Hero FinCorp - Customer App 1.4.1

Repayment Terms:

• Minimum Repayment Period: 24 months
• Maximum Repayment Period: 48 months

Annual Percentage Rate (APR): 32.4%

Representative Example:

1. Loan amount (disbursed to the borrower): INR 50,974
2. Total interest charge during the entire tenure of the loan: INR 14,782
3. Other up-front charges:
a. Processing fees inclusive of GST: INR 1,682 b. Insurance charges (if applicable): INR 974 c. Others (if any) - Stamp Duty (if applicable): INR 1,359
4. Net disbursed amount: INR 47,933
5. Total amount to be paid by the borrower: INR 65,756

Review:

The launch of Hero FinCorp's Customer Servicing App is a significant move for their retail loan products, including Two-wheeler Loan, Used Car Loan, Loyalty Loan, and Personal Loan Customers. Their dedication to meeting customer requirements and providing support for queries and issues resolution is commendable.

Loyalty Personal Loan:

The Loyalty Personal loan plan is an exclusive offer for existing customers. It offers a complete digital onboarding journey through the mobile app. Customers can conveniently select loan amount and tenure, choose optional insurance, validate their address and identity through face match and liveliness check, validate their existing bank details, complete e-mandate and e-sign for loan onboarding.

Customer Servicing:

The Customer Servicing App streamlines the resolution of customer queries and issues. Customers can request a Welcome Letter and Loan Repayment Schedule, access EMI-related details and alerts, receive information on Bounced EMI and Penal Charges, obtain a Statement of Account (SOA), request a No Objection Certificate (NOC) after loan closure, make EMI payments online or offline, register or switch the mandate for loan repayment, update asset details for Two-wheeler and Used Car Loans, pay advance EMIs, and request to foreclose the loan. This app eliminates the need to call customer care centers, send email queries, or visit offices for issue resolution.

Benefits and Risks:

The Hero FinCorp loan app provides a simple and fast way to apply for instant loyalty loans up to ₹2.5 lakh (depending on your credit score) for financial emergencies. However, it's important to consider the risks associated with taking on additional debt.

Data Privacy & Security:

Hero FinCorp prioritizes data privacy and has implemented robust security measures to protect user data during transfer or any other activity. Data is transmitted securely via HTTPS connection with SSL encryption. Multiple layers of security, including firewall, security groups, and token authentication, are in place to control API access. Some data may be shared with registered third-party services with the customer's consent. To learn more about Hero FinCorp's privacy policy, please visit https://www.herofincorp.com/sites/default/files/Data-Privacy-Policy.pdf.

Contact:

For further assistance, please contact [email protected].