Quick approval
Online instant loan apps provide fast loan approval within 24 hours of duration. It is quick, as no security and no physical documents are required.
PERSONAL LOAN FOR WOMEN
With the changing times, women in India are not just confined to their homes, instead many women are emerging as the leading entrepreneurs and businesswomen in different fields of work. As directed by the Indian government, financial institutions have introduced special loan schemes for the upliftment of women. Women are provided with attractive interest rates on personal loan for higher education, travel, marriage and accomplish other life goals.
Over the years, the government of India has introduced favorable instant personal loan plans to support ambitious and enthusiastic women, who do not have to face shortage of funds to start their endeavors. However, with the increasing popularity and acceptance of digital loan platforms, loan approval has become hassle-free for women.
A personal loan for women is a very helpful financial option to support their aspirations, and emergency needs. Ambitious women focused on flourishing businesses can utilize the instant personal loan for women for business expansion. Personal Loan for women is also available at an affordable rate of interest, making the EMIs easy to repay.
Features and Benefits of Personal Loan For Women
The current online loan apps have simplified the process of loan application and disbursal. Women feel the independence of acquiring the required funds on their own, without being dependent on anybody else. Here are some benefits of personal loan for women:
No collateral required
Personal loan has a collateral free process and therefore helps women to avail loan easily without keeping any security or guarantor.
Small loans schemes
Public financial firms have introduced small cash loans schemes starting from 50,000 - 5 lakh to ease off the monetary burden on women.
No hidden charges
Borrowers are assured of complete transparency with no extra charges to understand and apply easily for personal loan
Simple documentation
Hassle-free and limited documentation in a paperless format makes the loan procedure faster and easy for women to apply for loan.
Lower interest rate
Number of special schemes and opportunities have been applied to make personal loan affordable to women. Lower the interest rate, lesser becomes the EMI and easy to repay.
No penalties on early repayment
Some lenders allow zero prepayment penalties in case of payment clearance before the EMI. This allows you to repay the full loan amount as per your convenience after repaying the first EMI. There are no fees or penaltiesy for doing so..
Quick Disbursal
Instant personal loan for women is sanctioned on the same day with real-time approval on verification of paperless documents. This enables quick disbursal of loans for women on a business day.
Eligibility Criteria for Personal Loan for Women
The loan eligibility criteria for women may differ from lender to lender. Different loans have different eligibility criteria as per the purpose of the loan and borrower’s profession:
01
Must be a resident of India
02
Must be in an age group of 21- 58 years
03
Minimum income should be Rs.15,000 monthly
04
Income proof with six months’ salary proof or ITR is required for salaried women
05
In the absence of income proof, women have the facility to assign a guarantor or Form 16 for approval of personal loan
06
For a self-employed woman, business stability and 6 months bank transaction are mandatory
If the loan application is digitized or carried out through an online loan app, then the required documents are minimal. Therefore, women who are ambitious and desire to fulfill their goals and objectives using personal loan should have the following documents:
07
Identity Proof- Aadhaar card/Smart Card Enabled Driving License/PAN card
08
Address Proof- Passport/ Ration card/ Voter’s Id/ Aadhaar card
09
Employment details (if salaried women)- job stability such as company address, profession, employer’s name, salary details
10
Business details if (self-employed women)- company name, registration certificate and 6 months’ business stability proof is mandatory for availing the loan
How to Apply for Personal Loan for Women
Personal loan for women in distress works as a blessing. A woman at the time of emergency finds a ray of hope while applying for an online personal loan easily through an instant loan app or a website. Each loan app is designed differently, but there are few basic things to follow:
- 1
Download the loan app from Google play store on your Android phone
- 2
Enter your mobile number and area pin code
- 3
Enter your Aadhaar card number linked to your mobile phone. If your mobile number is not linked with Aadhaar Card you can use your Smart Card Driving license to complete your KYC
- 4
Customize your loan amount, repayment tenure and interest percentage to plan your EMI in advance using the EMI Calculator
- 5
Enter your personal, professional and financial details
- 6
Select the purpose for loan application
- 7
Once the application is done and verified, the loan amount will get directly transferred in your mentioned bank account
Concluding, online instant personal loans have acted as a boon for women. It has enhanced the level of financial independence for women, encouraging them to perform better in different areas.
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Frequently Asked Questions (FAQs)
Yes, women can get a personal loan online via digital loan apps. Download a suitable loan app such as Hero FinCorp Instant Personal Loan and initiate the loan application for women in just a few simple steps.
During a financial emergency or shortage of funds, women can get a personal loan online via a trusted instant cash loan app. Consider the loan eligibility criteria and interest rate to be sure of loan approval for women.
Personal loans for women areis approved on criteria such as age, monthly income, work experience and current job stability. Women between 21 to 58 years of age with a minimum starting income of Rs 15000/-can apply for a loan online.
Identity proof, address proof and income proof are required to get a personal loan for women. Keep ready your Aadhar Card, PAN Card, Utility Bill, IT return papers and last 6months bank statement.
Processing of personal loan online is fast with simple documentation. It depends on the verification process of the application form and documents. Once approved, the loan amount gets disbursed in 2 days.