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Hero FinCorp Business Loan

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HDFC Bank
Max Loan Amt.Upto ₹75L
Rate of Interest10.75% - 28%
Tenure uptoUpto 5 Years
Processing FeeUpto 2%
ICICI Bank
Max Loan Amt.Upto ₹50L
Rate of Interest13.25% 19.25%
Tenure uptoUpto 5 Years
Processing FeeUpto 2%
Axis Bank
Max Loan Amt.Upto ₹75L
Rate of Interest15% - 19.25%
Tenure uptoUpto 5 Years
Processing FeeUpto 2%
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How Can I Apply for a Business Loan Online?

Get up to ₹1 Crore in 5 Simple Steps

Step 1: Enter your mobile number in the application form.

Step 2: Enter OTP to verify your mobile number.

Step 3: Provide your personal details.

Step 4: Select a bank account for account aggregator consent.

Step 5: Compare offers and apply for the best-suited loan.

About Hero FinCorp Business Loan

Hero FinCorp is a Non-Banking Financial Company (NBFC) that offers consumer finance and commercial lending services to its customers. The business loan interest rate offered by the NBFC is up to 26% p.a. and shall vary as per applicant's profile and business requirements. Hero FinCorp is a provider of business loans (secured & unsecured) and Bill Discounting credit facilities to individuals, SMEs, MSMEs and large-sized companies and enterprises.

Hero FinCorp offers both secured and unsecured business loans for individuals, small businesses, and Small and Medium-Sized Enterprises (SMEs) at an interest rate up to 26% p.a. The NBFC offers unsecured or collateral-free business loans that serve various business-related purposes, including business expansion, meeting working capital requirements, increasing business cash flow, buying equipment/machinery, etc.

Hero FinCorp Business Loan Highlights

Interest Rate Up to 26% p.a. - Depends on business requirements
Eligible Entities Traders, Wholesalers, Manufacturers, Retailers, Distributors or B2B service providers, Public and Private firms, Sole Proprietorships and Self-employed professionals
Loan Amount
  • From Rs. 3 lakh to Rs. 40 lakh (Unsecured Business Loan)
  • From Rs. 5 lakh to Rs. 25 lakh (Secured Business Loan)
Repayment Tenure Up to 60 months (Unsecured Business Loan)Up to 36 months (Secured Business Loan)
Credit Score Higher is the CIBIL score, more are the chances of approval
Collateral / Security Not required, except Secured Term Loan

Eligibility Criteria for Business Loan

Age: Minimum 21 years and maximum 65 years at time of loan maturity

Business Vintage: Minimum 5 years SMEs

Minimum Income: Not defined by Hero Fincorp

Occupation:

  • Self-employed Professionals: Architects/ Chartered Accountants/ Doctors/ Company Secretaries
  • Self-employed Non-Professionals: Sole Proprietors/ Retailers/ Traders/ Manufacturers/ Service Providers
  • Entities: Limited Liability Partnership (LLPs)/ Private Limited Company/ Partnership Firms/ Trusts

Fees & Charges

Types of Charges
Fees
Pre-payment Charges
  • Allowed only after 12 months of the loan sanction
  • Charges will be applicable as mentioned in the sanction letter
Repayment Swap Charges Rs. 5000
Loan Rescheduling Charges Rs. 5000
Bounce Charges (per transaction) Rs. 5000
Default Interest 2% of loan overdue amount per month
Account Statement/ Amortization Schedule NIL
Foreclosure Letter Issuance Rs. 1000

Note: GST shall be added extra on all the above mentioned fees & charges.

Also Compare: Which bank/NBFC gives lowest interest rate for business loan?

Bill Discounting / Purchase Invoice Finance / Invoice Discounting from Hero Fincorp

Sales Bill Discounting is a type of business loan where the seller can avail money in lieu of the bills that are yet to be paid by their customers. The loan is offered at a discounted invoice value and can be repaid once the customer pays the actual bill after the agreed credit period.

Purchase Invoice Finance is primarily offered against the purchase invoice for quick disbursal of funds for the business so that it can meet its daily purchase requirements easily.

Features of Bill Discounting Loan

  • Interest Rate: 11% - 14% p.a.
  • Loan Amount: Up to 80% of the invoice value
  • Repayment Tenure: Up to 120 days
  • No Collateral is required for high-rated business enterprises
  • Loan Processing Tenure: 7-10 working days

Eligibility Criteria

  • Public, Private, Proprietorship, or Self-employed Professionals are eligible
  • Minimum 3 years in the current business
  • Business profitability as per industry norms

Also Know: Easy Steps to Get Machinery Loan Without Security In India

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Documents Required

  • Duly filled application form with PAN card
  • Identity Proof: Voter ID Card, Photo ID issued by GOI, Passport, Driving Licence, Aadhaar Card
  • Address Proof: Aadhaar Card, Voter ID Card, Property Tax Receipt, Driving Licence, Utility Bill, Registry Copy, Property Tax Receipt, Lease or Rent Agreement
  • Business Continuity Proof: VAT, Excise, Sales Tax, Service Tax Registration, Trade License, Copy of partnership deed, Registration Certificate issued by RBI or SEBI, Certificate of Practice
  • Signature Proof: Banker’s Verification/ Passport/ PAN Card
  • Income Proof: Latest ITR, GST returns for the financial year, Latest audited financials, Last 6 months bank statement
  • Additional Documents, if applicable: List of Directors, Shareholding patterns

Related Post: What is the Mudra loan? What is the process and eligibility criteria to avail this loan?

How Can I Apply for a Business Loan Online?

Get up to ₹1 Crore in 5 Simple Steps

Step 1: Enter your mobile number in the application form.

Step 2: Enter OTP to verify your mobile number.

Step 3: Provide your personal details.

Step 4: Select a bank account for account aggregator consent.

Step 5: Compare offers and apply for the best-suited loan.

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FAQs

SME loans are the funding support offered to Small and Medium Enterprises to help in their business growth and expansion. These loans are availed to meet the daily working capital requirements, manage business cash flow, and meet various other business-related requirements.

The loan repayment can be made in form of EMIs and in form of cash, NACH, PDC, ECS, etc.

The repayment tenure of unsecured business loans offered by HerofinCorp is up to 60 months. However, for secured loans is up to 3 years.

The maximum loan amount that can be availed is up to Rs. 45 lakh.

The foreclosure, part payment and pre-payment charges are charged at nominal rates and shall vary by sub-product and/ or location.

No, there is no impact on either your CIBIL score or credit history.

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