Loan for Women

With the changing times, women in India are not just confined to their homes, instead many women are emerging as the leading entrepreneurs and businesswomen in different fields of work. As directed by the Indian government, financial institutions have introduced special loan schemes for the upliftment of women. Women are provided with attractive interest rates on personal loan for higher education, travel, marriage and accomplish other life goals.

Over the years, the government of India has introduced favorable instant personal loan plans to support ambitious and enthusiastic women, who do not have to face shortage of funds to start their endeavors. However, with the increasing popularity and acceptance of digital loan platforms, loan approval has become hassle-free for women.

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Features and Benefits of Personal Loan For Women

The current online loan apps have simplified the process of loan application and disbursal. Women feel the independence of acquiring the required funds on their own, without being dependent on anybody else. Here are some benefits of personal loan for women:

Quick approval

Online instant loan apps provide fast loan approval within 24 hours of duration. It is quick, as no security and no physical documents are required.

No collateral required

Personal loan has a collateral free process and therefore helps women to avail loan easily without keeping any security or guarantor.

Small loans schemes

Public financial firms have introduced small cash loans schemes starting from 50,000 - 1,50,000 to ease off the monetary burden on women.

No hidden charges

Borrowers are assured of complete transparency with no extra charges to understand and apply easily for personal loan

Simple documentation

Hassle-free and limited documentation in a paperless format makes the loan procedure faster and easy for women to apply for loan.

Lower interest rate

Number of special schemes and opportunities have been applied to make personal loan affordable to women. Lower the interest rate, lesser becomes the EMI and easy to repay.

No penalties on early repayment

Some lenders allow zero prepayment penalties in case of payment clearance before the EMI. This allows you to repay the full loan amount as per your convenience after repaying the first EMI. There are no fees or penaltiesy for doing so..

Eligibility Criteria for Personal Loan for Women

  • The loan eligibility criteria for women may differ from lender to lender. Different loans have different eligibility criteria as per the purpose of the loan and borrower’s profession:
  • 1

    Must be a resident of India

  • 2

    Must be in an age group of 21- 58 years

  • 3

    Minimum income should be Rs.15,000 monthly

  • 4

    Income proof with six months’ salary proof or ITR is required for salaried women

  • 5

    In the absence of income proof, women have the facility to assign a guarantor or Form 16 for approval of personal loan

  • 6

    For a self-employed woman, business stability and 6 months bank transaction are mandatory

  • If the loan application is digitized or carried out through an online loan app, then the required documents are minimal. Therefore, women who are ambitious and desire to fulfill their goals and objectives using personal loan should have the following documents:
  • 7

    Identity Proof- Aadhaar card/Smart Card Enabled Driving License/PAN card

  • 8

    Address Proof- Passport/ Ration card/ Voter’s Id/ Aadhaar card

  • 9

    Employment details (if salaried women)- job stability such as company address, profession, employer’s name, salary details

  • 10

    Business details if (self-employed women)- company name, registration certificate and 6 months’ business stability proof is mandatory for availing the loan

How to Apply for Personal Loan for Women

Personal loan for women in distress works as a blessing. A woman at the time of emergency finds a ray of hope while applying for an online personal loan easily through an instant loan app or a website. Each loan app is designed differently, but there are few basic things to follow:

How to Apply for Education Loan
  • Download the loan app from Google play store on your Android phone

  • Enter your mobile number and area pin code

  • Enter your Aadhaar card number linked to your mobile phone. If your mobile number is not linked with Aadhaar Card you can use your Smart Card Driving license to complete your KYC

  • Customize your loan amount, repayment tenure and interest percentage to plan your EMI in advance using the EMI Calculator

  • Enter your personal, professional and financial details

  • Select the purpose for loan application

  • Once the application is done and verified, the loan amount will get directly transferred in your mentioned bank account

Concluding, online instant personal loans have acted as a boon for women. It has enhanced the level of financial independence for women, encouraging them to perform better in different areas.

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