Many NBFCs in India are doing their bit for woman empowerment. By offering personal loans to women, NBFCs are making them financially independent. A woman can use a personal loan for medical bills, travel, buying a house, making an investment, or for any other purpose. Personal loans for women are uniquely designed and differ from other personal loans. Many NBFCs offer personal loans to women at a lower interest rate. Read on to know the process to apply for a personal loan for a woman.
Understanding Personal Loans for Women:
A Personal loan for women is an unsecured loan provided to the needy. Women can avail of personal loans at a lower interest rate (as low as 11.99%). Also, women do not need to place collateral for acquiring a personal loan in India. Women can repay the loan amount over time with flexible EMI installments. It will help women to meet financial obligations quickly without delaying them. At present, there are many NBFCs and online lending platforms that can offer personal loans for women.
Some pros of personal loans for women are as follows:
- Since personal loans are unsecured, women do not need collateral. NBFCs can provide personal loans to women on their salary without any collateral.
- A woman can use the fund obtained by a personal loan for any purpose. She can buy a gadget or use the loan amount to pay off debt.
- Personal loan interest rates in India are lower for women as compared to men. It is because personal loans are meant to help a woman become financially independent and meet urgent financial obligations.
- Many NBFCs offer quick disbursal of personal loans into the bank account of women. Various NBFC like Fullerton India can help you get a personal loan quickly via its online platform. When you use an online platform for getting a personal loan, your loan application gets approved quickly.
- A woman does not need to liquidate her investments when in need of urgent cash. Instead, she can opt for a personal loan and meet the financial obligation.
Conditions for a Woman’s Personal Loan in India:
The conditions for a personal loan for a woman in India can change from one lender to another. The conditions of financial instutions for women’s personal loans are as follows:
- A personal loan for women is available for anyone aged between 21 and 60.
- Personal loans for women depend on the salary of an individual. Even if a woman is earning INR 20,000/month, she can get a personal loan at a lower interest rate. However, for cities like Mumbai and Delhi, the minimum salary is INR 25,000 per month.
- Personal loans are also offered to self-employed women in India. For self-employed women, the annual profit after tax deductions is considered for loan processing.
- Women that apply for a personal loan should have a minimum working experience of a year. Also, a woman should have worked in the current firm for the past six months.
- A healthy credit score is required for getting a woman’s personal loan in India. A woman that has a healthy credit history can get a personal loan easily in India.
Women do not have to step out of their houses for acquiring a personal loan. One can simply visit official website and start filling out their loan application. Financial instutions will review your credit score, history, and documents for approving the personal loan. You can set your repayment structure online without interacting with an agent.
Documents needed for a woman’s personal loan in India
You have to submit some documents for getting a woman’s personal loan in India. You can submit the required documents digitally on the online portal of financial instution. The documents needed for a woman’s personal loan are as follows:
- For KYC verification, a woman has to provide a PAN card, Aadhar card, driver’s license, and other IDs.
- A woman has to submit bank statements for the past six months to get a personal loan.
- A woman has to submit salary slips and Form 16 to get a personal loan in India.
Fullerton India offers a Nari Shakti personal loan to women for making them financially free. Choose financial institutions as per your requirements for competitive personal loan interest rates in India!
