14 Nov 2019 | 5 min read
At the present time, it is very important for women to be financially independent. To help women fulfil their short-term financial requirements for travel, small business, education, wedding and so on, lenders in India have started offering specialized personal loans at a low rate of interest to women. Personal loans for women are collateral-free and have a slightly more flexible set of terms and conditions regarding interest rates, repayment tenure, security, etc. All salaried, as well as self-employed women, can avail of this type of personal loan.
There are various schemes exclusively designed to facilitate the easy disbursal of a personal loan for women by various lenders. Here are a few of them:
Under this scheme, Fullerton India offers personal loans to women. This is an unsecured loan and can be availed online. With this scheme, a borrower can get the funds disbursed directly in the bank account within 72 hours*.
The Nari Shakti Personal Loan scheme eligibility criteria vary depending on the applicant profile. Here are some general standards:
Central Bank of India runs the Cent Kalyani Scheme to women who want to expand their existing business or want to start a new venture in the manufacturing or services industry. The loan under this scheme comes either in the form of a letter of credit, cash credit, overdraft, or letter of guarantee. Additionally, an applicant does not require collateral security to avail of this loan from the Central Bank of India. The maximum loan amount of Rs. 1 crore can be availed under Cent Kalyani Scheme.
Cent Kalyani Scheme eligibility criteria vary based on the applicant profile:
To empower women to take care of their dreams, Vijaya Bank (now Bank of Baroda) has come up with this scheme. This scheme is designed to financially assist the women entrepreneurs in the economic pursuits in small businesses.
V Swashakti eligibility criteria differ based on the applicant profile. Here are the general conditions for the same thing:
SBI offers this unique scheme called Stree Shakti Package. It is aimed to support women entrepreneurs by providing certain concessions. Under this scheme, the rate of interest is lowered by 0.5% in case the loan is more than Rs. 2 lakhs. No security is required for the loan amount up to Rs. 5 lakhs*.
The eligibility criteria of the Stree Shakti Package vary based on the case to case. Here are the generic criteria for the same:
Bajaj Finserv offers personal loans for women at attractive interest rates. With features like instant approval and quick disbursal, a women borrower can avail a personal loan up to Rs.25 lakhs. Bajaj Finserv provides the borrowers with a Flexi interest-only personal loan facility, which reduces EMI amount by up to 45%.
Depending on the borrower profile, the eligibility criteria for a personal loan from Bajaj Finserv differ. Here are some general criteria:
The documents are one of the major things that every lender considers at the time of the loan approval process. However, the list of personal loan required documents may differ from one lender to another. Here is a generic list of documents:
Personal loans for women offer exclusive benefits for today’s women who are looking for funds to meet daily needs or start a business of their own and realize their dreams. Employed women can also apply for HDFC Bank personal loan, ICICI personal loan, etc.
Read More: Business Loans for Women