Being half of the population of India, women are a key contributor to the overall economic growth of the country. As more and more women become the primary earners and financial decision-makers of many families, they are leaving aside the conventional image of being financially conservative and risk-averse. In the last few years, many banks and NBFCs have seen that not only have female borrowers increased in terms of plain numbers and business volume; they have also maintained significantly better debt servicing record than the overall industry average.
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As per an Indian Express report, women applicants for loans grew at 48% between 2015 and 2018. Zest Money, which is a new-age lending company revealed that more than 20% of women who took out loans, did so for the purpose of financing their education. Growth numbers like these can make any company, not just a bank or NBFC, turn their full focus to this new market segment.
As of 2021, banks see women borrowers not only as a great growth opportunity but also as a remarkably safe lending demographic. Considering this situation, more and more banks and NBFCs have come up with debt products specifically meant for female borrowers. Here is a quick list of top Personal Loans for Working Women
Bajaj Finserv Personal Loan for Women: Bajaj Finserv is one of the major NBFCs which has a large variety of loan products. The company offers dedicated Personal Loans for women. They can borrow up to Rs 25 lakhs for many purposes like travel, wedding, or other financial needs. These Personal Loans are available on instant approval basis, and once approved, the loans can be disbursed within 24 hours. These loans are available for tenures of up to 5 years. The loans are available between age groups of 25 years and 55 years. They will be available upon different salary levels depending upon the city of residence of the borrower.
Fullerton India Personal Loan for Women: Fullerton India is another NBFC which offers specialized Personal Loans for female borrowers. The product is called Nari Shakti Personal Loan for Women. The loan comes with instant online approval, and money is sent to the borrower account in 72 hours of loan approval. This loan product comes with preferential Personal Loan Interest Rates. Borrowers can access their loan account details online, so they can track their application, disbursal and repayment progress through the NBFC’s portal. These loans are granted between 21 to 60 years of age and with minimum income of Rs 25,000 per month in Delhi and Mumbai and Rs 20,000 for the rest of India.
Upwards Fintech Services Personal Loan for Women: Upwards Fintech is a new generation of Personal Loan provider that is using emerging technologies like smartphones and high-speed mobile internet access to reach out to new customers. Upwards is offering Personal Loans of up to Rs 2 lakh to women borrowers through their app. Their loans start at as low as just Rs. 20,000 and their Personal Loan interest rates range between 18% to 36%, subject to the borrower’s profile. Loan repayment tenure is between 12 to 36 months, and processing charges are at the industry average of between 2% to 4%. The loans are available for women who are salaried or self-employed. The maximum age limit is 60 years, and no guarantor is needed.
PaySense Personal Loan for Women: PaySense is another personal finance company that is using mobile phone-based lending. They offer loans starting from Rs 5000 to Rs 5 lakhs for working women. The special feature with PaySense is that they are a very good choice for borrowers with no credit history or CIBIL score. The app-based company requires incomes of just Rs 12,000 for salaried women and Rs 15,000 per month for self-employed women. The company lends to borrowers between 21 and 60 years of age. The entire process of application can be completed through the PaySense app, making the process very fast, simple, and easy.
KreditBee Personal Loan for Women: KreditBee is also a new age fintech company focused on financial inclusion though the use of technology. The company provides Personal Loans for women for different purposes like paying for higher education, purchase of vehicles, home renovation or purchase of home appliances, and to pay for wedding expenses. The entire loan application process is done using the KreditBee app and can be completed in just 10 minutes. KreditBee provides Personal Loans for women in a range of Rs 1,000 to Rs 2 lakhs, and repayment schedules are based on the amount borrowed but can be as short as 2 months or up to 15 months.
IDBI Bank Personal Loans: IDBI Bank offers some of the best Personal Loan offers, which can be of particular interest to women folks. The bank offers Personal Loans for borrowers between 21 to 60 years of age. The minimum income eligibility requirement is just Rs 1.8 lakhs per annum for salaried individuals as long as they have a salary account with the bank. The minimum loan offer is Rs 50,000, and the maximum loan offer can be up to Rs. 10 lakhs. Further Top Up Loans are also available for borrowers who have made one year clear and prompt payment of EMIs.
Canara Bank Personal Loans: Canara Bank is now one of the largest banks in India after its recent merger with Syndicate Bank. They offer Personal Loans of amounts of as much as Rs. 3 Lakhs, though higher loan amounts, are also considered on a case-to-case basis. The bank offers Personal Loan interest rates of as low as just 11.65%, which is extremely competitive. Loans can be taken for up to 60 months duration. The processing fee is where Canara Bank Personal Loans really shine. They charge just 0.5% of the loan amount for processing fees subject to a minimum of Rs 1000 and a maximum of Rs 5000 plus taxes. Almost all other banks charge double or quadruple this processing fee, and some charge even higher.
Furthermore, as more and more women become financially aware and independent, the Personal Loan offers for women will also keep growing with a significant margin.
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