Enjoy the benefits of Personal Loan for Women and make life easierBy understanding the importance of women’s financial dependency various banks and NBFCs have started offering special schemes of personal loan for women. These loan schemes usually include additional benefits like no processing fees, a lower rate of interest on a personal loan for women. The primary motive of these loan schemes is to provide financial freedom and to empower women to meet their financial requirements.
A woman can use a personal loan for any purpose like:
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Home renovation
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Buying electronic equipment’s Purchase of ornaments
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Buying a two-wheeler or car
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Education
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Starting a new business
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Medical or wedding expenses and many others
Generally, the personal loan for women is offered to the working women, running their own business, or working for a private or public company. However, this completely depends and may differ based on the loan scheme and the lender’s discretion. So, let’s have a look at the most preferred options offers as a personal loan for women.
1) AB Vanitha Vahan Scheme: Under this scheme, Andhra Bank offers personal loans to the housewives for the purchase of four-wheeler. This loan is also offered to working women.
Eligibility Criteria:
The eligibility criteria of the AB Vanitha Vahan Scheme differ from one case to another. Here are the generic criteria for the same:
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Salaried women / professional and self-employed having income proof.
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Women borrowers should have a valid driving license in their names.
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The salary of the applicant is to be routed through Andhra Bank.
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P&SE Woman: Post-dated cheques to be obtained.
2) Star Mahila Gold Loan Scheme: Offered by the Bank of India for purchasing the gold jewelry or coins to both the working and non-working women.
Eligibility Criteria:
The eligibility criteria of the Star Mahila Gold Loan Scheme of personal loan for women may vary based on an applicant profile. Here are the common eligibility criteria for the same:
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Including the salaried employee of Govt./ PSU/ Private Sector/ MNC etc.
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Self Employed Professionals like Doctors, Entrepreneurs, etc.
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Women with an independent source of regular income like rentals etc.
3) Bajaj Finserv: Bajaj Finserv offers personal loan for women at attractive interest rates. With features like instant approval and quick disbursal. A borrower can avail a personal loan up to Rs.25 lakhs. Bajaj Finserv also facilitates with the option of a Flexi interest-only loan through which one can lower the loan EMI by up to 45%.
Eligibility Criteria:
The eligibility criteria for availing a personal loan from Bajaj Finserv differs based on various factors. Here are the generic criteria for the same:
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An applicant minimum should be 25 years and a maximum of 58 years.
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Permanently employed women in Central/State Govt./PSUs/ Scheduled Banks/Teachers of Govt. Aided Institutions.
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Not having income proof. The income proof of Spouse/other close relatives to join as co-borrower.
4) V Swashakti: This scheme is offered by Bank of Baroda to financially assist the women entrepreneurs in the economic pursuits in Small Business.
Eligibility Criteria:
The eligibility criteria of the Star Mahila Gold Loan Scheme may differ based on an applicant profile. Here are the common eligibility criteria for the same:
5) Nari Shakti Personal Loan: Under this scheme, Fullerton India offers personal loans for women. This loan scheme can be acquired online.
Eligibility Criteria:
The eligibility criteria of the Nari Shakti personal loan for women may vary based on an applicant’s profile. Here are the generic criteria for the same:
Required Documents
The documents are one of the major things that every lender considers while the loan approval process. However, the list of personal loan for women required documents may differ from one lender to another. Here is the commonly required list of documents:
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Complete personal loan application form.
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Proof of residential
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Latest 3 months bank statement (Passbook for the past 6 months).
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Latest salary slip.
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Form 16
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Current dated salary certificate.
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Income tax returns.
Apart from the Banks and NBFCs, some instant loan apps also offer personal loan for women at a low rate of interest in a short period. Below are some of the best personal loan apps of personal loan for women, do have a look:
PaySense App PaySense is a platform to get a personal loan, it is one of the best personal loan apps. This app can be downloaded on Google Play. You can meet all your finances by simply applying for a personal loan of the maximum amount of Rs. 5 Lakhs. Its offers loan on the interest rate ranges from 1.4% to 2.3% per month.
Indiabulls Dhani is among the best personal loan app in India offering loan at a pocket-friendly interest rate of 11.99%. Indiabulls Dhani offers the personal loan amount ranges from Rs. 1000 to a maximum Rs. 15 lakhs with a flexible repayment term from 3 to 36 months.
A maximum amount of Rs. 5 Lakhs without any security against the loan amount can be acquired by Money Tap. A flexible repayment period ranging from 2 months to 36 months is also offered by MoneyTap.
KreditBee offers loan amount minimum of Rs. 1000 and maximum of Rs. 1 lakh to the young professionals based on an applicant profile.
EarlySalary personal loan helps you to a great extent by meeting the cash requirements while mid-month cash crunches.
As you can see that there is ample number of lenders providing personal loan for women that can put you into the dilemma of choosing which loan lender is suitable for you. So, to help you a little here are some tips that you can follow while making a decision:
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Compare Loan Interest Rates
Lender offers may seem attractive to you, but it is crucial to not get lured by that and compare the offered interest rate to you.
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Compare Charges
The interest rate is not the only thing you need to compare or look at before choosing a personal loan. You also need to compare the various fees charged by the lender on loan. The fees generally associated with a personal loan are processing fees, late payment charges, loan cancellation charges, and service tax for each service provided by the lender.
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Look for Repayment Flexibility
Most of the personal loan products come with full and partial pre-payment charges.
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Find an affordable EMI
Before taking a loan, you need to be sure that you will be able to make regular and timely payments to close the loan on time and without any penalties. And to ensure this you need to know an estimate of the equated monthly installment (EMI).
Conclusion:
It is always advisable to do in-depth research as you have many options for personal loan for women available in the market and to make a wise choice research is needed. As every lender has its discretion so first thoroughly research then make a decision.
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