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Personal Loan For Defence Personnel
Loan up to ₹5 Lakhs
Minimum Salary Required ₹15K
Instant Approval
Personal Loan EMI Calculator
Get Personal Loan For Defence Personnel Up to 5 Lakh
Defence personnel are the strength and pride of a country. The sacrifices they make for the country, their services in difficult conditions, and their contributions to civilian safety are unparalleled. As such, it only makes sense that they or their family should never compromise on their dreams because of financial constraints. As a salute to their contribution, many financial institutions offer tailored loans for defence personnel. The online personal loan for Defence personnel from Hero FinCorp is one of the best and most popular loan offers in the market. We provide easy access to funds to all three branches of Defence – the Army, Navy, and Air Force.
Features and Benefits of Personal Loan For Defence Personnel
A personal loan for Defence personnel comes with many perks. They are quick to access, easy to repay, need no collateral, and can be used in multiple ways. There are multiple reasons to choose Hero FinCorp for a personal loan. Some of the best benefits are listed below.
Higher Loan Amount
Get instant loan amount of up to Rs 5 Lakh online.
Unsecured Loan
Get Personal Loan without pledging any collateral or security.
Simplified Application Process
Quickly apply online through the Hero FinCorp website or loan app.
Eligibility Criteria for Personal Loan for Defence Personnel
Why look for other lenders when Hero FinCorp can provide you with quick access to funds by meeting the bare minimum of eligibility requirements.
Citizenship
You should be a citizen of India.
Age Requirement
You must be between 21 to 58 years to be eligible for the loan.
Work Experience
You should have at least six months experience in your current job.
Monthly Income
Your salary slip must reflect a monthly income of at least Rs 15,000.
Documents Required for a Personal Loan for a Defence Personnel
Documentation requirements are minimal for a Personal Loan at Hero FinCorp. Here are the separate documentation requirements for a personal loan for defence personnel:
Proof of Photo Identity
Driver’s Licence, Passport, PAN Card, Aadhaar card
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Income
Six Month Salary Slip & Bank Account Statement, Form 16
Job Continuity Proof
Appointment Letter From the Current Employer
Proof of Residence
Driver Licence, Passport, Aadhaar Card, Utility Bill
Proof of Business Existence
Not Applicable
Interest Rates and Charges on Personal Loan For Defence Personnel
Knowing the interest rates and charges on a Personal Loan is crucial before applying. These factors influence your repayment amount and total loan cost. Hero FinCorp offers competitive rates, ensuring manageable EMIs based on your income and credit profile.
How to Apply for a Personal Loan for Defence Personnel?
As defence personnel, you may not always have the time to go to the lender's branch and fill out the lengthy paperwork. As such, we streamlined our online and offline processes to make borrowing easier for you.
Online Process
- 01
Visit the Hero FinCorp website.
- 02
Go to the Personal Loan page and click ‘Apply Now’
- 03
Enter your mobile number and verify with the OTP received
- 04
Choose the loan amount you need
- 05
Verify your KYC details to check income eligibility
- 06
Click ‘Submit’ to complete your application
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Frequently Asked Questions (FAQs)
As you are aware, personal loans have no end-use restrictions. You can use it for any financial emergency or for meeting your leisure expenses. For example, this loan can help with medical emergencies, debt consolidation, purchasing a new vehicle or high-tech gadget, and home renovations, among other things.
Yes, most financial institutions allow for the foreclosure of this loan product. However, there is a catch. You can prepay your loan only if you have paid all of the EMIs for the first twelve months on time.
Financial institutions are interested in learning about your earnings and repayment capacity. And to do so, they consider the following factors.
Monthly income
Debt-to-income ratio
Age
Credit report
Work experience
In an effort to get a low-interest loan, you must work on factors that will convince your lender of your repayment capacity. You can focus on some of the advice listed below.
Keep your debt-to-income ratio below 50.
Avoid applying with more than two lenders at a time.
Limit your revolving credit usage.
Maintain healthy terms with your existing lenders.
Look out for festive loan offers.
If you have a low monthly income of around Rs 15,000, you can get a low-interest loan by applying with a co-applicant. The reason is your co-applicant is required to bear half of the EMI burden. Also, ensure that the co-applicant has a solid credit history and a steady stream of income.