Hero FinCorp offers instant personal loans up to Rs 3 lakh for salaried professionals

Whenever a financial need arises, your savings are your first resort. However, if you do that, your wealth vanishes, leaving you with no emergency funds. A lot of people apply for instant Personal Loan online to cover such expenses while keeping their savings intact. Hero FinCorp offers Personal Loans of up to Rs. 3 Lakh for both salaried and self-employed applicants. 

Below, we will explain the different steps of the journey to give you a great borrowing experience.

Expenses to Cover with a Hero FinCorp Personal Loan 

Recognising people's requirements, Hero FinCorp develops Personal Loan plans tailored to your needs, jam-packed with features and benefits that save you time and effort to obtain the required funds. Since these loans have no end-use restrictions, you can use the acquired loan amount to finance any big-ticket expense, including the following:

• Last-minute wedding expenses
• Urgent home repairs or long-awaited renovation plans
• Foreign vacations or travel plans for business or leisure
• Debt consolidation to reduce the financial burden
• Purchase of an expensive gadget like a smartphone or laptop
• Higher education at a foreign university
• Medical emergency or an elective procedure like cosmetic surgery, dental implant, IVF treatment, etc.

3 Lakh Personal Loan Eligibility Criteria

Examining your Personal Loan eligibility before applying is vital. At Hero FinCorp, you don’t need to fulfil a huge list of requirements to get loan approval. We have simple eligibility criteria to avoid any delays or complications. These are the only conditions you must fulfil:

• Age between 21  and 58 years
• Indian citizenship 
• Work experience of at least six months in the same job
• Minimum monthly salary of Rs. 15,000 
• Decent credit score and low DTI ratio

Documents Required For 3 Lakh Personal Loan

You can get a 3 Lakh instant loan approval by applying on Hero FinCorp Personal Loan app without any paperwork. As you fill out an online application form, you can upload scanned copies of the required documents to support your application. Here is the list of documents required for Rs. 3 Lakh salaried professionals from Hero FinCorp: 

• Mandatory Documents: Duly filled loan application form, Passport-sized photograph (coloured)
• Identity Proof: Driving licence, passport, PAN card, or Aadhaar card
• Address Proof: Driving licence, passport, Aadhaar card, ration card, or utility bill
• Residence Ownership Proof: Electricity bills, maintenance bills, or property documents
• Income Proof: Last six months' salary slips, the previous six months' salary account statement, and Form 16
• Job Continuity Proof: Appointment letter from the current employer or experience certificate from the previous employer

3 Lakh Personal Loan EMI for 1-5 Years

You can easily calculate your EMIs using a Personal Loan EMI Calculator. Below are the steps involved:

Step 1: Enter your loan amount. 
Step 2: Enter the interest rate.
Step 3: Enter the loan tenure in the number of months.

The EMI amount decreases if you opt for a longer tenure and increases if you select a shorter tenure. For instance, if you borrow a 3 Lakh Personal Loan at a 15% interest rate, your EMIs for terms from 1 to 5 years will be as follows:

In the above table, you must have noticed that the EMI amount decreases as you increase the repayment term, but the interest outgo and total repayment amount increase. So, you must evaluate your monthly obligations and opt for the shortest possible tenure with budget-friendly EMIs.

Key Features of 3 Lakh Personal Loan at Hero FinCorp

• Unsecured Personal Loan: Hero FinCorp offers unsecured instant Personal Loans you can borrow without collateral, security, or guarantor. 
• Fixed Interest Rates: Once the NBFC determines your interest rate at the time of approval, it remains fixed throughout the tenure. That means your EMIs remain the same irrespective of the market conditions. 
• Flexible Repayment Options: You can choose your loan period of up to 60 months according to your monthly repayment capacity. 
• Quick Disbursal: The lender approves loans instantly and disburses the loan amount within a few hours, making it a perfect financing option for fast cash requirements.
• Minimal Documentation: A Personal Loan for salaried professionals requires minimal documentation at Hero FinCorp, making the application process quick and hassle-free.
• No End-Use Restrictions: You can use the loan amount for any purpose, such as weddings, medical procedures, home renovation, vacation, education, etc.

Steps To Apply for a 3 Lakh Personal Loan at Hero FinCorp

Below is a stepwise guide to applying for a Personal Loan at Hero FinCorp:

• Get the App: Visit the Play Store and download the genuine Hero FinCorp loan app on your smartphone.
• Application: Register and fill out an application form with your personal, employment, financial, and income details.
• Documentation: Submit soft copies of the required paperwork.
• Verification: Hero FinCorp will verify the submitted details and documents.
• Approval or Rejection: After evaluating your creditworthiness, the NBFC will approve or reject your application and send you a loan offer.
• Disbursement: You will receive disbursal in a few hours once you accept the loan offer.

Why Choose Hero FinCorp for a Personal Loan for Salaried Professionals?

The most significant advantages of borrowing a Personal Loan from Hero FinCorp include the following:

• An ample loan amount of up to Rs. 3 Lakh 
• Complete transparency without any hidden fees
• A 100% online, uncomplicated, and straightforward procedure
• Paperless documentation
• No branch visits are required
• Competitive and attractive interest rates
• Instant approval and quick disbursement

No collateral requirement, minimum documentation, 100% digital loan procedure, flexible repayment terms, and competitive interest rates are some of the most sought-after features of a Hero FinCorp Personal Loan for Salaried Professionals. Therefore, these are the most appropriate funding options to finance your immediate needs and repay easily in a period of up to 60 months. If you find yourself in an immediate cash crunch, downloading the app and applying for instant Personal Loans is the best way to go.