Hero Fincorp recently launched its new instant loans app that is aimed to simplify the borrowing process for users of all backgrounds and financial profiles. It was earlier known as SimplyCash and has over 9 million users in India.
The rising trend of fintech apps
COVID-19 pushed the digitization of all industries like nothing else could. That’s why we can see that there are over 30,000 fintech startups around the world.
The personal loans segment here has been growing at an average of around 21.7% Y-o-Y for the past two years. Keeping that in mind, Banks and NBFCs, which used to serve only offline through their offices, like Hero FinCorp, have actively chosen to transform themselves into a Digi-first business.
This is mainly because consumers are now choosing flexibility over anything. There are so many apps that provide instant credit, instant loans, or credit lines. These used to take days of approval earlier. But, digitizing the process streamlined the verification and approval processes all in one, making credit easier.
That’s why we saw a credit expansion of over 31.3% Y-o-Y, in this segment.
This must have been the biggest reason why Hero FinCorp shifted towards the digital business.
How does the App Work?
The Hero FinCorp Instant Personal Loan App can downloaded on any smartphone through Playstore or App Store.
Hero has made it possible to get an instant loan app within a mere 24 hours. This has eliminated the need for long waiting periods related to loan verification and approval.
The biggest highlights of this process include:
- Convenience: You can apply for loans using their mobile app from anywhere and everywhere you want.
- Instant Approval: The app offers quick approval for loans, cutting down the time and effort needed compared to traditional loan applications.
- Paperless documentation: Everything is verified, and asked for in the app itself. This makes the entire process simpler and reduces paperwork.
- Clarity: The app gives clear information about loan terms, interest rates, and fees, helping users make smart decisions.
- Loan Monitoring: Users can monitor their loan application’s progress and receive live updates through the app.
- Secure: Hero FinCorp has kept security a top priority. They use strong security measures to secure the personal and financial details of their customers.
- Customized loan proposals: Depending on the user’s creditworthiness and financial profile, the app offers personalized loan options that are made specially for their needs and preferences.
- Variety of loan options: Hero FinCorp’s Instant Loans App has a variety of loan products like- personal loans, home loans, car loans, etc.
- Digital repayment option: You can pay your credit back digitally from the app itself.
- No hidden charges: No hidden charges are added by Hero FinCorp.
Eligibility Criteria for Instant Loan.
The eligibility requirements may vary for each applicant, but the standard conditions include:
- Indian citizenship
- Age between 21 and 58 years
- Regular source of income
- Decent credit history
- Salaried professionals must have been employed for a minimum of 6 months
- Self-employed applicants must have at least 2 years of experience in their business
- The minimum salary required to be eligible is just INR 15,000 per month
Moves like this are making Hero FinCorp a strong contender in the personal loans segment in India. They have been here in India since 1977, and know the market well.
As the finance market shifts more towards tech, an app like this will make things easier for them to manage the change and handle the growing trends. This has also positively impacted Hero FinCorp share price in the unlisted markets.
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