Mahila Personal Loan Yojana: Many institutions provide personal loans. Often we need a loan for our work, for which we take a loan from the bank. Some banks / NBFCs offer special personal loan schemes to women to meet their personal needs such as education, marriage, travel, medical expenses, etc. Women can take regular personal loans from banks that do not have special personal loan schemes for women. Some banks and loan institutions also offer pre-approved personal loans to existing women customers who have excellent credit profiles.
Housewives usually do not get loans.
Like any other loan, in personal loans too, the bank considers the applicant’s credit score, age, employer profile, job profile, minimum monthly income and his/her credit profile. In such a situation, loan institutions usually do not give personal loans to housewives and women without income source. The interest rates of personal loans offered to women applicants are according to their credit profile.
Banks/NBFCs usually do not offer any discount on interest rates to women loan applicants. Therefore, one should compare the personal loan interest rates offered by top banks and NBFCs. One should apply to the bank from which the loan is available at a lower interest rate and take a loan from there.
What is the speciality of personal loans for women
- Women applicants usually get personal loans at the rate of 10.49% per annum.
- Women are provided loans up to Rs 40 lakh.
- The loan repayment period for women applicants is usually up to 5 years. However, some banks extend it to 7 years.
- Women applicants have to pay a 3% to 4% processing fee on taking a loan
What will be the eligibility for personal loans for women
- To avail of the loan, the applicant woman should be 21 years of age.
- The maximum age at the time of loan maturity must be 60 years.
- The female applicants should have worked in private sector companies and central/state/local government bodies for at least 2 years, out of which at least 1 year must be in the current company.
- The minimum net monthly income of the female applicant should be Rs. 15,000.
Documents Required for Personal Loan Application
- ID Proof
- Address Proof
- Income Proof
- Latest Salary Slip
- Employment Certificate
- Latest Bank Account Statement
How to apply for a loan
- To apply for a personal loan, first, you need to download the loan app from Google Play Store on your Android phone.
- Now enter your mobile number and PIN code of the area.
- Now enter your Aadhaar number linked to your mobile phone.
- Customize your loan amount, repayment period and interest percentage to know your EMI in advance with the help of an EMI calculator.
- Now enter your personal, professional and financial information.
- Now apply for the loan.
- After the application is verified, the loan amount will be sent directly to your bank account.
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