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.

Features of Personal Loans for Women

Let’s take a look at the key features of personal loans for working women.

Multi-Purpose Loan
Use funds at your discretion: buy a car, consolidate debt, renovate home, travel, or purchase gadgets.

Collateral-Free
No security required; lenders treat salaried and business women equally.

Generous Loan Amount
Up to ₹40 Lakhs; loan amount depends on credit score, income, and lender policies.

Competitive Interest Rates
Starting from 10% p.a. to 11% p.a., among the best in the market.

Flexible Repayment
Choose loan tenure: 12-72 months, customize EMIs based on budget and income.

Quick Disbursal
Money in account within 2 business days; doorstep service available.

Completely Digital
Apply in 10 minutes through Urban Money website; compare options, check eligibility.

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.

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.

Documents Required

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.