Personal Loan for Women: 6 Top Benefits You Must Know 

There is a massive increase in the number of Indian women borrowers, with approximately 57% having credit scores between 660 and 719. As such, reports reveal that banks and other financial institutions trust women borrowers due to their low risk profile.

Whether you need funds to manage personal needs or start a new venture, a personal loan for women is a smart choice. Furthermore, there is an increased awareness among women borrowers to monitor their CIBIL reports.

The year 2022 witnessed more than 8.2 million women accessing their CIBIL report, highlighting the self-monitoring characteristic trait in women. Moreover, with the debt burden shared equally by both genders alike, it is no surprise if financial institutions offer exclusive personal loans for women.

To understand how loans for women, and specialised offerings, like the personal loan for a housewife, can help her achieve financial goals, read on.

1. Access to Quick and Instant Funds

A personal loan for women can help you get the money you require immediately. When you need funds quickly, availing a personal loan is ideal. This is because these loans have simple eligibility criteria, and you can avail them right from the comfort of your home.

As a woman borrower, all you have to do is select a preferred lender and apply for a personal loan. Post approval, submit the required documentation and you will get funds credited to your bank account in less than 48 hours.

However, when scouting the market for lenders providing personal loans for women, you need to check the loan approval and disbursement time. This way, you can get access to funds without delays.

2. Enjoy Affordable Interest Rates

Many lenders offer special rates for women applicants. So, opting for a lender offering competitive interest rates can reduce your monthly instalments. This helps you manage loan repayments without overstressing your monthly budget.

If you have a stable income source with a good credit score, you can easily get personal loan approval at low interest rates. Keep an eye out for subsidised interest rates for women borrowers, as these offerings help you borrow efficiently.

Simply put, a personal loan for housewives or employed women at competitive interest rates is a good deal as you can repay this financial obligation without much hassle. Moreover, such nominal loan rates empower women to dream big and achieve bigger.

3. Avail Credit Without Pledging Your Assets

One of the most significant benefits of a personal loan for women is that you can get funds without pledging collateral. As a personal loan is an unsecured form of credit, you can get the sanction without any assets.

Furthermore, there is no need for a guarantor when you apply for a personal loan. Be it gold, property or even bonds, you are in complete control of your possession, and the lender will not ask you to pledge them.

However, when availing a personal loan for a housewife, lenders may ask you to submit proof of an alternate source of income. This helps the lender assess your repayment ability.

4. Gain Financial Independence

Whether you are a homemaker or heading a business, opting for a personal loan offers the independence needed to see decisions through. You get the freedom needed to get things done, on your terms.

That said, a personal loan for women can help fulfil your monetary requirements without any financial roadblocks. After all, financial independence is an integral part of anyone’s life.

5. Use the Loan Amount as You Need

Another benefit of availing a personal loan is that there are no end-use restrictions. This means you can utilise funds as you require. With no limitations on fund usage, you can choose to upgrade your skillset or spend on personal expenses.

Furthermore, if you are planning to establish your own business, you can use the loan amount to purchase necessary resources, hire more staff and rent a new office space. On the contrary, a personal loan for women is also ideal when looking to handle personal expenses.

Be it funding a vacation, paying a child’s tuition or handling emergencies. All you need to do is submit relevant documents after approval and get funds credited to your account instantly.

6. Submit Minimal Documents for a Quick Loan Approval

With a simplified loan application process, you can get the required funds from the convenience of your home. Simply follow the steps mentioned on the lender’s website, and you are good to go.

A personal loan for women has simple eligibility parameters with minimum documentation. While you need to be above the age of 21 years to avail this credit facility, you must be an Indian resident as well.

These parameters vary from one lender to another, so you can check these criteria from a specific lender before you opt for a personal loan. However, if you are a homemaker, certain lenders may insist you add a co-applicant.

Once you match the desired eligibility criteria, you get instant approval. After this, you need to submit the following documents:

• Proof of ID (Aadhaar card/PAN card/Passport/Voter ID)
• Proof of address (Aadhaar card/Utility bills/ Government-issued cards)
• Proof of income (Latest bank statements, salary slips or alternative income source in case of homemakers)

To sum up, a personal loan for women comes in handy to meet both planned and unplanned financial needs. Not only does it boost your financial independence, it lets you dream big and helps you follow your dreams.

Do keep in mind that lenders will offer specialised solutions, and you will have to do your due diligence. Compare offers and check to see that you get the best deal possible.