Availing an instant personal loan involves a structured process. Just like submitting a correct loan application is important, likewise, making a loan repayment on time is equally significant to maintain a good
credit score. When borrowers are consistent with the loan repayment cycle, it gives them an advantage of faster loan approvals in the future.
Loan repayment is made via
equated monthly instalments (EMIs). These instalments are repaid to the lender every month. The EMI comprises of - the principal amount and the interest on the principal amount, which the borrower is liable to repay to the lender as per the schedule, till the end of the loan tenure.
Know Why Loan Repayment Should Be Taken Seriously
Loan Repayment should be taken seriously as the liability reduces and a good credit history is built with regular repayment of EMIs. If you have an inconsistent repayment history, loan rejection is quite possible. Besides paying EMIs, Bullet Repayment is one latest method of loan repayment that requires borrowers to only pay the interest every month. When the
loan tenure ends, borrowers are liable to make one bullet payment to clear the principal loan amount.
Herofincorp is an
instant loan app launched by Hero FinCorp. Over a couple of years, Herofincorp has achieved a milestone of disbursing 20K+ loans across 74 locations in India. Borrowers applying for an instant loan via the Herofincorp
instant cash loan app can expect an average loan approval in 20 seconds. Understanding loan repayment at Herofincorp is easy.
Borrowers Can Repay the Loan Via
- Cheque, credit/debit card, net banking, or UPI payments
- Automated repayment is also an option where the EMI gets deducted automatically on a fixed date. This ensures EMIs are not missed or delayed.
- As per the Herofincorp policy, part pre-payment is currently not allowed.
- As per the Herofincorp policy, a loan can be foreclosed with applicable charges. For any queries on Foreclosure & the related processes, please call the customer service team on 1800-102-4145 (Toll-Free) or email us at customer.care@herofincorp.com
You can log on to the
Herofincorp mobile loan app to view your complete repayment details and loan status. Hence, those in need of emergency cash can rely on Herofincorp for instant personal loans with flexible loan repayment benefits.
Use the Herofincorp Emi Calculator to Manage Repayments
Knowing the EMI amount before the
loan application takes off the stress of repayment. Calculate EMIs for a personal loan up to 3 lakhs at Herofincorp. An EMI calculator gives accurate readings for monthly instalments to be repaid. There is no scope for errors to occur. The Herofincorp instant cash loan app has a built-in
loan EMI calculator to derive the repayment amount:
- Enter the desired loan amount you want. For example, Rs.1,00,000
- Next, select the EMI you can repay with a maximum tenure of 24 months. So, if the tenure selected is 24 months, the monthly equated EMI you would repay is Rs.4,661 at starting interest rate with 11% per annum
Finally, you can select the desired
personal loan amount and EMI at your convenience. This digital calculation speeds up the loan process, giving clarity on repayments.
Frequently Asked Questions
1. What role does ACH (full form) play in automatic loan repayments?
The
ACH full form, Automated Clearing House, facilitates automatic loan repayments by enabling secure, electronic fund transfers between bank accounts.
