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Personal Loan For Women

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. 

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Personal Loan for Women Key Features

  • Women usually get personal loans at interest rates starting from 10% p.a.
  • Women applicants can avail of a personal loan amount of up to Rs. 1 Crore.
  • The repayment tenure of the loan is usually up to 5 years for women applicants. However, some lenders also offer tenure of up to 6 years.
  • The processing fee ranges between 1.50% to 6.5% of the sanctioned loan amount. GST may also be applied in some cases.

Top Banks Offering Personal Loan for Women with Lowest Interest Rates

Below is the list and features of top banks that offer personal loans for women in India:

Bank/NBFC NameRate of Interest for Women (Per Annum)Processing FeesMaximum Loan AmountRepayment Tenure
HDFC Bank10.50% - 20.40%Up to 2.50% (minimum Rs. 1,999 & maximum Rs. 25,000)Up to Rs. 40 LakhsUp to 5 years
ICICI Bank10.50% onwardsUp to 2.50% + GSTUp to Rs. 25 LakhsUp to 6 years
SBI10% - 13%Up to 1.50% (minimum Rs. 1,000 & maximum Rs. 15,000) + GSTUp to Rs. 35 LakhsUp to 6 years
Kotak Mahindra Bank10.99% onwardsUp to 3% Up to Rs. 25 LakhsUp to 5 years
Axis Bank10.25% - 21%1.5% to 2% + GSTUp to Rs. 40 LakhsUp to 5 years
Bajaj Finserv13% onwardsUp to 4%Up to Rs. 25 LakhsUp to 5 years
Tata Capital10.99% onwardsUp to 2.75% + GSTUp to Rs. 35 LakhsUp to 6 years
IDFC First Bank10.49% onwardsUp to 3.5% (flat Rs. 2,999 for loans less than Rs. 1 Lakh)Up to Rs. 1 CroreUp to 5 years
Yes Bank10.99% onwardsUp to 6.5%Up to Rs. 40 LakhsUp to 5 years

Different Types of Loan for Women

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.

Personal Loan for Women Eligibility

  • The age of the women applicants should be at least 21 years at the time of loan application.
  • The maximum age should not be above 60 years at the time of loan maturity (65 for non-salaried women). 
    Applicants should be employed with select private sector companies or Central/ State/ Local Government bodies for a minimum of 2 years 
  • Applicants must be working with the current employer for at least the last 1 year.
  • The minimum net monthly income should be at least Rs. 15,000.
  • The credit score of women applicants for personal loans should be 750 or above
  • Applicants must be a citizen of India.
  • Housewives applying with a co-applicant must ensure that the co-applicant has a regular source of income, a good credit source, and the necessary KYC documents.

Documents Required for Personal Loan

Women applicants must furnish the following list of documents for applying for a personal loan:

  • Personal loan application along with recent passport-size photographs.
  • Identity proof, such as a copy of passport/ voter ID card/ driving license/ aadhaar card.
  • Address proof, such as a copy of passport/ voter ID card/ driving license/ aadhaar card.
  • Bank statements for the last 3 months or passbook for the previous 6 months.
  • Latest 2 salary slips or current dated salary certificate with the latest Form 16 as income proof.
  • Proof of end use (in some cases only).

Navi Personal Loan @9.9% p.a

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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Personal Loan for Women FAQs

What is the maximum loan amount for women?

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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.

Which loan is best for housewives?

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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.

Is Mudra Loan for Women also available for housewives?

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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.

Which banks offer personal loans for women at the lowest interest rates?

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Currently, SBI offers the lowest interest rate on a personal loan, ranging between 10% to 13% p.a.

What is the eligibility criteria to avail of a loan for housewives?

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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.

What is the interest rate for a personal loan for women at Bandhan Bank?

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Bandhan Bank loan for ladies is offered at interest rates starting from 10.5% p.a. 

What is the customer care number for Bandhan Bank loan for ladies?

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Following are the Bandhan Bank loan for ladies contact numbers:

  • 1800-258-8181 (Toll-free)
  • 033-4409-9090
  • 033-6633-3333
  • 033-4090-3333

Does Canara Bank offer personal loans for housewives?

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No, there is no specific Canara Bank personal loan for housewife as of now.

What is the eligibility for personal loan for women at SBI?

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Following are the detailed SBI personal loan for women's eligibility criteria:

  • Applicants must have a salary account with SBI or any other bank.
  • The minimum net monthly income should be Rs. 15,000 or above.
  • The EMI/NMI Ratio should be below or equal to 50%.
  • Applicants should be aged between 21 to 58 years.
  • The minimum service of 1 year must be served.
  • Employees should be working with:
    • Central/ State/ Quasi Governments
    • Central & State PSUs
    • Defense/ Central Armed Police/ Indian Coast Guard
    • Corporates (Private & Public Ltd.)
    • Educational institutions of National Repute