Women today are outgrowing the bonds of gender stereotypes and trailblazing ahead on the path of progress. They are working in every possible field as equal contributors to society at large. They have positively impacted the economy of India as they account for a major part of the working class today. Women now have far better economic opportunities than they did about two decades ago. Urban areas fare far better in matters of women empowerment and financial security compared to rural areas. To ensure that women have access to monetary resources, the government and financial institutions have incorporated many schemes. Personal loan for women is one such initiative undertaken by banks and lenders to support women’s financial freedom in the country.
Financial institutions, banks, and lenders across the country are now offering women personal loans at low and affordable interest rates. This has helped women take charge of their lives and achieve financial independence. Personal loans are available to women for a whole range of requirements such as starting their own business, traveling, wedding expenses, buying a vehicle, medical expenses, further education, and so on. Moreover, banks and lenders have simplified the application process by allowing online personal loan applications to enable easy access to funds.
Personal Loan for Women – what is it?
Personal loans for women are a form of unsecured loan catering specifically to women customers. These loans are provided at low-interest rates to help women achieve financial stability and support themselves in any given situation. In addition, these loans are easy to apply for and provide convenient repayment options to reduce the financial burden on women.
Personal loan for women – Benefits
- Easy access to monetary resources
- Viable interest rates offered
- No need to liquidate your investments during financial need
- No security or collateral required for loan application
- Flexible EMI and repayment options
- Transparent online loan application process
- Quick disbursement of funds – between 24 to 72 hours on average
- Instant Approval of online loans – check your loan eligibility with a lender of your choice and apply
- Nominal processing fees charged
- Funds procured through personal loans can be used for any form of personal expense
The benefits mentioned above can provide monetary relief to women and allow them to achieve their goals without being a financial liability to their spouses or families. In addition, by accessing funds through personal loans, they can help reduce their financial burden without forgoing anything.
Personal loan for women – Eligibility
Most financial institutions, banks, and lenders in India have similar eligibility criteria for personal loan applicants. Described below are some of the general conditions to avail of a women’s loan:
- The personal loan applicant must be a citizen of India
- The age of the applicant must lie within the range of 21 to 60 years
- The applicant must have a good credit score (as verified by CIBIL)
- The applicant must be an employee with a proven salary or self-employed (running their own business)
- The salaried applicant must have at least one year of work experience
- The salaried applicant must be employed with their current company for at least six months
Must Read – Debt-to-Income Ratio
Some financial institutions will also lend to women who are homemakers subject to terms and conditions. For these cases, the applicant is expected to apply for a loan and a co-applicant who is salaried or self-employed with a stable source of income. In addition, the co-applicant will be required to fulfill all of the above criteria, subject to which the homeowner will be awarded a personal loan.
Once the above requirements are fulfilled, an interested loan applicant can calculate their exact personal loan eligibility using the personal loan eligibility calculator. Most lending institutions have online personal loan eligibility calculators, which can be used for this purpose. The application process would then require the applicant to provide identification proof, address proof, proof of income or salary slips, employment certificates, recent bank statements, etc. Often these documents are verified online hence reducing the need for elaborate paperwork. Once approved, the loan amount will be provided to the applicant within a few days.
Every individual greatly values their financial independence – why then should women be left behind? With the focus to empower women financially, the government and financial institutions are implementing beneficial monetary schemes. Personal loan for women is one such arrangement that will help women move one step closer to achieving their financial freedom.
