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Please Note: Hero FinCorp is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
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 |
|
| 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 |
|
| 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.
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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?
FAQs
Q. What are SME loans in India?
Ans. 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.
Q. What is the mode of repayment?
Ans. The loan repayment can be made in form of EMIs and in form of cash, NACH, PDC, ECS, etc.
Q. What is the loan tenure or duration for an Unsecured Business loan?
Ans. The repayment tenure of unsecured business loans offered by HerofinCorp is up to 60 months. However, for secured loans is up to 3 years.
Q. How much working capital loan can I avail from Hero FinCorp?
Ans. The maximum loan amount that can be availed is up to Rs. 45 lakh.
Q. Are there any Foreclosure and Part / Pre-payment charges?
Ans. The foreclosure, part payment and pre-payment charges are charged at nominal rates and shall vary by sub-product and/ or location.
Q. Is there any impact on my credit score if I foreclose my loan?
Ans. No, there is no impact on either your CIBIL score or credit history.