Age
You must be an Indian citizen between the age of 21 years and 65 years at the time of loan application and loan maturity.
Apply For Quick Business Loan Online
Get an unsecured business loan as high as Rs 40 lakh from Hero FinCorp. If you want to skip the long queues and heavy paperwork, apply for the loan online and get your capital faster.
What is a Business Loan EMI Calculator?
Small business loan EMI calculator allows you to determine your monthly obligations even before the loan approval. This online tool helps you figure out how much interest and principal you will pay on a business loan over the loan's term. To use this calculator, all you need to do is input the loan amount, interest rate, and loan tenure. Using this calculator, you can choose the small business loan amount that best suits your needs and budget.
WHAT IS A BUSINESS LOAN?
A business loan is capital or working capital borrowed by a business owner from lenders to fund expenses mainly related to daily operations, expansion, growth or marketing. The primary intention of a private business loan is the quick infusion of money, enabling the business to support its urgent requirements such as business expansion, meeting working capital needs, purchasing business assets, and staff expansion.
The demand for a loan for a business varies depending on its size, needs and the type of industry the business operates in. We, at Hero FinCorp, understand that from our years of experience in giving loans to SMEs across various industry verticals in India. Through a Hero FinCorp Unsecured Business Loan, we try our best to make sure that the financial needs of businesses are met. Our flexible business line of credit and term loans for small businesses are designed to give businesses quick access to urgent working capital.
BUSINESS LOAN ELIGIBILITY CRITERIA
To apply for a business loan with Hero FinCorp, you must meet the following eligibility criteria:
Occupation
Self-employed Professionals: Architects/ Chartered Accountants/ Doctors/ Company Secretaries
Self-employed Non-Professionals: Sole Proprietors/ Retailers/ Traders/ Manufacturers/ Service Providers
Entities: Limited Liability Partnership (LLPs)/ Private Limited Company/ Partnership Firms/ Trusts
Business Status
SMEs must have at least 5 years of business experience.
Maximum Loan Tenure
Flexible tenure up to 5 years
The repayment tenure will not be extended once the borrower reaches the age of 62 years.
Maximum Loan Amount
You can get a business loan amount ranging from Rs 3 lakh to Rs 40 lakh.
The business loan amount depends upon many factors such as the applicant's age, income, business type, credit history etc.
Minimum Income
You must have a steady source of income.
Hero FinCorp does not have any predefined minimum monthly income.
DOCUMENTS REQUIRED FOR A BUSINESS LOAN
To get a quick business loan with Hero FinCorp, make sure you have all of the following documents in place.
Mandatory Documents
Duly filled application form
PAN Card
Proof of Identity
Voter ID Card/ Photo ID issued by GOI/Passport/ Driving Licence/Aadhaar Card
Proof of Address
Aadhaar Card/ Voter ID Card/ Property Tax Receipt/ Driving Licence/ Utility Bill/ Registry Copy/Property Tax Receipt/ Lease or Rent Agreement
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
Signature Proof
Banker's Verification/ Passport/ PAN Card
Proof of Income
Latest ITR, GST returns for the financial year, Latest audited financials, Last 6 months bank statement
Other Documents (if applicable)
List of Directors
Shareholding patterns
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Frequently Asked Questions (FAQs)
If you need a business loan to expand your business, the maximum amount you can obtain will be based on your business credit history, income, annual turnover etc. At Hero FinCorp, you can receive business loans ranging from Rs 3 lakh to Rs 40 lakh.
If you are a self-employed professional or non-professional such as a trader, manufacturer, or service provider, you can easily obtain an online business loan in India. Apart from this, entities such as LLPs, partnership firms, and private limited companies are eligible for small business loans in India.
A business loan is an unsecured form of credit offered to businesses for expansion, meeting capital expenditures, staff expansion etc. It comes with predefined terms and conditions. Borrowers need to repay the loan along with interest over a specific time.
Business loans have a short repayment period. At Hero FinCorp, we provide a flexible repayment tenure ranging from 12 months to 60 months.
You should opt for a business loan if you want to purchase new
machinery, or you want to establish a new office or are looking for
a staff expansion. You may also opt for a business loan for a new
business setup. A business loan does not have any restrictions on
its usage; you can use it for multiple business purposes.
To get a business loan for a small business without collateral, you
must possess a strong credit history and a regular stream of income.
You can apply for a small business loan with your preferred lender
either online or offline. To apply with Hero FinCorp, simply go to
our website's business loan section, fill out the online application
form, upload the mandatory documents, and receive instant approval.
You can also apply for a business loan at your nearest Hero FinCorp
branch or outlet.
Yes, business loans do have an impact on the borrower’s credit
score. Your credit score will be improved if you pay your EMIs on
time. Paying your EMIs on time will make you a low-risk borrower and
will increase your borrowing capacity in the future.
To determine your loan for company eligibility, Hero FinCorp
evaluates your income, business credit history, annual turnover,
sales report, and business debt-to-income ratio, among other things.
Yes, if you have taken out a small loan for business, you can
foreclose it after 12 months from the date of loan sanctioning.
However, business loan providers levy foreclosure fees in this case.
Read the business loan details mentioned on your loan agreement
letter to understand the charges in more detail.
You can get quick online approval for a business loan if you meet
the qualifying criteria of a business loan service provider and have
all the relevant paperwork on hand. Post verification of your
profile and documents, loans for business will be disbursed into
your account within 48 hours of online business loans approval.
If you need a loan for business, you must be at least 21 years old
and not more than 65 years old at the time of loan maturity.
As of now, Hero FinCorp does not offer business loans to new
businesses in India. However, to arrange loans for new business, you
may either opt for a loan against property or a personal loan.
If you want to qualify for low-interest business loans, you must
have a strong business profile and a high annual turnover. We don't
consider such business loans online applications where business
performance is below average, or the company is close to shutting
down.
In case you need a business loan but are unsure about the various
business loan products available, it is recommended that you first
determine the purpose for which funds are needed. If you require
funds for working capital, choose a working capital loan; if you
require funds for the purchase of machinery, choose equipment
financing. Business loans come with customised products to meet your
specific business requirements.
While giving a business loan, companies engage in loan business
requests for documents such as business existence proof, income
proof, business address proof, and a few more documents that they
think is necessary.