Self Employed? Get an Instant Personal Loan with Hero FinCorp

ATK
New Delhi [India], September 26: Rejection. Frustration. Disappointment. For self-employed individuals, these emotions might be all too familiar when trying to secure a personal loan.  But there's a refreshing change on the horizon. Hero FinCorp understands the unique challenges faced by self-employed individuals and offers instant personal credit up to Rs 3 Lakh through their loan app to both salaried and self-employed professionals earning a minimum of Rs 15,000 a month. 
The eligibility conditions and documentation requirements vary based on your profession. That is because salaried individuals have a regular income source with more professional stability. Conversely, the income of self-employed individuals varies each month, making the lenders less confident about timely repayment. Hero FinCorp however, offers competitive interest rates on Personal Loans with repayment terms of up to 60 months. Let’s dive into the details.
Purpose of Taking Personal Loans for Self-Employed
Instant Personal Loans are immensely useful funding options for home repairs, weddings, medical emergencies, education, debt consolidation, travel, etc. Self-employed professionals can use a Personal Loan for numerous different purposes, including the following:
*  Medical Emergency: You can avail of a Personal Loan to meet healthcare-related expenses like diagnosis, doctor’s fees, medicines, surgery, rehabilitation, medical equipment, etc.
*  Higher Education: You can pursue higher education or improve your professional skills by enrolling on an appropriate course in India or abroad.
*  Overseas Travel: If you are self-employed, you might need to travel to various places for business or leisure. You can cover the travel-related expenses with a Personal Loan for travel.
*  Wedding Expenses: If you go over budget while planning for a wedding, you can supplement the cost with a Personal Loan for weddings.
*  Home Renovation: Whether you want to renovate your house or build a work-from-home office, you may cover the cost with a Personal Loan for home renovation.
Since Hero FinCorp offers Personal Loans with no end-usage restrictions, you can borrow and use them for any of the above purposes.
Eligibility Criteria to Qualify for a Personal Loan for Self-Employed at Hero FinCorp
The eligibility criteria are slightly stricter than that for a Personal Loan for salaried. However, you can easily meet the following:
*   21 to 58 years of age
*   Indian citizenship
*   At least two years of work experience in the current field, contrary to six months for salaried
*   Loan tenure of up to 60 months
*   Loan amount of up to Rs 5 Lakh
*   Your monthly income should be at least Rs 15,000
If you meet all the above conditions, you are eligible for a Personal Loan for self-employed at Hero FinCorp. The loan amount and interest rate will vary based on your credit history, income level, DTI ratio, repayment capacity, and other parameters.
Self-Employed Professionals Must Provide These Documents for a Personal Loan at Hero FinCorp
Hero FinCorp has minimal documentation requirements for both salaried and self-employed applicants. After accepting your loan application, they may ask you for the following documents:
*   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
*   Office Address Proof: Maintenance bills, utility bills, property documents, or rent agreement
*   Ownership Proof: Business existence proof, like a copy of tax registration, shop establishment proof, or company registration certificate
*   Income Proof: Last six months' bank statements and ITR for the previous two consecutive years
Features and Benefits of Hero FinCorp Instant Personal Loans for Self-Employed
The Hero FinCorp Personal Loan app offers instant Personal Loans you can use to meet a wide range of personal expenses. Here are the main features and benefits of borrowing a Personal Loan from the NBFC:
Usage Flexibility: The flexible nature of Personal Loans is one of the biggest advantages of Personal Loans. Unlike a home or car loan, you can use them for any purpose without limitations. Simply put, it is an easy way to handle your immediate cash crunch.
Quick Disbursal: If you apply through the Hero FinCorp Personal Loan app, the approval is fast if you meet the eligibility criteria and documentation requirements. A good credit rating helps get easier approval at lower interest rates within hours.
Fewer and Paperless Documentation: Hero FinCorp has fewer documentation requirements that you can fulfil without handling any paperwork. You can scan your identity, address, and income proof and upload them online through the loan app to apply. The entire process is seamless, with no branch visits.
No Collateral Requirement: A Personal Loan is available at Hero FinCorp without presenting any collateral if you fulfil the eligibility and documentation requirements. Thus, there is no need to place your assets at risk. This is a particularly beneficial feature for those who do not own any assets.
Pocket-Friendly Repayments: Regarding Personal Loan repayment, you can opt for EMIs suitable to your monthly budget. At Hero FinCorp, you can choose a loan term of up to 60 months according to your repayment capacity.
Attractive Interest Rates: Hero FinCorp offers competitive interest rates on Personal Loans, making them easily affordable for all. However, the rates may vary based on your loan eligibility, credit history, income, DTI ratio, etc.
Stepwise Procedure to Apply for Personal Loan at Hero FinCorp Loan App
If you are a self-employed professional looking for a Personal Loan at the Hero FinCorp loan app, follow these simple steps to complete the procedure:
*    Download the authentic Hero FinCorp Instant Personal Loan App from Play Store.
*    Enter your personal details and the loan requirement.
*    Provide your identity, address, and income proofs by scanning and uploading them online.
*    Opt for an adequate repayment tenure using a Personal Loan EMI calculator in the loan app.
*    Check your email address to find your loan offer.
*    Accept the loan offer to initiate the disbursal procedure.
Obtaining a Personal Loan for self-employed professionals is no longer difficult with easy, instant Personal Loans available at the Hero FinCorp app. Although the eligibility conditions are slightly stricter, you can still get a Personal Loan with reasonable interest rates if you have a regular income source and a solid credit history. Download the loan app and head over to the online application form to explore your eligibility and loan terms.
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