Loans provide much-needed support that keeps you upright even during financially challenging times. A few years ago, getting a Personal Loan took a lot of work. It required several days of waiting time and hefty documentation, which most loan seekers refrained from. However, with technologically advanced NBFCs like Hero FinCorp, loan applications have become easier and faster to lend helping hands to Indian citizens. Want to know how to get 1 Lakh loan immediately? Here is how an instant Personal Loan app from Hero FinCorp approves and disburses loans instantly.

How Hero FinCorp Makes Immediate Loan Approvals Possible?

Hero FinCorp is one of the few Indian NBFCs that generally approve and disburse instant Personal Loans on the same day of the loan application. They are a boon for those needing finance for an emergency. If you fulfil the lender’s eligibility conditions and provide them with the necessary documents, they verify your details and send you a loan offer with details about the approved loan amount. Once you accept the offer, they disburse the loan amount directly into your bank account. Instant Personal Loans are rightly called so because of immediate approval and disbursal facilities. Nothing can be better than having instant finance in your hand when things go haywire.

What Are the Requirements for a 1 Lakh Personal Loan at Hero FinCorp?

Before learning how to get 1 Lakh Loan immediately, you must know the basic eligibility conditions to qualify. These are the standard eligibility criteria you must fulfil:

• ~ Age: You should be at least 21 years old at the time of loan application and a maximum of 58 years at the loan term’s end.
• ~ Citizenship: You must be a resident citizen of India.
• ~ Profession: You should be a salaried employee or a self-employed professional.
• ~ Working Experience: You must have at least six months of work experience in your current job if you are salaried and at least two years of work experience in your profession if you are self-employed.
• ~ Monthly Income: You must earn a minimum income of Rs. 15,000 per month to qualify for a loan at the Hero FinCorp instant Personal Loan app.

Documents Required for a Personal Loan

If you fit the above eligibility criteria, you may apply for a 1 Lakh Personal Loan online and get approval within minutes. Although Hero FinCorp provides an instant Personal Loan without documents, you must provide scanned copies to support your claims. These include the following:

• ~ Mandatory Documents: Duly filled loan application form, Passport-sized photograph (coloured)
• ~ Identity Proof: Driving licence, passport, PAN card, or Aadhaar card
• ~ Address Proof: Driving licence, passport, Aadhaar card, ration card, or utility bill
• ~ Residence Ownership Proof for salaried: Electricity bills, maintenance bills, or property documents
• ~ Office Address Proof for self-employed: Maintenance bills, utility bills, property documents, or rent agreement
• ~ Ownership Proof for self-employed: Business existence proof, like a copy of tax registration, shop establishment proof, or company registration certificate
• ~ Income Proof: Last six months’ salary slips, the previous six months’ salary account statement, Form 16 for salaried and last six months’ bank statements and ITR for the previous two consecutive years for self-employed
• ~ Job Continuity Proof for salaried: Appointment letter from the current employer or experience certificate from the previous employer

Choosing the Right Loan Term for Your 1 Lakh Personal Loan

When applying for a Personal Loan, you must be concerned about your monthly obligations. After all, you must adjust your budget according to the EMI amount for your loan repayment. However, you must remember that your EMIs will depend on your interest rate and repayment tenure. At Hero FinCorp, you can choose a repayment term of up to 60 months according to your repayment capacity. For instance, if you borrow a 1 Lakh Personal Loan at a 12% interest rate, your EMIs for various loan terms will be as follows:

Loan Tenure	EMI Amount	Interest Cost	Total Loan Cost
12 months	Rs. 9,333 per month	Rs. 12,000	Rs. 111,996
24 months	Rs. 5,167 per month	Rs. 24,000	Rs. 124,008
36 months	Rs. 3,778 per month	Rs. 36,000	Rs. 136,008
48 months	Rs. 3,083 per month	Rs. 48,000	Rs. 147,984
60 months	Rs. 2,667 per month	Rs. 60,000	Rs. 160,020

As you can see, your EMI amount will decrease as you increase your repayment tenure. However, you will see the opposite effect on your interest amount and total loan cost. They will increase as you increase the loan tenure. The best strategy is to evaluate your monthly budget and opt for the shortest possible loan term with affordable EMIs.

Tips to Accelerate Your Loan Approval Process

Obtaining a Personal Loan is time-consuming, and delay in disbursal can negatively impact your loan requirement. Here are a few tips to expedite the loan approval and disbursal process:

●       Check Your Credit Score:

Your credit score reflects your creditworthiness. A poor credit score might lead to loan rejection, additional formalities, and complications in loan processing. Moreover, a low credit score may cause the lender to charge a higher interest rate. Therefore, check your credit score and ensure it is good enough to convince the loan providers.

●       Keep Your Documents in Order:

Having well-organised paperwork is crucial to accelerate the loan approval process. Keeping documents in order will avoid unnecessary delays and ensure faster loan approval.

●       Apply for an Adequate Loan Amount:

To expedite your loan approval process, determine an adequate loan amount based on your requirements and eligibility. It helps you plan your finances efficiently and borrow a loan you can conveniently repay.

●       Have a Regular Cash Flow:

Many borrowers default on loans due to cash flow issues. When scrutinising your loan application, the NBFC wants to ensure a free cash flow to check your repayment capacity. Inadequate liquidity, low income, frequent job changes, etc., negatively affect the lender’s confidence, potentially leading to delayed processing.

With the Hero FinCorp instant Personal Loan app, obtaining a 1 Lakh Personal Loan for any unforeseen expense has become really simple. And if you have a good credit history, you can also get the loan at the lowest interest rate and a low EMI. Now that you know how to get 1 Lakh loan immediately using a loan app, you can get the best loan offers at competitive interest rates without any delays in the procedure.