Personal loans are an easy and convenient way to take care of your fund requirements if you do not have any property or assets to keep as security with the lender. The loan also gets processed faster as there is no inspection of assets or finding out its valuation. However, there is a high emphasis on your eligibility to get the loan as it is an unsecured loan. Read on to know about the factors that are related to your Hero Fincorp Personal Loan Eligibility.
The eligibility requirement consists of the following:
Â·Â Â Â Â Â Â Â Â Age criteria
As an applicant, you have to be within the age range of 21 to 58 years and you need to have Indian citizenship. The upper age limit is there to ensure that you are able to pay back the loan within the period while you are still in the working-age category.
Â·Â Â Â Â Â Â Â Â Type of occupation
There is no strict requirement related to the type of occupation that you must be in. Whether you are salaried or self-employed, you are eligible to apply for the loan.
Â·Â Â Â Â Â Â Â Â Work experience
For salaried professionals, the criterion is that you should be employed in your current job for a minimum period of six months. If you are self-employed, the business that you are operating currently should be running for at least the last two years.
Â·Â Â Â Â Â Â Â Â Loan tenure
You should be able to repay back the entire loan amount with interest within a period of sixty mmonths The tenure is flexible but you cannot extend it beyond the specific limit. The maximum amount of loan that you can apply for is Rs 5 lakhs.
Â·Â Â Â Â Â Â Â Â Income
Your monthly income has to be at least Rs 15,000 whether you are salaried or have a business of your own. Â If you have a co-applicant for the loan, then both of your individual incomes would be assessed. Even if your income falls short, your co-applicantâ€™s income can cover it up. So, you can try adding a co-applicant.
You need to submit certain documents as proof of your eligibility. Submit either hard copies or upload soft copies, depending on the mode of application, that is offline or online. These have to be according to your declaration on the application form. The standard requirements are:
Â·Â Â Â Â Â Â Â Â The age and identity proof like Passport, Aadhaar card, Voter ID card, etc.
Â·Â Â Â Â Â Â Â Â Submit the House registration certificate, sales deed, rent agreement, Aadhaar card address, mobile bill or bank passbook address, etc, as address proof
Â·Â Â Â Â Â Â Â Â Your PAN Card
Â·Â Â Â Â Â Â Â Â As income proof, you can submit Form 16, salary slips, bank statements, income tax certificates, etc. The requirements are separate for a salaried or self-employed individual
Â·Â Â Â Â Â Â Â Â Passport-size photographs
Â·Â Â Â Â Â Â Â Â The personal loan application form
You can check your application status online or call up the helpline number. Generally, the lender would update you through e-mail or phone. You can also visit the branch office for inquiries.
Go through your Hero Fincorp Personal Loan Eligibility criteria while applying for a personal loan. These are important factors to decide the fate of your loan application.
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Hero FinCorp Limited
09, Basant Lok, Vasant Vihar, New Delhi â€“ 110057
Email Id: Corporate.Care@HeroFinCorp.com
Website – https://www.herofincorp.com/
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