Sometimes you require additional funds urgently for your business at various points of time during its operation. The reasons can a rough patch, decrease in the earnings, sudden unexpected losses, etc. There can also be other reasons like a business expansion, up-gradation of technology or increase in the stock of inventory. To deal with these, you can apply for loans under Hero Fincorp corporate loan without any collateral or mortgage. Read on to know more.
Under a collateral free loan for business, you do not have to offer any asset as collateral or security.
The features and benefits of this category of loans are:
• Fast processing of loan applications
Usually, Hero Fincorp processes the loan applications quickly. They do not have to evaluate any asset and if you are eligible, they would approve the loan amount within 48 hours.
• Flexible repayment tenure
You also have the option to choose your repayment tenure or period. The condition is that you should pay back the loan with interests within three years.
• Low interest rates
The lenders generally charge an interest rate on such loans that is slightly higher than that on secured loans. This is because you are not providing any guarantee of repayment. However, Hero Fincorp offers these loans at affordable interest rates.
• Loan amount
You can apply for a loan amount of Rs 5 lakhs to Rs 25 lakhs, irrespective of whether you are a wholesaler, retailer, in the manufacturing business, trader, distributor or B2B service provider.
• No risk of loss of assets
You are not keeping any collateral while applying for the loans, so there is no risk of losing your asset if you are not able to repay back the loan amount.
• Minimal document requirements
Hero Fincorp requires very a smaller number of documents compared to other lenders, so that they can process the loan fast. This would be easy for you, especially if you require it within a short period.
There are certain eligibility criteria that you should fulfil to get this loan. These include:
• The number of years that the business has been operational, has to be five years.
• You should have a robust credit worthiness and excellent financial history of the business.
• Submit certain documents like the KYCs of borrowers and guarantors of your business, latest audited finance reports, GST returns proof, bank statement of the last 6 months, and list of directors or shareholding patterns if required.
If your application gets rejected, you can improve your chances of getting the loan in future. Ensure that you have a good credit score. You can do this by making your loan payments on time like the credit card bills, monthly loan instalments, etc. Once your CIBIL score is above 750, you can reapply again.
If you require a business loan without collateral, visit the website to go through the features and eligibility requirements of Hero Fincorp corporate loan section on the website. Apply with the required details and mandatory documents. Repay back on time to have a good credit score that would help you in future.
Contact Us & Send Query-
Hero FinCorp Limited
09, Basant Lok, Vasant Vihar, New Delhi – 110057
Email Id: [email protected]
Website - https://www.herofincorp.com/