Do Women Enjoy Better Rate of Interest on Personal Loans?

Updated on: 14 Dec 2021 // 21 min read // Personal Loans
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It would not be an exaggeration to say that the 21st century belongs to women. Gone are the days when the role of women in a household was limited to being a homemaker. Women indeed are playing a pivotal role in the progress of the economy. They are working at top management levels, running their own businesses, and working as licensed professionals. Precisely, many women are indeed also playing the role of the head of a family and managing financial matters efficiently. If you too are struggling with daily hustle of managing a balance between work life and home, and seek a Personal Loan for women at a concessional rate, you must read on.

Personal Loan for Women

With the increasing number of working women in India, banks and NBFCs are now offering specialised Personal Loan for self-employed as well as salaried women folks. Personal Loan for Women has been designed to empower women and offer them financial independence.

Personal Loan Online

A Personal Loan product for women has all the features of a standard unsecured loan offering of a bank; however, it offers several additional benefits for women, such as:

  • Preferential interest rate.
  • Relaxed eligibility criteria.
  • Quick processing and disbursals.
  • Freedom to use money as per ease.
  • Extended loan tenure.

With the government of India taking various measures for women empowerment, many public sector banks, private sector banks, NBFCs as well as online lending companies are coming up with newer products for women.

Whether you wish to purchase gold jewellery, buy a vehicle, start a new business, go on a holiday, or pay for wedding expenses, there are various personal loans available for you. Here is the list of the most useful Personal Loan offers that you can consider:

  • Bank of India Star Mahila Gold Loan Scheme:

    This is a special Personal Loan product designed for women folks by Bank of India. This loan is available for both working women as well as housewives. In the case of a working woman, the maximum amount available is 50% of the annual income. For homemakers, the maximum amount available is 10 times the monthly income of the spouse. The money can be used to purchase gold coins from Bank of India or hallmarked jewellery from reputed jewellers.

  • Bajaj Finserv Personal Loan for Women:

    Bajaj Finserv offers Personal Loans up to Rs. 45 Lakh for working women. The money borrowed can be used for any purpose that the lady wishes to. Quick approvals and attractive interest rates are the hallmarks of this offering from Bajaj Finserv. Female borrowers can choose a flexi interest-only loan, which can reduce the EMI by up to 45%.

  • Fullerton India Nari Shakti Personal Loan for Women:

    Fullerton India offers Unsecured Personal Loan for women at preferential interest rates. Women applicants can enjoy instant online approvals, and the loans are disbursed within 72 hours of the application being approved. The interest rates start from 12.99% per annum, and the maximum available amount can go up to Rs. 25 Lakh.

  • Bank of Baroda Personal Loan:

    Bank of Baroda also offers Personal Loan for self-employed as well as salaried women applicants. The maximum amount available under this offering is Rs. 10 Lakh for urban centres and Rs. 5 Lakh for rural centres. The money can be used as per the wishes of the borrower without any permission required from the bank.

How to avail a Personal Loan for women online?

With the integration of the latest technological innovations in the financing industry, the process of applying for a Personal Loan has become very effortless. You just need to follow the below-mentioned steps: –

  • Log-on to the official website or app on Android or iOS app.
  • Use free Personal Loan Eligibility Calculator available on the website to assess your eligibility. The Personal Loan eligibility calculator can also help you understand the EMIs you will have to serve.
  • Now, fill-up the online application form with your basic details and upload the scanned copies of the necessary documents.
  • Submit the application form. You will be intimated regarding your eligibility within a few minutes through email/ SMS/ phone call.
  • If you feel that the terms and conditions of the lender are suitable, accept the offer.
  • The money will be remitted directly to your bank account, and you are free to use it according to your wishes.
  • EMIs can be paid through ECS or Auto Debit facility wherein the amount is deducted directly from your bank account.

With so many amazing benefits on offer, availing a Personal Loan could be the decision that can offer you the much needed financial freedom. Though, it is pertinent to mention that as it is a borrowing that carries interest cost, apply for the needed amount. Ensure that you can afford the repayments.

Also Read: Government Loan Schemes for Women Entrepreneurs

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