Hero FinCorp Business Loan


Hero FinCorp is a Non-Banking Financial Company (NBFC) that provides consumer finance and commercial lending services. The interest rate for business loans offered by the NBFC can go up to 26% per annum and may vary depending on the applicant's profile and business needs. Hero FinCorp offers both secured and unsecured business loans, as well as Bill Discounting credit facilities, catering to individuals, SMEs, MSMEs, and large-sized companies and enterprises.

Hero FinCorp provides both secured and unsecured business loans for individuals, small businesses, and Small and Medium-Sized Enterprises (SMEs) with interest rates up to 26% per annum. These loans can be availed without collateral, serving various business needs such as expansion, working capital requirements, improving cash flow, purchasing equipment or machinery, and more.

Hero FinCorp Business Loan Highlights
Interest Rate Up to 26% p.a. – Depends on business requirements
Credit Score Higher is the CIBIL score, more are the chances of approval
Collateral / Security
  • Not required, except Secured Term Loan
Loan Amount
  • From Rs. 3 lakh to Rs. 40 lakh (Unsecured Business Loan)
  • From Rs. 5 lakh to Rs. 25 lakh (Secured Business Loan)
Eligible Entities Traders, Wholesalers, Manufacturers, Retailers, Distributors or B2B service providers, Public and Private firms, Sole Proprietorships and Self-employed professionals
Repayment Tenure

Up to 60 months (Unsecured Business Loan)

Up to 36 months (Secured Business Loan)

*Terms and conditions apply.

Table of Contents
Interest Rate
Fees & Charges
Eligibility Criteria for Business Loan
Documents Required 
FAQs

Clix Capital Business Loan Interest Rate

Comparison Table of Business Loan Interest Rates offered by MybankingTips Partners:

Bank/NBFC/Fintech Interest Rate  
SBI Bank 9.10% p.a. Apply Now
HDFC Bank 10.00% - 22.50% p.a. Apply Now
Kotak Mahindra Bank 16% p.a. onwards Apply Now
RBL Bank 14%-26% p.a. Apply Now
ICICI Bank Up to 17% p.a. Apply Now
Axis Bank 10.75% p.a. Apply Now
IDBI Bank 8.05% to 13.45% p.a Apply Now
Bank Of Baroda 10% to 15% p.a Apply Now
Ujjivan Small Bank Up to 2.50% Apply Now
Bajaj Finserv 9.75% - 25% p.a. Apply Now
IIFL Finance 12.75% - 44% p.a. Apply Now
FlexiLoans 1% per month onwards Apply Now
ZipLoan 1% - 1.5% per month (Flat) Apply Now
Indifi Finance 1.5% per month onwards Apply Now
Five Star Business Finance Up to 2% Apply Now
Lendingkart Finance 1.25% per month onwards Apply Now
Tata Capital Finance 12% p.a. onwards Apply Now
NeoGrowth Finance 15% p.a. onwards Apply Now
Hero FinCorp Up to 26% p.a. Apply Now
Aye Finance Up to 2.5% Apply Now
Clix Capital Up to 3% Apply Now
Protium Finance Up to 1.5% Apply Now
HDB Finance 8% - 26% p.a. Apply Now
U GRO Capital Up to 9% p.a. Apply Now
Mcapital Business Up to 2% p.a. Apply Now

Also read: Best Business Loan Interest Rate

 

Fees and Charges

Types of Charges Fees 
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
Pre-payment Charges
  • Allowed only after 12 months of the loan sanction

Charges will be applicable as mentioned in the sanction letter

Also read: Best Business Loan EMI Calculator

Eligibility Criteria for Business Loan

  • Age: Minimum 21 years and maximum 65 years at time of loan maturity
  • Business Vintage: Minimum 5 years SMEs
  • Occupation:
    • Entities: Partnership Firms/ Limited Liability Partnership (LLPs)/ Private Limited Company/ Trusts
    • Self-employed Professionals: Chartered Accountants/ Doctors/ : Architects/ Company Secretaries
    • Self-employed Non-Professionals: Sole Proprietors/ Retailers/ Traders/ Manufacturers/ Service Providers

Also read: Best Business Loan Eligibility

Documents Required 

  • Duly filled application form with PAN card
  • Identity Proof: Aadhaar Card, Voter ID Card, Photo ID issued by GOI, Passport, Driving Licence
  • Address Proof: Aadhaar Card, Voter ID Card, Registry Copy, Property Tax Receipt, Property Tax Receipt, Driving Licence, Utility Bill, Lease or Rent Agreement
  • Income Proof: Latest ITR, Last 6 months bank statement GST returns for the financial year, Latest audited financials
  • Signature Proof: Banker’s Verification/ Passport/ PAN Card
  • Additional Documents, if applicable: List of Directors, Shareholding patterns
  • 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

Also Read :  Best Business Loan Documents Required

Frequently Asked Questions

Yes, it's possible to get your bike financed even as a student if you meet the specific eligibility criteria set by the lenders.

The best loan for financing your bike or scooter is the one with the lowest interest rate. This way, you'll have to pay less in monthly installments (EMIs) throughout your loan term.

To get financing for your motorcycle, bike, or scooter, you can easily apply for the loan online from home. Or, if you prefer, you can go directly to a bike shop and apply for the loan there by giving them the documents they need

You can check your loan status online through internet banking. Another option is to visit the closest branch of the bank or financial institution that's providing the loan.

Many lenders consider a credit score of 620 and above to be good when giving out loans for motorcycles, superbikes, or scooters. However, if your credit score is lower than 620, you can still find lenders who may be willing to give you a loan, although they might charge a higher interest rate.

Banks allow you to make prepayments after successfully paying 3-6 EMIs. Depending on the number of EMIs you've already paid, there might be a small fee applicable on the outstanding amount when you choose to prepay.