Most banks and Non-Banking Financial Companies (NBFCs) offer personal loan for women to help them meet their personal financial requirements such as education, travel, medical expenses, wedding, and so on. Although most lenders offer regular personal loans for women as well as men applicants, some lenders may also provide women-specific personal loan schemes. These schemes may come with benefits like concession in the interest rate and processing fees for women applicants or co-applicants, easy eligibility, etc. Like regular personal loans, loan for ladies from government or private financial institutions require applicants to meet certain eligibility criteria like credit score, age, employer’s profile, job continuity, minimum monthly income etc.
Below is the list and features of top banks that offer personal loans for women in India:
|Bank/NBFC Name||Rate of Interest for Women (Per Annum)||Processing Fees||Maximum Loan Amount||Repayment Tenure|
|HDFC Bank||10.50% - 20.40%||Up to 2.50% (minimum Rs. 1,999 & maximum Rs. 25,000)||Up to Rs. 40 Lakhs||Up to 5 years|
|ICICI Bank||10.50% onwards||Up to 2.50% + GST||Up to Rs. 25 Lakhs||Up to 6 years|
|SBI||10% - 13%||Up to 1.50% (minimum Rs. 1,000 & maximum Rs. 15,000) + GST||Up to Rs. 35 Lakhs||Up to 6 years|
|Kotak Mahindra Bank||10.99% onwards||Up to 3%||Up to Rs. 25 Lakhs||Up to 5 years|
|Axis Bank||10.25% - 21%||1.5% to 2% + GST||Up to Rs. 40 Lakhs||Up to 5 years|
|Bajaj Finserv||13% onwards||Up to 4%||Up to Rs. 25 Lakhs||Up to 5 years|
|Tata Capital||10.99% onwards||Up to 2.75% + GST||Up to Rs. 35 Lakhs||Up to 6 years|
|IDFC First Bank||10.49% onwards||Up to 3.5% (flat Rs. 2,999 for loans less than Rs. 1 Lakh)||Up to Rs. 1 Crore||Up to 5 years|
|Yes Bank||10.99% onwards||Up to 6.5%||Up to Rs. 40 Lakhs||Up to 5 years|
Personal Loan for Women: Most lenders offer personal loans for women under the regular personal loan category. However, some lenders may also offer specific personal loan products for women applicants. These loans may carry a concession in the interest rate and processing fee.
Mudra Loan for Women: Many NBFCs and Commercial/ Regional/ Rural/ Small Finance Banks avail of refinancing support from the MUDRA scheme for financing micro-enterprise activities. This refinance is available for term loans and working capital loans. Lenders may offer up to Rs. 10 Lakhs loan amount per unit. The eligible lenders can avail of refinancing from MUDRA for eligible activities under Shishu, Kishore and Tarun schemes. To encourage women entrepreneurs, some banks consider extending additional facilities to women borrowers under mudra loan for women, including interest rate concession on their loan. Currently, MUDRA offers a concession of 25bps in interest rates to MFIs/ NBFCs, providing loans to women entrepreneurs.
Government Loans for Women to Start Business: Many banks and NBFCs offer personal loan for ladies from government schemes such as Mudra Loan for Women, Annapurna Scheme, Stree Shakti Yojana, Bandhan Bank Women's Loan, Bhartiya Mahila Bank Business Loan, Orient Mahila Vikas Yojana Scheme, Dena Shakti Scheme, Mahila Udyam Nidhi Yojana, and Cent Kalyani Scheme. Women applicants get various benefits under these schemes like interest rate rebates, longer repayment tenure, and so on.
Loan for Housewives: As personal loans, eligibility criteria require borrowers to have a regular source of income. Most lenders do not offer personal loan for housewives. Lenders usually don’t offer personal loans to housewives as well as women without income sources. However, there are some lenders who extend the personal loan for housewife. For example, with TATA Capital personal loan for housewives, All you need is a co-applicant with a documented income to get the required funds within a couple of days.
Women applicants must furnish the following list of documents for applying for a personal loan:
Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.9% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.
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The maximum personal loan amount for women can go up to Rs. 1 Crore, depending on many eligibility factors like loan requirement, the income of the borrower, credit score, and so on.
IDFC First is the best bank for obtaining a personal loan for a housewife. The bank offers personal to housewives if they apply with an eligible co-applicant.
No. Mudra loan is available to women and men entrepreneurs only. If women are starting a new business and have enough income sources, they might get Mudra Loan.
Currently, SBI offers the lowest interest rate on a personal loan, ranging between 10% to 13% p.a.
Housewives can apply for a personal loan with a few lenders only with an eligible co-applicant with a regular and sufficient source of income to service the loan. Housewives must be aged between 21 to 60 years to avail of the loan.
Bandhan Bank loan for ladies is offered at interest rates starting from 10.5% p.a.
Following are the Bandhan Bank loan for ladies contact numbers:
No, there is no specific Canara Bank personal loan for housewife as of now.
Following are the detailed SBI personal loan for women's eligibility criteria: