP
Some Important Points
- Company-MOA, AOA, COI , PAN Card
- Partnership Firm/LLP- Partnership Deed & PAN Card
- Proprietorship Firm- PAN Card, Adhaar Card, Passport size photo
- KYC means Adhaar Card, PAN Card, Passport Size Photo
- Company : Directors
- Partnership firm/LLP : Partners
- Proprietorship Firm : Spouse of Proprietor
Note : Hero Fincorp Business Loan may ask for additional documents based on the applicant’s profile. The above list is for reference purposes only.
About Hero Fincorp Business Loan
Discover the Potential of Your Company with a Fincorp Business Loan: Your Fast Track to Success!
It's not only about borrowing; it's also about putting your business first in the success lane. Hero Fincorp Business Loan is designed to meet your business needs with its reasonable interest rates, easy processing, and dedication to your success story.
With a business loan from Hero Fincorp, you can power up the motor of your company and see your dreams quickly come true. Buckle up for a journey marked by invention, expansion, and unheard-of successes.
Save Your Time with a Simple Loan Process
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, you will receive your loan amount shortly.
Let us take an example, How EMI is being calculated
|Year||Principal (A)||Interest (B)||Total Payment (A+B)||Balance Principal||Loan Paid Till Date|
|2022||₹ 20,000||₹ 1,522||₹ 21,522||₹ 0||100.00%|
|Aug||₹ 4,781||₹ 600||₹ 5,381||₹ 15,219||23.90%|
|Sep||₹ 4,924||₹ 457||₹ 5,381||₹ 10,296||48.52%|
|Oct||₹ 5,072||₹ 309||₹ 5,381||₹ 5,224||73.88%|
|Nov||₹ 5,224||₹ 157||₹ 5,381||₹ 0||100.00%|
FREQUENTLY ASKED QUESTIONS
A Business loan is a loan that is taken by a lender and aids financially to take the business to great heights. And in return, this also allows the lender they can take away your business assets if in case you fail to repay the borrowed amount.
If you are willing to apply for a business loan with Hero FinCorp, you should be between 21 to 65 years of age.
Hero Fincorp offers Personal Loan from Rs. 1,00,000 to Rs.40,00,000.
business loan processing fee is a one-time fee that needs to be paid by the customer to get the loan approval started further.
Yes, Indian residents who apply for Hero FinCorp Business loans are eligible for tax benefits on both the principle and the interest amount of the Business loan.