Hero FinCorp was incorporated as Hero Honda FinLease Limited in 1991. It is a financial services company sanctioning 52 loans every hour. At Hero FinCorp, the loans are availed for purchase of two-wheelers as per the needs of the customer. There are several loan tenures among which the applicant can choose and decide the down-payment amount as per the repayment capacity.
Below are the conditions which an applicant should fulfill to apply for the loan:
The borrower should be an Indian citizen.
The borrower should be more than 18 years of age.
The salaried applicants should have been employed for a year, with at least six months of experience in the current place of employment.
Self-employed applicants should have at least a year of experience in the current business.
The minimum income of the borrower should be Rs.10,000/month to be eligible for the loan.
The two-wheeler loan is available with the following features:
Loan Amount: The company pays 85% of the price of the vehicle as the loan amount under the two-wheeler loan plan.
Repayment Period: Hero FinCorp give the leverage to its borrowers to repay the loan up to tenure of 5 years.
Loan Approval: The loan proceeding request initiates in 24-48 hours. The approval of the loan depends on the submission of all the required documents and their verification as well.
Here are the documents required to apply for a two-wheeler loan:
Duly filled application form with a passport sized photograph
Id proof including government issued ID, Passport, Driver's License, Voter's ID
Income proof such as salary certificate, ITR or Form -16, or any documents which can prove the income source for both salaried and self-employed borrowers.
Valid KYC documents.
Q1. Being a 17-year-old, will I be eligible for applying for the two-wheeler loan to make a purchase?
No, the applicant must be above 18 years to fall under the bracket of eligibility for a two-wheeler loan.
Q2. What is the percentage of the loan that I can avail from Hero FinCorp under a two-wheeler loan scheme?
You can avail up to 85% of the price of two-wheeler through Hero Fincorp Two-wheeler loan.
Q3. What is the maximum repayment tenure that one can opt to take a two-wheeler loan viaHero FinCorp?
The maximum repayment duration is 5 years.
Q4. What is the duration for a two-wheeler loan to be processed at Hero FinCorp?
It takes about 24-48 hours for the processing of a two-wheeler loan.
Q5. If the applicant has a monthly income of Rs. 8500/-, will he or she be able to get a two-wheeler loan?
No, the monthly income requirement for two-wheeler loan is Rs.10,000 per month.