Instant Personal Loan Government Schemes for Women

26 Feb 2021 5 min read
Personal Loan: Instant Personal Loan Government Schemes for Women - Afinoz

Whether a working woman or a housewife, everyone at some point of life is faced with a monetary shortage. To provide assistance to women financially, many lenders are offering personal loans at an attractive rate of interest, thus eliminating financial hurdles on their way.

Personal loans can be availed by women irrespective of their working status for varied reasons such as for paying kid’s school fees, to settle medical bills, to start a business, for paying off bills, for marriage expenditures, for renovating a home, for higher education etc.

There are certain government schemes specifically designed for women, to assist them in fulfilling their life’s goal and to make them financially independent. Below is the list of schemes run by to support women.

Personal Loan Government Schemes for Women

 

 

Scheme

Lenders

Purpose

Can Mahila

Canara Bank

General

Sakhi Shakti

IDFC Bank

Meet financial needs

Star Mahila Gold Loan Scheme

Bank of India

Purchase of Gold jewellery of coins

Mudra Yojana

Private banks, PSUs, NBFCs, Scheduled Union co-operative banks, Scheduled state co-operative banks,

Refinancing to micro business

V Swashakti

Vijaya Bank

Setting up a small business

Mahila Udyam Nidhi Scheme

Punjab National Bank

Setting up a small scale industry

Annapurna

Bhartiya Mahila Bank

Setting up a food catering business

Parvarish

Bhartiya Mahila Bank

Setting up daycare

Stand-Up India Scheme

ICICI Bank

Setting up a greenfield enterprise in select sectors

Cent Kalyani Scheme

Central Bank

Starting/Modifying/Expanding a business

Annapurna Scheme

State Bank of Mysore

Setting food catering business

Mahila Vikas Yojana

Oriental Bank of Commerce

Setting up a small business

Kalyani Card scheme

Punjab National Bank

Agricultural and Non-farming activities

Mahila Samridhi Scheme

Punjab National Bank

Purchasing and setting up of internet café and other small businesses.

Kitchen Modernization

Bhartiya Mahila Bank

Mainly for kitchen up-gradation, but not limited to it

Nari Shakti personal loan for women 

Fullerton India

Personal financial needs

 

|Government Loan Schemes for Women Entrepreneurs

Other Alternatives for non-working women to get a personal loan are:

Loan against gold- Women can pledge her gold to avail loan. As it serves as a collateral, the lender approves the easily. One can get instant cash by pledging the gold.

Getting a co-applicant – Availing a loan along with a co-applicant who meets the eligibility criteria of loan, can be of great help in availing loan easily. A co-applicant will then be held accountable in case the principal defaults in repayment of loan.

Loan against fixed deposits- This option also assists in availing a personal loan. If homemaker has some FDs in her name, she can pledge it and avail personal loan. Almost all financial institutions offer financing against FD.

Money Lenders – Usually this option is shoved under as it is considered risky but not every lender can be considered the same. Usually money lenders offers financing at a higher price and require collateral as security.

Loan against securities – Women can also pledge their insurance, mutual funds, or shares to get the financing done by banks.

Today’s digital age has opened up various opportunities to avail instant funds with the help of Instant loan apps. These apps are user-friendly and offers quick funds, without having the need to do various rounds of banks. One can download the Instant loan apps from the Google Play store for free and apply for the funds on the go.

These digital loan portals have gained immense popularity in recent years, due to its quick lending of funds to the borrowers. Borrowers have now switched to app-based lending that guarantee instant loan disbursal. These apps are quite successful in serving a large population in India. 

Listed below are a few Instant Loan Apps and their features.

Cashe – The app provides short term loans ranging from 15,30,90, and 180 days. It works on a predictive algorithm known as Social Loan Quotient. An applicant check their eligibility criteria by simply entering their name, age, mobile number, income details, address etc.

PaySense – For loan amount ranging from Rs 5000 to Rs 5 lakh, this app can be an ideal choice. There is flexibility in EMI and quick disbursement. The loan is available with minimal documents and even with low credit history.

India Bulls Dhani – This app is quite popular amongst borrowers. It offers loans at an interest rate as low as 11.99% p.a. There is no physical documentation required to apply for this loan.

MoneyView – With Money View, one can apply for an instant personal loan at a monthly interest rate of 1.33%. It has flexible repayment terms of up to 5 years. It is entirely paperless application. There is complete safety of data maintained by the lender.

Women looking for instant funds can apply with Afinoz app. We are India’s first app-based lending platform, that provides the borrower with the power of choice in choosing their suitable lender. The app can be downloaded from Google play store for free. Afinoz is a financial marketplace, in partnership with various app-based lenders. Contrary to the manual application, Afinoz provides an end to end API integration with multiple lenders. The borrower is thus saved from downloading multiple apps and filling up loan applications several times. 

Afinoz gives platform to borrower to compare instant loan offers from multiple lenders under one roof, significantly reducing the dropout rate. The loan application of borrower is accessed on a real-time basis, providing them with quick approvals.

Women now have the power in their hands of availing funds and achieving their long-awaited dreams and aspirations. So, opt for personal loans and give yourself the much-needed financial assistance transforming it to the wind beneath your wings. It’s time to fly higher to achieve your goals this Woman’s Day. When you are determined to rise, so are we to support!!!

Read More: Best Personal Loans for Women

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