Hero FinCorp Now Offers Personal Loans Up to Rs 5 Lakh - Apply Now Online

People need money for various planned or urgent expenses. Hero FinCorp has been a financial partner for such requirements for years. Now, they have extended their Personal Loan offerings from Rs 50,000 to 5 Lakh. With a bigger Personal Loan of Rs 5 Lakh, you can handle your financial needs more effectively.

A 5 lakh Personal Loan is big enough to achieve various goals and handle emergencies. At Hero FinCorp, the interest rates are competitive and repayment terms are flexible. If you are looking for an instant loan, you can get one at Hero FinCorp using your Aadhaar card without collateral. Here's a detailed overview of these loans.

Benefits of a 5 Lakh Personal Loan

When looking for a 5 Lakh loan at Hero FinCorp, you can easily get one using your Aadhaar card. Let's look at the benefits of obtaining a 5 Lakh Personal Loan from Hero FinCorp:

Instant Loan Amount

With a bigger sanction amount of Rs 5 Lakh, you can cover all expenses without hassle. Whether you want funds for a wedding, home renovation, higher education, foreign vacation, or medical treatment, use the loan for any expense you want.

Attractive Interest Rate

The Personal Loan interest rates are up to 19% per annum at Hero FinCorp. However, they determine the final rate as per your eligibility and repayment capacity.

Collateral-Free

You don't need to pledge an asset as security to obtain a 5 Lakh loan. Since these are collateral-free, you can obtain them based on your income and financial capacity.

Flexible Repayment Tenure

After borrowing a Personal Loan of Rs 5 Lakh, you don't need to repay it within a short period. Hero FinCorp offers a repayment tenure of up to 36 months. You can choose your loan term based on your monthly EMI repayment capacity.

Instant Approval

Personal Loans from Hero FinCorp are the best funding sources for emergencies. The 100% digital loan process makes the required funds available within 48 hours.

Read Also- Need 1 Lakh Personal Loan Urgently? Apply Here

Eligibility Criteria for Rs 5 Lakh Personal Loan

Hero FinCorp has extended its Personal Loan facility from Rs 50,000 to 5 Lakh. However, you must fulfil the eligibility criteria to obtain the funds you require. The Personal Loan eligibility conditions at Hero FinCorp include the following:

• Indian citizenship
• Age: 21 to 58 years
• Work Experience: At least six months for salaried and two years for self-employed applicants
• Monthly Income: Minimum income of Rs 15,000 per month

Apart from these, several other factors affect your Personal Loan eligibility. These include your financial obligations, debt-to-income (DTI) ratio, credit utilisation rate (CUR), credit score, employment stability, etc.

Interest Rates and Other Charges of Rs 5 Lakh Personal Loan

Knowing the interest rates and other charges associated with Rs 5 Lakh loan can help plan your finances efficiently. The Personal Loan interest rates are up to 19% per annum at Hero FinCorp. However, you must be prepared to pay other additional charges like the processing fee, part-payment charges, and EMI bounce charges.

How to Apply for Rs 5 Lakh Personal Loan?

Those planning to apply for Rs 5,00,000 Personal Loan must follow this simple stepwise procedure:

1. Go to the Personal Loan section on the Hero FinCorp website or app.
2. Fill out an online application form.
3. Scan and upload the documents, including the Aadhaar Card.
4. Wait for the verification process to complete.
5. Review and accept the loan offer to initiate disbursal.

How to Calculate the EMI of Rs 5 Lakh Personal Loan?

You can calculate EMI of Rs 5 Lakh Personal Loan in various ways. These include the following:

• Manually using the EMI calculation formula - EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1]. Here 'P' stands for the principal amount, 'R' stands for the rate of interest, and 'N' is the number of years.
• Online using a Personal Loan EMI calculator on the Hero FinCorp website.

While manual calculation is hectic and time-consuming, an online EMI calculator makes the process much easier and faster.

Steps to Calculate Personal Loan EMI

An online EMI calculator helps calculate Personal Loan EMIs automatically. Enter a few necessary details to get the results instantly. Follow these steps to calculate EMIs for Rs 5 Lakh loan:

1. Visit the Hero FinCorp website.
2. Hover your mouse over the 'EMI calculator' tab in the top right corner.
3. Enter your loan amount, interest rate, and tenure in months.
4. The tool will display your EMI amount in a second.

Read Also- How to Get an Instant Personal Loan Without Collateral?

What is the EMI of a 5 Lakh Personal Loan?

Your EMI for Rs 5 Lakh Personal Loan depends on your interest rate and the tenure you select. Here's an overview, assuming your interest rate is 12%:

Conclusion

If you need extra funds for any planned or unplanned purpose, Hero FinCorp now provides extended financial support in the form of Rs 5 Lakh Personal Loan. Evaluate your financial requirements and fulfil the eligibility conditions to obtain the funds quickly.

Frequently Asked Questions (FAQs)

1. How to get Rs 5 lakh immediately?

Applying for a Personal Loan at Hero FinCorp is the to get Rs 5 Lakh.

2. How long is the repayment tenure for Rs 5 lakh Personal Loan?

At Hero FinCorp, your repayment tenure for Rs 5 Lakh Personal Loan can be up to 36 months.

3. Can I get Rs 5 lakh Personal Loan without collateral?

Hero FinCorp Personal Loans are collateral-free. They don't require any asset as security against the loan.

4. Can I prepay or foreclose my 5 lakh Personal Loan?

You can foreclose your loan upon paying the applicable charges.

5. How does my credit score affect my 5 lakh Personal Loan application?

A high credit score helps get a 5 Lakh Personal Loan at attractive interest rates.

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.