Apply, approve and go: Hero FinCorp’s personal loan app for instant approval

As unsecured loans, they don't require any collateral, making them easily accessible for various financial needs. Nowadays, you can easily secure a personal loan using mobile apps online. However, it is crucial to choose an online personal loan app like Hero FinCorp.

Let’s learn more about the app and its application procedure for instant approval.

Types of personal loans

The Hero FinCorp loan app offers different types of personal loans. Whether you need a 2 lakh personal loan or 5 lakh, you do not need to pledge collateral to obtain the loan.

Some of the most common reasons to borrow through a personal loan are as follows:

●      Medical emergencies: Hospitalisation, diagnostic tests, treatment, surgery, medicines, medical equipment, physiotherapy, etc.

●      Marriage functions: Venue, caterers, decorations, photography, outfits, jewellery, gifts, invitation, honeymoon, etc.

●      Home renovation: Construction material, labour, shipping, designers, architects, etc.

●      Travel purpose: Visa fees, flight tickets, meals, hotel rooms, sightseeing, adventure activities, shopping, etc.

●      Education: Education fee, lodging, study material, laptop and other study equipment, etc.

Factors affecting your personal loan eligibility

You must fulfil the following eligibility conditions to apply for a personal loan using the Hero FinCorp loan app:

●      Citizenship: Indian citizenship

●      Age: 21-58 years

●      Occupation: Salaried employees and self-employed professionals

●      Minimum income: Rs 15,000 per month

●      Work experience: Six months for salaried and two years for self-employed

Here are some other factors determining your loan eligibility and approval chances:

●      Credit score: Credit score is crucial for your personal loan approval. Online personal loan apps assess your eligibility based on your credit score. A high credit score helps build the lender's trust and attracts quick approval at competitive interest rates.

●      Repayment history: The lender will assess your repayment history to determine your repayment capacity. Based on this data, they finalise your loan amount and interest rate. A consistent repayment history results in an ample loan amount at reasonable interest rates.

●      Debt-to-income (DTI) ratio: Even with a high income, you can find your EMI repayment challenging if you already have several financial obligations to meet each month. Ideally, your DTI ratio should not exceed 40-50% to qualify for a quick approval.

Tips to improve your chances of securing a personal loan

Since online personal loan apps offer unsecured loans, they increase the risk for lenders as there is no collateral in case of default. Therefore, loan providers carefully assess your credit history and other eligibility criteria when evaluating loan applications.

If you are planning to apply for a 2 lakh personal loan from Hero FinCorp, these strategies can improve your chances of getting approved without hassle:

●      Maintain a decent credit score to prove your repayment capacity.

●      Review your credit report regularly to identify errors and rectify them in time.

●      Check the eligibility criteria and have the required documentation.

●      Avoid applying for multiple loans within a short period.

Reasons why Hero FinCorp quickly approves loans

There are many reasons why Hero FinCorp can quickly approve loans. These include the following:

●      Supports a 100% digital loan procedure, which you can complete from your home.

●      Application through the Hero FinCorp loan app does not require any visits. You can apply for the required loan from your smartphone anywhere, anytime.

●      The app accepts soft copies of the necessary documents uploaded online, saving significant time on physical documentation.

●      Hero FinCorp personal loans are collateral-free. They eliminate the time required for collateral documentation and verification.

Simple procedure to apply for a personal loan

Here is a stepwise guide to obtaining a personal loan from Hero FinCorp:

●      Install the app from the Play store: Begin by downloading the Hero FinCorp loan app from the Google Play store.

●      Choose a loan amount and preferred EMI: Based on your financial needs, select the amount you wish to borrow and a suitable EMI plan that fits your budget.

●      Enter your basic details: Provide essential information, including your full name, monthly income, the purpose of the loan, and your PAN Card number.

●      Complete your KYC process: Follow the app's prompts to complete the KYC process. To confirm your identity, you will need to upload identity verification documents, such as your Aadhaar card or other government-issued IDs.

●      Input your bank account details: Enter the bank account details where you want the loan amount to be credited.

●      Real-time loan approval: After submitting your application, you will receive real-time updates on the status of your loan request.

●      Digitally sign eMandate and loan agreement: Upon approval, you will be prompted to digitally sign the eMandate and loan agreement.

●      Amount credited to your account: Once all documents are signed and verified, the approved loan amount will be credited directly to your specified bank account, providing immediate access to the funds you need.

Getting approved for a personal loan is simple through online personal loan apps. At Hero FinCorp, you can borrow a personal loan of up to Rs 5 lakh at interest rates and a repayment term of up to 36 months.

Disclaimer: The information provided in this blog post is intended for informational purposes only. The content is based on research and opinions available at the time of writing. While we strive to ensure accuracy, we do not claim to be exhaustive or definitive. Readers are advised to independently verify any details mentioned here, such as specifications, features, and availability, before making any decisions. Hero FinCorp does not take responsibility for any discrepancies, inaccuracies, or changes that may occur after the publication of this blog. The choice to rely on the information presented herein is at the reader's discretion, and we recommend consulting official sources and experts for the most up-to-date and accurate information about the featured products.

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