How to Get a Personal Loan for a Woman?

Feb 5th 2024
Loan
Personal Loans for Women: Achieve Your Dreams with Flexible Funding in 2024 (Fast Approval)

In today’s fast-paced life, money is one of the essential needs of people of all types. Whether it is fulfilling your dreams or meeting your life’s needs, money is needed for almost every single thing in our lives. This doesn’t apply only to men but to women too. with the increasing participation of women in the corporate world, several banks have started offering women-centric financial products & services. For example, banks have come up with a specific personal loan for women. Today, if you are a woman and want an instant personal loan for women, there are various lenders available in the market that offer quick credit services at the most competitive interest rates. In this post, you will get to know everything about personal loans for women from their eligibility to interest rates, application procedure, and others.

Personal Loan for Women

A personal loan for women is a type of unsecured loan that is specifically meant for ladies. This women's loan scheme can be chosen by both self-employed and salaried women. Since it is a personal loan, the loan amount is disbursed right in the bank account of the borrower. The borrowed amount can be used for a wide range of things like education, shopping, medical expenses, business purposes, etc. A majority of banks and NBFCs offer personal loans for ladies at the most competitive rates.

Due to the rapid advancements in technology and the digital revolution, it has become amazingly easier for women to apply for personal loans and get the funds disbursed quickly and easily.

What are the major benefits of personal loans for women?

If you are looking to apply for a personal loan for women, you just need to know the wide range of benefits it comes with.

  • Easy application: With the rapid advancements in digital technology, it has become much easier today to avail a personal loan for women. In addition, due to increased competitiveness, banks also offer quick loan disbursal to borrowers. It takes just a few minutes to apply for a personal loan online, upload the required documents, and get the funds right in your bank account.
  • Easy Repayment: Whether you take a personal loan of Rs. 50,000 or 5 lacs, repaying the borrowed amount is very difficult due to the longer repayment tenure and several repayment channels. You can get to experience high levels of flexibility regarding loan repayment be it loan period, pre-payment, and foreclosure penalty.
  • No Collateral: There is no need to pledge any security or collateral to avail of a personal loan for women as it is a personal loan. You just need to upload a few documents to seek approval on a personal loan.
  • Affordable Interest Rates: Compared to a personal loan for men, a personal loan for women tends to be available at lesser interest rates. This is because of the increased competition in the market since women are less likely to take a personal loan as compared to men.
  • Minimal Documentation: Another wonderful benefit of taking a personal loan for women is that you don’t upload tons of documents. Due to the e-KYC procedure and digital platforms, one just needs to provide a few documents to get approval on a personal loan no matter how much the loan amount is.

Eligibility Criteria For A Personal Loan for Women

Below are the eligibility criteria to avail of a personal loan for women.

  • The applicant woman can be a salaried individual or a self-employed person
  • The age of the applicant should be between 21 and 58 years
  • The monthly income of the applicant should be a minimum 15,000
  • The CIBIL score of the applicant should be a minimum of 700

Personal Loan For Women - Interest Rates and Charges

You can refer to the following table to learn more about the applicable interest rates for personal loans for ladies.

Features & Fees

Particulars

Personal Loan Interest Rates

13%* p.a. onwards

Loan Amount

₹ 20,000 to ₹ 3,00,000

Processing Charges

Up to 5% and applicable taxes

Loan Period

3 - 60 months tenure

Prepayment Charges

₹ 0

Foreclosure Charges

₹ 0

Stamp Duty

At actuals (as per state)

Cheque Bounce Charges

₹ 500 + applicable taxes

EMI Bounce Charges

₹ 500 + applicable taxes

EMI Pickup/Collection Charges

₹ 250 + visit plus applicable taxes

Cash Collection Charges

1% of collection amount of Rs. 50000 and above in cash + taxes

How to apply for a personal loan for women?

If you want to avail a personal loan for women, you can easily apply for a personal loan for women using the below-given procedure.

Step 1: Download the lender’s mobile application or visit the website, and click on the Apply Now button on the personal loan page.
Step 2: Enter your mobile number linked to your bank account
Step 3: Enter the OTP received on the mobile number.
Step 4: Upload the required documents for verification
Step 5: Bank account verification.
Step 6: Verify the income proof
Step 7: Check the Loan Offer, Accept it, and wait for the loan disbursal.

Once you complete the final process, your loan application becomes active. And, the sanctioned loan amount will be credited to your bank account within 24 hours.

A personal loan for women is extremely important for women who come across some urgent monetary needs and want quick money from a reliable service provider. There are numerous banks and non-banking financial corporations. You need to find the best offer on a personal loan, apply online, and get the funds right in your bank account in no time.

FAQs

Q. What is the duration of a women's loan? 

- Women can apply for personal loans with terms ranging from 12 to 60 months.

Q. What applications does a personal loan serve for women?

- A personal loan for women can be used for a variety of requirements and expenses, such as paying for medical bills, paying for college, planning a wedding or other special occasion, buying electronics, remodeling or expanding a property, and more. The loan's ultimate use is unrestricted.

Q. I am a housewife. Can I take a personal loan for women?

It is very difficult for a housewife to avail of a personal loan since only self-employed or salaried women can opt for a personal loan.

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