Reasons For Women To Consider Personal Loans In India

Gender inequality has been a concerning point in India. While most urban Indian cities have exhibited a progressive outlook with women going all out for chasing and realizing their aspirations and dreams, few regions are still chained up in an old-school approach where women are not permitted to work out or earn a living. Over the last few years, the Indian government has launched several women empowerment initiatives to ameliorate this condition in our country. 

Breaking through the stereotypical women’s image and to endow more power, lenders offer a variant of personal loans for women at concessional rates to meet their financial goals as well as aspiration at distinct life stages. A personal loan for marriage is even a kind of loan that women can opt for. 

What’s a personal loan for women?

A personal loan for women is a kind of unsecured loan provided exclusively to women at a lower rate of interest with flexible repayment loan tenure. Such a loan can be taken up by working women working in the government or private sector and those who are self-employed business owners. A personal loan for women is designed in such a way that women can avail of it with ease and repay it as per their repayment capacity. From funds to aid their enterprise to money to pursue a program, funds from a personal loan can be utilized for anything. 

Personal loan interest rate is formed keeping in mind the budget requirements of women, so higher EMIs do not end up burdening their financial stability. A personal loan for women may be applied for online with great ease with minimal documentation. Once the application for a loan is examined and approved, funds are processed and disbursed to your bank account in only 15 minutes. 

What are the uses of opting for a personal loan for women?

Personal loans for women come in handy for various scenarios like arranging funding to travel, for healthcare exigencies, home expansion and renovation, higher studies, financing business capital and others. The beauty of availing personal loans for women is that there is zero restriction on the end usage of loan proceeds. 

Besides the above, working women may even avail of personal loans for women to begin their business journey, for paying salaries to employees, stock up inventory, and many more things for their business. Besides the reasons mentioned above, personal loans for women may be taken up for personal reasons besides gambling, speculation, and illegal activities. 

Additional Read: Personal Loan for Women

What are the benefits and features of opting for a personal loan for women?

Instant loan for women is pre-approved in nature and are designed to assist women in meeting any financial needs, whether business or personal related. Here are a few of the benefits and features of personal loans for women that you must be aware of – 

∙  Zero restriction on the end usage – You can take up a personal loan for as high as Rs 25 lakh to fund any personal or work-linked needs without any restriction on the end usage of loan proceeds. This makes it one of the versatile choices for working women. 

∙  Instant approval and disbursal – Once the personal loan application form is submitted along with the required documents, you will be provided with an initial deal or offer amount. Upon accepting this, you require verifying a few of the details, and once this is done, the funds will be disbursed instantly to your savings bank account. 

∙  Flexible repayment tenure – You can select the loan tenure according to your convenience, keeping in mind your budget, expenditures, income, and other important parameters. You can select from a tenure of between 12 months and 5 years using an online personal loan EMI calculator. With an online personal loan EMI calculator, you can decide your repayment tenure better as this calculates the final EMI and overall interest constituent instantly. So, you can check different tenures on the calculator to determine the prudent tenure that matches your cash inflow and affordability. 

∙  Zero collateral or security required – There are zero requirements to pledge any asset or security to get a personal loan. This loan is totally unsecured in nature, which does not require you to provide any collateral or security. However, note that as you do not require to provide any collateral or security in this loan, the interest rate offered on such loans may be slightly higher than the secured loan options. Lenders of personal loans offer a slightly higher interest rate to compensate for the credit risk involved in lending you. 

∙  Least documentation – Whether you are witnessing any financial exigency or in requirement of additional funds for personal requirements, you can simply apply for the loan by visiting the lender’s site by providing all the basic documents and required details. All such documents will be verified online by the lender without the requirement for anything to be uploaded. 

What are the eligibility criteria for a personal loan?

To check whether you qualify for a personal loan, read on, and evaluate yourself – 

∙  You must be aged between 21 and 60 years.

∙  You require being a residing Indian citizen. 

∙  Your minimum income (monthly) must be not less than Rs 20,000

∙  For a salaried person – at least a year of working experience is a must, with a minimum of six months in the present job. 

What’s the interest rate charged on a personal loan for women?

Personal loan interest rate for women is based on various parameters like borrower’s income, credit history, credit score, loan applied amount, and others. Based on such factors, the personal loan interest rate may range anywhere between 10 percent and 24 percent per annum. 

How can you apply for a personal loan for women?

If you are witnessing emergent financial requirements or have been looking out for a big-ticket investment or purchase, then you can consider applying for a personal loan to simply meet such requirements with ease. If you meet all the personal loan eligibility parameters mentioned above, you may qualify for personal loan approval.

In case you are in urgent need of a personal loan, then you may consider checking for pre-approved personal loans. To check for a pre-approved personal loan, you must approach your banks with whom you already share an existing banking relationship to ask if they have provided you with any such offer based on your credit profile. If you find such an offer, then you can opt for this loan. Disbursal of the loan proceeds of pre-approved loans is usually on the same day of placing the personal loan application day.

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