Personal Loan For Women
A Personal loan for women, in essence, aims to grant women the freedom to achieve their long-term and short-term goals without relying on someone else. From financing your higher education to your wedding, personal loans for working women address all your financial requirements. Moreover, these loans come with many benefits, such as low interest rates, minimal processing fees, moderate eligibility criteria, less documentation, completely collateral-free, etc.
Hence, to assist women in managing their finances less difficult, Urban Money presents a detailed overview of personal loans for salaried women and businesswomen. Herein, we will primarily discuss information regards personal loan interest rates for women, features, eligibility criteria, and document requirements. We also offer a step-by-step procedure for using the Women EMI Calculator, along with some tips that you should consider before taking a personal loan for women.
Personal Loan Interest Rates for Women Offered by Top Lenders
numerous lenders in India offer personal loans for working women, although each lender provides different interest rates. These rates also vary depending on your profile and creditworthiness. However, we have listed the typical and most up-to-date Personal Loan Interest Rate for Women, offered by the top lenders in India.
|Interest Rate (p.a.)
|Kotak Mahindra Bank
Features of Personal Loans for Women
Let’s take a look at the key features of personal loans for working women.
Opting for a personal loan for women, you can use the funds at your discretion. This may include buying a car, consolidating debts, home renovation, travel, and even purchasing gadgets and other items. In essence, whether obtained from an NBFC or a bank, the lender pays no attention to the purpose of your loan.
You require no collateral for working women to secure a personal loan. Whether it is a personal loan for business women or a salaried woman, the lenders treat both applicants alike. This borrower-friendly feature ultimately eliminates the need to pledge valuable assets or offer any form of security against the loan amount.
Generous Loan Amount
Under the name of a personal loan for women, you can typically access loan amounts ranging up to Rs. 40 Lakhs. With this wide range of loan options, you can have confidence that your financial goals will receive support, regardless of their size. Nevertheless, the precise loan amount will be influenced by several factors, including your credit score, income, and the lender's policies.
Competitive Interest Rates
The interest rates play a pivotal role; even a slight variation can result in substantial savings over the long term. Namely, the average interest rates for personal loans for women typically start at around 10% p.a. to 11% p.a. This is actually among the best in the market when compared to other types of personal loans, allowing you to borrow money without excessive concern about paying high-interest costs.
Flexible Repayment Terms
You have the complete freedom to select your loan tenure, which can range from 12 to 72 months, based on your budget and income. This remarkable flexibility empowers you to customise your loan EMIs, reducing the risk of default.
Once you submit the loan application, the money will hit your account within 2 business days. Moreover, certain lenders go the extra mile by providing doorstep service, ensuring a more streamlined and personalised process.
Applying for a personal loan for women is easier than ever now. Specifically, through the Urban Money website, you can compare various loan options for women, check your eligibility, and apply for the one that suits you best. Typically, it takes as little as 10 minutes to secure a loan without visiting the lender's branch.
Eligibility Criteria for Personal Loan for Women
The eligibility criteria for a personal loan for working women may vary from one lender to another. However, the following are the typical eligibility criteria you can expect as a female applicant for personal loans.
- Nationality: You must be an Indian woman.
- Age: Your age must fall somewhere between 21 to 65 years old.
- Occupation: Both salaried and self-employed individuals are eligible.
- Income: The minimum income requirement may vary from Rs. 15,000 to Rs. 40,000 per month, depending on the lender and the loan amount.
- Employment History: You must have a minimum work experience of at least one year, with at least six months with the current employer. For self-employed women, you must have a minimum business vintage of at least two years.
- Credit Score: You must have a good credit score of at least 700 or above.
- Documentation: You must have a valid identity proof, address proof, income proof, and proof of end use of the loan amount.
The following are the common documents that most lenders look for when offering personal loans for women:
- A valid identity proof, such as your PAN card, passport, Aadhaar card, voter’s ID card, or driving licence.
- A valid address proof, such as your passport, Aadhaar card, driving licence, voter’s ID card, or utility bill.
- A bank statement of the last 3 months that contains your income details.
- If you are a salaried individual, you should provide your most recent salary slip. On the other hand, Personal loans for businesswomen need to submit income proof, such as income tax returns, Form 16, or audited financial statements.
- 2-3 passport-sized photographs.
What are the Things to Consider Before Taking a Personal Loan For Women?
Here are certain things you should keep in mind before initiating your loan application:
Decide the Loan Amount
It is advisable to avoid borrowing more than the necessary amount. You should clearly understand the funds you need and the purpose for which you need them. Ensuring that you can comfortably manage the repayments without defaulting is also essential. Notably, you can use the Urban Money EMI bank calculator to estimate your monthly repayment and view the repayment schedule.
Compare Fees and Rates
Visit the official website of Urban Money and take advantage of the opportunity to compare more than 50 top lenders in India. It’s important to note that the personal loan interest rates for women may vary from one lender to another. Therefore, it is advisable to compare multiple lenders, including their rates, fees, and terms. By doing so, you can eventually identify the most cost-effective option available to you. Additionally, it is essential to check for any hidden charges or penalties that might apply in case of late payment, prepayment, or foreclosure.
Review Your Choosen Lender
Examine the history, track record, customer service, and online presence of your selected lender. It is also advisable to review the feedback and testimonials from previous borrowers who have used their services. This will help establish the lender’s credibility and reputation before proceeding with your personal loan application.
Ensure Eligibility Criteria and Documentation
You should check the eligibility criteria and documentation required by the lender before applying for a Personal loan for women. You should meet the minimum age, income, credit score, and work experience requirements. You should also have all the necessary documents ready, such as your identity proof, address proof, income proof, and proof of end use of the loan amount.
Familiarise Prepayment Option
You should check if the lender offers the option to prepay or foreclose your loan before the actual tenure without any extra cost. This can help you save on interest and reduce your debt burden. However, some lenders may charge a fee or impose a lock-in period for prepayment or foreclosure.
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Frequently Asked Questions (FAQs)
Can a woman get a personal loan?
A woman can certainly get a personal loan from various lenders in India.
Can a housewife apply for a personal loan?
Yes, a housewife can apply for a personal loan, but she may need a co-applicant with a steady income and a good credit score.
Who is eligible for loans for women?
Typically, any Indian-born woman aged above 21, who earns a regular income, is eligible for a personal loan for women. However, to apply, individuals are required to submit specific documents as requested by the chosen lender.
How to get 5 lakhs immediately?
With Urban Money, you can conveniently compare more than 50 lending lenders in India and select the one that best fits your needs, with loan amounts typically up to 40 lakhs. Once you have submitted the application, an Urban Money representative will get in touch with you within a day regarding your selected lender and guide you until the funds are deposited into your bank account. Ideally, you can expect the fund disbursal to occur within a timeframe ranging from 4 hours to 2 business days.
Can a woman get a loan without a job?
It is possible to obtain a personal loan for women who are unemployed. However, it may not be easy or advisable, and the applicants might face high-interest rates and unfavourable terms.