You may need emergency funds for various reasons starting from home renovation, wedding, medical treatment, losses in your business, etc. If you do not want to drain your savings, apply for a personal loan. Personal loans are mortgage free and you can repay back in EMI (Equated Monthly Instalments). But there are certain eligibility criteria, that you have to fulfil. You will see that the eligibility conditions vary between different lenders but there are some common requirements that almost all banks or finance companies would ask for. Read on to know about some conditions that lenders usually look for, which are also under Hero Fincorp Personal loan eligibility requirements.

You have to apply for the loan and wait for the lender to scrutinise your eligibility based on the following:

·         You should be residing in India
·         There is a minimum-age criteria for the applicant, generally 21 – 58 years
·         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.
·         Proof of staying in your current location for a minimum number of years
·         You may get a low-interest personal loan of up to Rs 5 lakhs, if you meet the eligibility requirements and get an offer with the sanctioned amount, tenure of loan and interest rate
·         If you accept the offer, the lender will transfer the funds to your bank account instantly.

For salaried employees:

·         If you are a salaried employee, you have to be employed in a government sector, including public sector undertakings, central and local bodies, a public or private limited company, etc.
·         You have to be a salaried employee or a self-employed individual having a steady source of income
·         A minimum net monthly income of Rs. 15,000 if you are salaried
·         You have to provide bank statement for last 6 months as proof of income

For self employed individuals:

·         For self-employed people, disclose the number of years that the business has been operational. The business has to operate for a minimum period of 2 years.
·         For business owners, proof that the business is profit making, projected cash flows for the next couple of years, its financial viability, etc.
·         A minimum net monthly income of Rs. 15,000 if you are salaried
·         You have to provide bank statement for last 6 months as proof of income

Carefully go through the list of personal loan documents that you have to submit:

·         Filled up and signed personal loan application form. You can submit it offline or online.
·         KYC documents like age and identity proof like Passport, Aadhaar card, Voter ID card, etc.
·         PAN Card
·         Passport-size photographs.
·         Address proof like house registration certificate, sales deed, Aadhaar card address, mobile bill or bank passbook address, etc.

Personal loans are an easy and fast process of meeting your fund requirements compared to other forms of loan without draining your savings. If you meet the eligibility conditions as mentioned by Hero Fincorp Personal loan eligibility, the lender would disburse the amount within a short time. Note that the documents that you submit should match the details in the application form.

Contact Us & Send Query-
Hero FinCorp Limited
09, Basant Lok, Vasant Vihar, New Delhi – 110057

Tel. 18001024145
Email Id: [email protected]

Website - https://www.herofincorp.com/
URL- https://www.herofincorp.com/personal-loan-eligibility

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