For the social and economic empowerment of women, it is very important to take them together from financial perspective. In this direction, the government has started many schemes for women. Along with this, many government and private lenders have also launched many such loan products keeping women in mind which help to make them financially strong. Personal loans specially designed for women can prove to be effective in their economic empowerment.
These loan products can have many advantages – such as low interest rate, easy EMI plan and flexible repayment option. Women can use these personal loan products for running their small business, repairing home or any big expense.
100% digital personal loans can be taken through Moneycontrol. There is neither paperwork nor much processing fees in them. Its process is quite easy – fill your details, complete KYC and set EMI plan. Within minutes of the process, money can be transferred directly to your bank account.
Personal loan for women: Who can take?
There are usually some conditions for taking personal loans. During this time, every bank or NBFCs can also have their own separate policy.
Age : Applicant should be between 21 and 65 years old.
Job status: Applicant salary (government, semi-government or private sector job) or self-eligible.
Work Experience: At least 2 years of work experience, in which at least 1 year experience is in the current job.
Citizenship: Applicant should be an Indian citizen.
Note that the conditions related to age limit and work experience may vary according to the bank or NBFC.
Personal loan for women: These documents may be needed
Personal loan process is very easy and paperless. These loan products have at least documents so that women can get funds immediately at the time of need.
List of essential documents:
Photo: Recently drawn passport size photo
ID proof: Pan card
Address proof: Aadhar card or driving license
Job/Business Proof: Bank statement of last 6 to 12 months
On applying online, there is no physical paperwork during this entire process. Everything in this happens in 100% digital way.
Personal Loan for Women: How to Apply?
Nowadays there are many instant loan apps, which offer easy and instant loan process for women. By uploading some basic documents, women can easily apply for personal loans.
After applying, the bank or lender checks the application and processes further. Usually, it takes a few minutes to 4 hours to approve the loan.
Through Moneycontrol, an instant loan of up to Rs 50 lakh can be taken from 8 major lenders. Depending on your job status, you can choose the loan amount.
This process is completely digital, in which the interest rate starts at 10.5% annually and does not have any hidden charge.
Personal Loan for Women: Interest Rate
There are many banks and financial institutions, which give loans to women at low and affordable interest rates. However, these interest rates depend on many things – such as credit score, job status, age, loan amount and loan duration.
Personal Loan for Women: Pay attention to these things before applying
Before taking a loan, keep in mind some important things so that there is no mistake.
Loan needs: First decide how much fund you want. Financial burden can increase on you by taking excess loan.
EMI Calculation: Keeping in mind your savings and current debt, decide how much EMI you will be able to give.
Check eligibility: It can be beneficial to compare the offer of different lenders before applying the loan. Along with this, it is also necessary to understand the eligibility conditions of different lenders, so that there is no problem while applying.
conclusion
Personal loans made specially for women are a gift from which they can fulfill their dreams and needs. It can prove to be beneficial to know the applications related to the application process and approval.
On the Moneycontrol app and website, you can take an instant loan of up to Rs 50 lakh from major lenders like L&T Finance, Bajaj Finserv and Aditya Birla Finance. The interest rate on these loan products starts at just 10.5% annually.
Summary
Personal loans specially designed for women offer them financial freedom, affordable interest rates, flexible repayment options and more. Learn everything important before applying.
Top banks/ NBFCs
50 lakhs
Get instant loan up to
Disclaimer
This fraction/article is written by an external partner and does not reflect the work of the editorial team of Moneycontrol. This may include references to products and services offered by Moneycontrol.