A complete Guide for a Personal Loan for Women

Personal Loan for Women

With more & more women becoming independent, the need for organised funding channels has gained momentum. Nowadays, lending institutions have started offering hassle-free credit options for women with exciting features. 

Whether it is about pursuing higher education, going for an international vacation or buying expensive jewellery, women can approach renowned lenders to avail of personal loans to meet their financial needs. 

Here is the guide to understanding a personal loan for women and making the application process convenient.

About the Personal Loan for Women

A personal loan for women is an unsecured loan. Borrowers need not provide their valuable assets as collateral to get the required funds. These loans are offered at competitive interest rates and flexible repayment tenures to help women manage their professional and personal expenses.

Key Features and Advantages of Personal Loans for Women

Renowned lenders offer a loan for women with easy eligibility criteria. Common eligibility parameters to secure a personal loan for women are as follows:

  • Instant Online Approval 

Making a loan application for a personal loan is simple and easy. Loan seekers can check their eligibility using a personal loan eligibility calculator. If they fulfil the criteria, they can fill in the required details in the application, upload the required documents, and get instant approval. 

  • High Loan Amount 

Women can fund their financial requirements or goals with a higher loan amount of up to Rs.25 lakhs. The better the loan eligibility criteria an applicant meets, the higher the loan amount they can get. 

They should determine their requirements for funds and apply for the required amount instead of a higher amount they are eligible for. Getting a high loan amount unnecessarily may burden its repayment and impact finances adversely.

  • Receive Funds Without Collateral 

Lenders offer personal loans for women without the requirement of any collateral. It makes it easy for loan seekers to get adequate funds without pledging their assets.

  • Preferential Interest Rates 

To ease loan repayment for women, lenders offer preferential interest rates. The preferential interest rate is lower than the standard interest rates. Lending rates mainly depend on various factors, including loan amount, loan tenure, credit history, etc. The better the applicant’s credit profile, the lower the interest rate offered.

  • Online Account Access 

Every phase in the loan process is online. Customers can check their loan accounts online. Each detail, from loan application to approval, is available online. Loan details are always at the fingertips of the borrowers. 

Easy Personal Loan Eligibility Criteria

  • The age limit is 21-60 years. 
  • The applicant should be a salaried employee in a company or a self-employed person. The minimum turnover varies for different industries. Salaried employees should have a minimum salary of Rs.25,000 for Delhi and Mumbai residents and Rs.20,000 for residents of other cities.
  • If the applicant is not earning, they can apply for a personal loan for women with a co-guarantor. The co-guarantor can be the applicant’s spouse.
  • A salaried employee should have work experience of at least six months with the present employer and an overall work experience of one year. 
  • A good credit score of 750+ and spotless credit history are required.

These are common eligibility criteria that can be changed as per the lender’s loan policy.

Basic Documents Required for Personal Loans for Women

  • Identity proof and address proof for KYC (know your customers) formalities, like PAN (Permanent Account Number), Aadhaar, driving licence, etc. 
  • Previous six months’ bank account statements 
  • Previous three months’ salary slips and Form 16 for salaried employees 
  • Income statements for self-employed applicants

Fair and Transparent Online Application Process

  • Check Personal Loan Eligibility 

Checking loan eligibility is necessary to avoid loan application rejection. Applicants should review the lender’s eligibility criteria before applying for a loan. Lenders also provide a free online tool called the personal loan eligibility calculator on their websites for applicants. 

  • Access the Online Application 

Refer to the lender’s official website to fill out the online personal loan application. To initiate the process, the applicant has to provide personal details and an active mobile number to receive an OTP (one-time password).

  • Upload Necessary Documents 

Loan seekers should keep the required documents, as mentioned above, handy to support their online personal loan application.

  • Submit the Application

After entering the correct personal and professional details and uploading the required documents, customers can submit the application for verification.

After reviewing the application form and verifying the documents, the lender will disburse the sanctioned loan amount against the personal loan for women.

Conclusion

Using personal loans, women can fulfil their diverse short-term or long-term financial requirements and fund small or big-ticket purchases without relying on anyone. Approach reputed NBFCs like Fullerton India to get financial assistance via personal loans for women at preferential interest rates. 

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