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Added on 12 May 2022

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What factors decide your Hero Fincorp Two Wheeler Loan Eligibility?

One important thing that you should check during the process is your Hero Fincorp Two Wheeler Loan Eligibility as all your efforts would get wasted if they reject your loan application.

You may have decided to purchase your favourite bike on loan from Hero Fincorp and started preparing for the application process. One important thing that you should check during the process is your Hero Fincorp Two Wheeler Loan Eligibility as all your efforts would get wasted if they reject your loan application. Hero Fincorp goes through several things like your repayment capacity, background, source of income, etc. as they want to avoid the risk of non-repayment. To be eligible for a bike loan, generally, you have to fulfil the following requirements:

· Your age

You should be at least 18 years during the time of applying for the loan. There is no specification regarding the upper age limit.

· Income

Whether you are a salaried or a self-employed individual, you need to have a stable income. For salaried applicants, you should have a stable job for at least one year with at least six months in the current job. If you are self-employed, you have to be in the current business for a minimum period of a year. You may have to show the IT returns as proof. A higher-income may ensure a lower interest rate for your bike loan and improve your chances for the Hero Fincorp Two Wheeler Loan Eligibility.

You may get a loan of up to 95% of the on-road price of the two-wheeler, depending on the terms and conditions specified by Hero Fincorp. The exact percentage would depend upon your credit score and eligibility.

Get in touch with a Hero Fincorp representative to know the details or visit the website and leave your contact details so that a representative can address your queries. You have to submit certain documents as proof that include the following:

· Your current address, contact number, and KYC documents

Hero Fincorp requires this as proof of residential stability. You should have a permanent contact number and documents related to KYC, ID proof, and address proof.

· Income proof

· Passport size photograph

Arrange for both original and photocopies of the documents for submission to Hero Fincorp as proof of your declaration on the application form.

If you are a salaried individual, submit the following documents:

· KYC documents like Passport, Pan Card, Aadhaar Card, etc

Address proof consisting of Passport/Driving License/Voter ID card /Utility Bill / Aadhaar card/ Bank account or Post Office savings bank account statement. You may submit computerised documents issued by the government. Hero Fincorp may accept address proof in the name of your spouse or parents.

· Copies of passport size photographs

· PAN card

· Salary slips of last three months

· Salary statement for last six months

· Proof of verified signature

· Bike registration certificate

· Latest form 16

If you are a self-employed individual, you have to submit the abovementioned documents related to KYC and address -proof, and additionally the following:

· TDS certificate and your business details

To have hassle-free loan processing, check your Hero Fincorp Two Wheeler Loan Eligibility before you apply in terms of both criteria and the documents required. This would lead to faster approval and you can buy your favourite two-wheeler model at the earliest.