It is good if you are planning to buy a bike on loan. Do away with the burden of an additional and big amount of expense from your shoulder in a particular month. There must be other regular expenses as well, that you have to maintain. Get a Hero Fincorp Bike Loan instead. But there are certain things that would decide your eligibility for it. Your loan repayment capability, income, CIBIL score, etc. may determine whether the loan would ultimately get disbursed. So, read on to prepare yourself before you apply and avoid the possibility of rejection.
The lender would consider various factors to avoid the risk of non-repayment from his end. These conditions may differ under certain circumstances but some criteria that are usually always there include:
Â·Â Â Â Â Â Â Â Â Applicantâ€™s age
You have to be a minimum of 18 years old when you apply for the loan. For the maximum age, there is no fixed number and it varies.
Â·Â Â Â Â Â Â Â Â Your KYC details
While applying for your Hero Fincorp Bike Loan, reside at an address for a constant period, for example, a year or so before you submit the form. This would prove your residential stability. Apart from this, get a permanent contact number. Also, arrange for documents proving your ID, address, and other details.
Â·Â Â Â Â Â Â Â Â Income
A stable and minimum level of income is important. You can be a salaried professional having a job for a year besides being in your current job for at least six months. For a business owner, the current business should be running at least for the last year.
Â·Â Â Â Â Â Â Â Â Your CIBIL Score
The CIBIL (Credit Information Bureau of India Limited) score is one important criterion that the lender would consider. You can check your CIBIL score on the CIBIL TransUnion website. You will see that it varies within a range. There is no benchmark regarding this score but a higher score would increase your bike loan eligibility. You may also get the loan at a lower interest rate. On the other hand, a low CIBIL score will be disadvantageous for you.
Â·Â Â Â Â Â Â Â Â Supporting documents
You have to submit photocopies of documents to support what you mentioned on the application form. For both salaried and business professionals, there are a standard set of documents that you have to compulsorily provide.
The mandatory documents of which you have to produce in both original and photocopies include:
Â·Â Â Â Â Â Â Â Â Passport, Aadhaar Card, Pan Card
Â·Â Â Â Â Â Â Â Â Address proof like Passport or Driving License or Voter ID card or Utility Bill. You can also submit your Bank pass book or Post Office savings account statement. Address proof in your spouseâ€™s or parentâ€™s name is a valid document
Â·Â Â Â Â Â Â Â Â Passport size photographs
Â·Â Â Â Â Â Â Â Â Salary slips provided by your organisation or income tax return documents. In case of business, provide the TDS certificate, P/L statement, balance sheet
Â·Â Â Â Â Â Â Â Â Bike registration certificate
Before you apply for a Hero Fincorp Bike Loan, it is important that you do a self-check to see whether you are eligible for it. The criteria are given on the website, so it would be easy for you to find out the requirements. Â
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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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