As more and more women enter the corporate world, the demand for Personal Loans has increased manifold. Personal Loans for women offered by top lending institutions allow women to empower themselves and fulfill their wishes.
Personal Loans provide adequate funds on easy terms to ensure women get adequate financial support to fulfill their life goals. These loans can be used for several personal and professional purposes. Learn about the benefits, eligibility, and documents required to avail of Personal Loans for women.
Personal Loan for Women – What Is It?
A Personal Loan for women is an unsecured loan with no requirement of any collateral security. Any salaried or self-employed woman fulfilling the Personal Loan eligibility criteria can apply for these loans.
Personal Loans for women are designed exclusively to keep in mind the financial aspirations of modern-day women. So, you can spend the loan amount for multiple purposes, including weddings, travel, home renovation, organizing functions, education, or even medical emergencies.
Personal Loan for Women – The Top Features
The following are the best features of Personal Loans for women:
The first benefit of a Personal Loan is that you can apply for it online anytime during the day and get instant approval. All you need to do is to fill out a simple application form, upload your documents, and get the fund in your account after approval, which usually happens within 72 hours from the time of application submission.
The interest rate of Personal Loans for women starts at 11.99% per annum. However, it is good to note that the processing fee may range between 0% and 6% of the net loan amount.
The repayment term of Personal Loans for women usually ranges between one (1) year and five (5) years. You may use a free Personal Loan EMI calculator to check the EMI and choose a term that best suits your affordability.
High Loan Amount
The Personal Loan amount can be as high as Rs. 10 lakhs. However, the actual loan amount will depend on your Personal Loan eligibility.
Personal Loan Eligibility – A Ready Reckoner
- If your answer to the following questions is ‘Yes!,’ you are eligible for a Personal Loan for women:
- Is your age between 21 and 60 years?
- Are you a salaried or self-employed professional?
- If you are from Delhi or Mumbai, is your salary above Rs. 25,000 per month?
- If you are from any other city/town/village, is your salary above Rs. 20,000 per month?
- If you are a salaried professional, do you have an experience of one year with six months in your current organization?
- If you are self-employed, is your business at least three years old?
- Do you have a credit score of 750 or above?
If you answered ‘yes’ to each of these questions, your Personal Loan eligibility is suitable, and you can get the best interest rate. However, if you cannot meet the eligibility norms, consider adding a co-applicant to your loan application to increase your loan eligibility.
Personal Loan for Women – Documents Required
You have to submit six documents, besides the application form, to avail of a Personal Loan for women:
- Identity proof
- Address proof
- Bank statement (6 months)
- Salary slips (3 months) or Form 16 (salaried professionals)
- Income statement, profit and loss statement, and balance sheet (self-employed professionals)
- Passport-sized photographs
New-age lenders offer an online document uploading facility to let you upload the aforementioned documents from your home’s convenience.
Personal Loan for Women – Application Process
The application process for Personal Loans for women is easy to understand. You need a digital device, such as a smartphone or laptop, and an active internet connection to visit the lender’s website.
Once you are on the website, visit the ‘Personal Loan for Women‘ section and click on the ‘Apply Now’ button. The website will ask for some personal details, such as name, age, phone number, email address, etc. After the first step gets completed, you may upload your documents to process the loan application. The lender will then verify your documents and disburse the loan amount within 72 hours of approval.
The process of Personal Loan application is usually very transparent, meaning you can check the status of your loan application online whenever you want.
The relaxed eligibility criteria of Personal Loans for women ensures that any salaried or self-employed professional can apply for a loan. Also, since there is no restriction on the end use, the applicant can use it to meet their financial obligations or fulfill their aspirations. Fullerton India offers low-interest Personal Loans for women so that money never poses a challenge to your dreams.