The 21st century has witnessed a tremendous change in the roles of women. In our present-day society women are not confined to the four walls of the house and neither her responsibilities restricted to only rearing children, looking after family and doing household chores.
Women of 21st century have dared to go beyond the corridors of their house and fulfill financial needs of their family. Understanding the women’s urge for financial independence and reckoning their potential and contribution to the society and the mainstream economy, most lenders have started giving loans exclusively for women.
UNIQUE FEATURES AND BENEFITS OF LOAN FOR WOMEN
- Quick approval and Fast Disbursal
- No Restriction on Use: As these loans are designed to meet the needs of women, they can avail this loan to meet any of their personal or professional needs.
- Flexible Repayment Tenor: With this feature you can borrow and repay loan with ease for tenure up to 60 months.
- Attractive and affordable Interest Rates: Depending upon the banks or NBFCs policy, your requirement and profile, lenders decide the best personal loan rates applicable.
- No Collateral/Security required.
If you are women and looking to take a loan, then you should definitely go ahead. You can take the loan to fulfill any of your following needs:
- For travelling.
- For medical emergency.
- For home renovation/expansion.
- For funding business capital.
- For higher education.
- For adding/increasing stock or inventory.
- Financing wedding expenses.
- To start your own business.
- For paying your credit card debts/loans.
ELIGIBILTY CRITERIA FOR PERSONAL LOAN FOR WOMEN
|AGE:||Minimum: 21 years Maximum: 60 years.|
|ELIGIBLE PROFILE:||Salaried/ Self Employed|
|INCOME:||For Salaried: Minimum 12,000/- per month. For self-employed: a minimum yearly profit after tax determined based on profession/industry|
|CIBIL SCORE:||720 and above.|
|WORK EXPERIENCE/ YEARS IN BUSINESS||Minimum 1 year.|
Here are the documents required for applying for LOAN for Women:
- Duly filled and signed application form.
- KYCs- Identity Proof and Address Proof.
- Salary Slips- for employed (last 3-6months).
- Last 6-12 months bank statement.
- Who can avail Mahila Loan/ Loan for women?
As is evident from the name, any Indian women of the age 21 years can avail this loan.
2. What are the Interest Rates for Personal Loan for women?
The interest rate on personal loan for women is dependent on multiple factors like income of the borrower, credit score, credit history, amount of loan applied for, and more. Starts from 10.50%.
3. What are the factors that affect personal loan interest rates?
Income: The higher the income of an applicant the better chances of loan approval with an advantage of availing the loan at lower interest rates.
Occupation: For lenders, source of income is very essential to determine the creditworthiness of an applicant. Depending upon whether the applicant is salaried or self- employed, the financial institutions determine the interest rates.
Age:The minimum age to avail any loan is 21 years for both men and women.
Credit Score: A good and healthy credit score is essential to prove your creditworthiness to the lenders. Most lenders prefer a credit score of 700 and above.
4. How long does will I have to wait for my loan approval and disbursal?
Once your application is submitted along with your documents it can take anywhere between 1-7 days for approval and just a couple of days more for disbursal.