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.
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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.
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:
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:
Must be a resident of India
Must be in an age group of 21- 58 years
Minimum income should be Rs.15,000 monthly
Income proof with six months’ salary proof or ITR is required for salaried women
In the absence of income proof, women have the facility to assign a guarantor or Form 16 for approval of personal loan
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:
Identity Proof- Aadhaar card/Smart Card Enabled Driving License/PAN card
Address Proof- Passport/ Ration card/ Voter’s Id/ Aadhaar card
Employment details (if salaried women)- job stability such as company address, profession, employer’s name, salary details
Business details if (self-employed women)- company name, registration certificate and 6 months’ business stability proof is mandatory for availing the loan
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:
Download the loan app from Google play store on your Android phone
Enter your mobile number and area pin code
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
Customize your loan amount, repayment tenure and interest percentage to plan your EMI in advance using the EMI Calculator
Enter your personal, professional and financial details
Select the purpose for loan application
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.