Hero FinCorp Two-Wheeler Finance
Hero FinCorp has emerged as a cornerstone of India’s financial services sector since its inception 1991. Over the decades, it has evolved into one of the nation's fastest-growing Non-Banking Financial Companies (NBFCs), dedicated to bridging the credit gap for millions of aspiring Indians.
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Hero FinCorp is particularly renowned for its focus on personal mobility. By offering Two-Wheeler loans with competitive interest rates starting at 14% p.a., the company empowers individuals to achieve their dreams of ownership through transparent and hassle-free processing. Today, as a leader in the NBFC space, Hero FinCorp continues to redefine the lending experience by combining its deep-rooted legacy with modern, customer-centric financial products.
Features of Hero FinCorp Bike Finance
Hero FinCorp. two-wheeler loans are available for borrowers with the following features:
- Loan Amount: The Company covers 95% of the vehicle's price as the loan amount under the two-wheeler loan plan.
- Repayment Period: Hero FinCorp. allows borrowers taking a loan for purchase of two-wheelers to make the loan repayment up to a tenure of 5 years.
- Loan Approval: Hero FinCorp typically processes two-wheeler loans within a 24 to 48-hour window, though final approval remains contingent upon the successful verification and validity of all submitted documentation.
- Flexible Loan Amount: You can avail a loan amount ranging between Rs.10,000 and Rs.3.50 lakh for all Hero MotoCorp two-wheelers.
- Quick Decisioning: Hero FinCorp ensures a swift review process, providing an initial loan eligibility verdict within 15 minutes of form submission.
- Interest Rate: Hero Fincorp two-wheeler loan interest rate starts at 14% p.a.
- Comprehensive Financing Terms: Hero FinCorp offers flexible two-wheeler loans ranging from a minimum of Rs. 10,000 to a maximum of Rs. 3,50,000, featuring interest rates that start at 14% p.a. (scaling up to 36% p.a. based on the individual's risk profile) and customizable repayment tenures extending up to 60 months (5 years).
How to Apply for a Two-Wheeler Loan from Hero FinCorp
Online Application Process
Given below is the procedure you will have to follow in order to apply for a two-wheeler loan from Hero FinCorp:
Step 1: Visit the official website of Hero FinCorp.
Step 2: Select the ‘Apply Now’ button at the top right of the page.
Step 3: Next, click on ‘Two-Wheeler Loan’.
Step 4: Fill in all the required details on the application form.
Step 5: Choose the Hero MotoCorp dealership where you want to buy your two-wheeler.
Step 6: Select the Hero MotoCorp dealership from where you wish to purchase the two-wheeler vehicle.
Step 7: A company representative will contact you once you submit your application.
Compare with: Lowest two wheeler loan interest rate
Offline Application Process
Follow the below process to apply for Hero FinCorp. loan offline:
- Visit the nearest Hero MotoCorp dealership.
- Talk to the representative and submit the filled-up application form.
- Submit all the required valid documents along with a passport size photograph.
If the documents and details in the form are correct, the representative will then contact you and will further help you with the two-wheeler loan process.
Hero FinCorp Bike Loan Eligibility
For taking a bike loan from Hero FinCorp., the following criteria must be fulfilled:
- The candidate must be at least 18 years old
- The maximum age limit for obtaining a two-wheeler loan from Hero FinCorp is 65 years at the time of loan maturity
- The candidate must be self-employed or salaried, have been employed for at least a year, and have lived in the current home for a year
- You can get up to INR 1,00,000 financing on the vehicle's on-road pricing, or up to 95% financing
- The maximum time frame for loan repayment is 48 months
- The purchase of a two-wheeler is hypothesized
- Depending on the clients' credit profile, the interest rate may fluctuate.
Documents Required for Hero FinCorp Two-Wheeler Loan
The following documents are required when applying for a two wheeler loan:
- Completed loan application
- Three passport-sized photos
- Proof of identity such as photocopies of voters' ID cards, passports, driving licenses, and IT PAN cards
- Photocopies of current telephone and electricity bills serve as proof of address
- Bank account and passbook statement for the previous six months
- Form 16/IT returns for salaried personnel from the previous two financial years
- IT returns over three years for self-employed professionals
Factors affecting the Hero FinCorp Two-Wheeler Loan
Securing a two-wheeler loan involves several criteria that determine your eligibility and the specific terms of your financing. Understanding these key factors can help you streamline the application process and improve your chances of approval with Hero FinCorp. They are as follows:
- Location: Your place of residence, especially in metropolitan areas, plays a significant role in determining loan eligibility and interest rates.
- Income Stability: Maintaining a steady and regular monthly income ensures you have the financial capacity to manage and repay the loan EMIs.
- Residential Stability: Lenders prefer borrowers who have lived at the same address for a longer duration as it indicates stability and reliability.
- Existing Financial Obligations: Current debts, such as ongoing loans or credit card balances, are assessed to determine your total repayment capacity.
- Credit History: A positive credit history and a score of 750 or higher are preferred for securing quicker approvals and more competitive interest rates.
Advantages of a Two-Wheeler Loan from Hero FinCorp
Some of the advantages of availing a two-wheeler loan from Hero FinCorp are:
- High Financing Support: Secure a loan for up to 95% of the bike's value, allowing for a significantly low down payment.
- Competitive Interest Rates: Benefit from attractive rates designed to make your vehicle purchase more affordable.
- Flexible Repayment Tenure: Choose a comfortable loan term that fits your financial plan, with options extending up to 48 months.
- Streamlined Processing: Enjoy a quick and easy application journey that ensures your loan is processed without unnecessary delays.
- Convenient Repayment Options: Manage your monthly dues effortlessly through a simple and user-friendly repayment system.
FAQs on Hero FinCorp Two-Wheeler Finance
- What is the maximum repayment tenure that I can opt for when I take a two-wheeler loan from Hero FinCorp.?
The maximum repayment tenure on a two-wheeler loan from Hero FinCorp. is four years.
- I am 17 years old and looking to finance the purchase of a two-wheeler from Hero FinCorp. Will I be eligible to apply for the loan?
No, you should be above the age of 18 years to be able to be eligible for a two-wheeler loan from Hero FinCorp.
- What is the percentage of loan that I can avail of from Hero FinCorp. under a two-wheeler loan scheme?
You can get up to 95% of your two-wheeler's price if you take a loan from the company.
- How much time does a two-wheeler loan take to be processed at Hero FinCorp.?
It takes about 24 to 48 hours for a two-wheeler loan to be processed.
- I have a monthly income of Rs. 8,500. Will I be able to get a two-wheeler loan from Hero FinCorp.?
No, the eligible monthly income for two-wheeler loans at the financing company is Rs.10,000.
- Do I need a guarantor in order to apply for a two-wheeler loan from Hero FinCorp?
No, you do not need a guarantor in order to apply for a two-wheeler loan from Hero FinCorp.
- Is there any way to lower my loan rate of interest?
Yes, you can lower your loan rate of interest by increasing your bike's down-payment, improving your credit history, and applying for a loan from your existing lender.
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