A personal loan means exactly that – it can be used for any personal need and there is no need to explain officially why it is being taken. Since there is no end-use tied to it, your eligibility does not depend on the purpose of the loan. This also means that you do not officially need to write down the reason why you are applying for a personal loan and how you intend to use it. However, you may be asked by your loan officer the purpose of taking a loan, since a lender always wants to make sure that you will be able to pay back the loan.

1. Is the reason
for acquiring a
personal loan
important?

2. What does the
personal loan
purpose mean?
● It refers to the goal that you are
trying to achieve by applying for a
loan.

3. Is the purpose of a personal loan
important?
No, it does not matter.
$$

4. Factors that influence
personal loan approval

5. Creditworthiness
● The lender evaluates your credibility to understand your
repayment ability.

6. Earnings
Your income is crucial in determining your loan approval.
$

7. Your age
If you are about to retire, you might not be
approved for a loan.

8. Payback tenure
Your repayment tenure is also important for
approval.

9. Documents
The lender asks for your
KYC document for loan
approval.

10. — Herofincorp
There are no strict requirements for qualifying for
personal loans. You can receive quick approval by
keeping the above points in mind.

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Hero Fincorp Limited
09, Basant Lok, Vasant Vihar, New Delhi - 110057
Tel : 18001024145
Email : customer.care@herofincorp.com
Website : https://www.herofincorp.com/
Know More : Does the Purpose of a Personal Loan Matter?