Hero FinCorp Two-Wheeler Finance
Hero FinCorp, started in 1991 as Hero Honda FinLease Limited, is one of India's fastest growing non-banking financial companies, serving millions of customers. The company currently has 2000 retail finance touch points and has worked with more than 2000 corporate clients. Hero Fincorp Two-Wheeler loan starts at 14% p.a.
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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: Two-wheeler loans at the financing company are processed in a span of 24 to 48 hours. The processing and approval at Hero FinCorp. also depends on the validity of documents submitted and verification followed after that.
- 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: Once you submit the application form, the company will take only 15 minutes to review your form and make a decision whether you are eligible to avail the loan or not.
- Interest Rate: Hero Fincorp two-wheeler loan interest rate starts at 14% p.a.
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:
- Visit the official website of Hero FinCorp.
- On the top right-hand side of the page, click on ‘Apply Now’.
- Next, click on ‘Two-Wheeler Loan’.
- Fill in all the required details on the application form.
- Select the checkbox to agree to the ‘Terms and Conditions’ and click on ‘Verify OTP’.
- Select the Hero MotoCorp dealership from where you wish to purchase the two-wheeler vehicle.
- Submit the application form after the verification process has been completed.
- Once your application form is submitted, a representative from the company will get in touch with you.
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
Advantages of a Two-Wheeler Loan from Hero FinCorp
Some of the advantages of availing a two-wheeler loan from Hero FinCorp are:
- You can obtain a loan for up to 95% of the bike's value, requiring a low-down payment
- Interest rates are attractive
- Term lengths that are flexible up to 48 months
- Quick and easy processing
- Simple repayment
- All the small things are taken care of.
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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