Are you the owner of an SME? Or do you have a small business? Are you looking for capital infusion into your business? If yes, you don’t have to run pillar to post to find financial resources for your business. Whether you are a small manufacturer, wholesaler, B2B service provider, distributor, or trader, you may need financial inputs in your business at a given point in time. The need for a business loan significantly depends on the size and type of the business. With Hero FinCorp you can get small business loans as and when you need without any hassles.
Features of Small Business Loans
Hero FinCorp’s business loans are perfect for small businesses. We offer custom-made loans that come with fair and competitive business loan rates. There are several other distinguishing features of Hero FinCorp’s small business loans which are discussed below –
Significant loan amount – Hero FinCorp offers loans suitable for both the long-term and short-term requirements of your business. You can get loans ranging from Rs. 5 to Rs. 25 lakhs, depending upon your business need. Thus, be it a small capital infusion or an expansion, your business won’t have to deal with a fund crunch.
Affordable business loan rates – It is our earnest desire and objective to ensure easy access to business loans, especially to small businesses at an affordable rate. Hero FinCorp offers a business loan rate that is highly competitive and low on the pocket.
Flexible tenure – The small business loans of Hero FinCorp are so designed that they have a wide and flexible tenure. Our loan repayment term goes up to 36 months. This helps small business owners to repay the loan with ease and at their convenience.
Minimal documentation – Availing business loans for your small business from Hero FinCorp can be completed online, which significantly reduces the associated costs and time. All the paperwork is done digitally and we keep them at a minimum.
Benefits of Taking Small Business Loans from Hero FinCorp
Quick approval – We make sure that you do not have to go through any delay to get your business credit. Once your KYC documents and credentials are evaluated, the loan amount is quickly approved and the same is transferred to your account in no time.
Collateral free loan – We offer loans for you to take your business to new heights. Continuing or expanding a business itself is a herculean task. Collateral just adds to your financial woes. We at Hero FinCorp offer collateral-free business and let you administer your business without any added woes.
Different types of loans – As the owner of a small business, with us, you get to choose from a wide range of small business loan products. Each loan is custom-made to meet various objectives of businesses depending on their needs and milestones.
Multipurpose loans to choose from – Whether you want to buy new machinery, set up an office or expand your human resource, or seek to invest in training and research – name it and you can use these small business loans for any of the mentioned purposes.
Varied EMI facility – At Hero FinCorp, not only the business loan rates are competitive, but the repayment structure is equally diversified. You can repay either in Fixed EMIs or by Structured EMIs. Structured EMIs are custom-made repay options where the borrower pays the EMI as per their income.
Eligibility criteria to get a Small Business Loan
To be able to get a loan for your small business from Hero FinCorp, you need to meet the following eligibility criteria –
- You must be a citizen of India.
- Your age should be in the range of 21 to 65 years at the time of loan application and loan maturity.
- The small business loans are available for self-employed professionals like architects, doctors, and CAs; other self-employed individuals like proprietors, retailers, traders, and manufacturers; and entities like partnership firms, private limited companies, and trusts.
- The business must be at least 5 years old.
- While the repayment tenure is of 36 months, the same will not be extended if the borrower is of 62 years of age.
Documents Required
You will have to submit the following documents to get a small business loan from Hero FinCorp –
- Duly filled business application form
- PAN card
- Proof of identity
- Proof of address
- Trade License/ Copy of partnership deed/ Registration Certificate issued by RBI or SEBI/ Certificate of Practice
- Latest ITR
- GST returns for the financial year
- Latest audited financials
- Last 6 months’ bank statement
If you have your documents right and meet our eligibility criteria, then don’t delay. Apply for your business loan and get it approved immediately.