People need additional money for many reasons, especially when a financial crunch adversely affects their lives. Personal Loans are one of the most popular funding options available today. They come in handy for various planned and unplanned expenses, including premium smartphones, international vacations, medical emergencies, home repairs, higher education, etc., going beyond the financial budget. That is why a large number of people nowadays use Personal Loans to make ends meet. Borrowing an instant loan can be an excellent financing option if you can find a low-interest Personal Loan and pay the EMIs on time. 

With easy eligibility criteria, minimal documentation requirements, and 100% digital application procedures, you can get a Personal Loan with minimal chances of rejection. 

Personal Loan Eligibility Explained 

You can go to the Hero FinCorp instant loan app or website to apply for a Personal Loan online when you need funds for a specific purpose. However, to be confident of a quick loan approval, you must meet the following eligibility criteria:

  • Age: 21 to 58 years

  • Profession: Salaried or self-employed

  • Work Experience: Six months for salaried and two years for self-employed

  • Monthly Income: Minimum Rs 15,000 per month

Documentation Requirements for a Hero FinCorp Personal Loan 

If you fulfil the eligibility criteria, you must provide the following documents to prove your qualification: 

  • Mandatory Documents: Dully filled application form and passport-sized coloured photograph

  • Identity Proof: Passport, PAN card, Aadhaar card, driving license

  • Address Proof: Passport, Aadhaar card, driving license, utility bill, ration card

For Salaried Employees:

  • Home Ownership Proof: Property documents, electricity bills, maintenance bills

  • Income Proof: Form 16, last six months' bank account statements of the salary account, previous three months' salary slips

  • Job Continuity Proof: Current employer’s appointment letter, previous employer’s experience certificate

For Self-Employed Professionals:

  • Office Address Proof: Rent agreement, property documents, utility bills, maintenance bill

  • Income Proof: Last two years’ income tax returns, last six months’ bank statement

  • Business Existence Proof: Company’s registration certificate, shop establishment proof, copy of tax registration

Tips To Improve Your Chances of Getting a Personal Loan Approval 

Hero FinCorp looks at various factors when determining your creditworthiness. Here are a few tips that can boost your chances of approval and avoid rejection:

  1. Check the Eligibility Criteria: Before you apply for a Personal Loan online, check the eligibility criteria and ensure you fulfil them without any complications. This will ensure your loan application is not rejected for a trivial reason like income or age.
     

  2. Track Your FOIR: Using a large percentage of income toward existing debts and other financial obligations reduces your chances of approval. Reduce your Fixed Obligation to Income Ratio (FOIR) before applying for a Personal Loan with a low-interest rate.
     

  3. Apply for an Adequate Loan Amount: To boost your chances of approval, evaluate your intended expenses and apply for an adequate loan amount. Before applying, use an eligibility calculator to check the amount you can borrow based on your income, debt-to-income (DTI) ratio, repayment capacity, and other factors.
     

  4. Avoid Multiple Applications at a Time: When you urgently need funds, you may apply for several loans simultaneously to increase your chances of approval from at least some of them. However, remember that each loan application leads to a hard inquiry on your credit report. Prospective lenders can see each of them and perceive a credit-hungry behaviour. Consequently, they may reject your loan application due to a higher chance of default.
     

  5. Improve your credit score: Credit score is crucial to your loan eligibility. With a decent credit score, you can get easy approval with a low interest for a Personal Loan.
     

  6. Mention All Your Income Sources: You can boost your chances of approval by showing that you can repay the loan on time without stressing your budget. Therefore, mentioning all your income sources in the application form makes the lender confident of your repayment, attracting a better loan deal with no chances of rejection.
     

  7. Opt for a Longer Loan Tenure: A longer tenure will break down your instalments into smaller EMIs, reducing your financial burden and ensuring timely repayments. Apart from lowering your FOIR, it will also boost your chances of approval.

At Hero FinCorp, you can confidently apply for a Personal Loan online and get assured approval with minimal chances of rejection. However, before applying, ensure you fulfil the loan eligibility and documentation requirements for a seamless and stress-free experience. Follow the tips mentioned here to boost your chances of approval and receive the required funds without hassle.

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.