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.
A woman may need a personal loan for the following reasons:
- Buying electronic equipment
- Starting new business
- Home renovation
- Buying two-wheeler or car
- Purchase of ornaments
- Medical or wedding expenses and many others
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:
1. Fullerton India Nari Shakti Personal Loan:
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:
- Women aged between 18 years - 60 years.
- Women employed in Central/State Govt./PSUs/ Scheduled Banks/Teachers of Govt. aided institutions.
- Non-Working Women: Not having income proof. Spouse/other close relatives who satisfy income criteria to join as co-borrower.
2. Central Bank of India Cent Kalyani Scheme:
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:
- The minimum age of the applicant should be 21 years at the time of loan approval and a maximum of 65 years at the time of loan maturity.
- Woman Entrepreneurs
- No income ceiling for assistance.
3. Vijaya Bank V Swashakti:
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:
- Women above 18 years.
- They must be citizens of India.
- Loans can be availed by women for both proprietary/partnership firms.
- If the business is on a partnership basis, the contribution of women should be more than 51%.
4. SBI Stree Shakti Package:
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:
- Salaried / professional/ self-employed women having income proof.
- An enterprise should have more than 50% of its share capital owned by women to qualify for this scheme.
5. Bajaj Finserv:
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:
- Women applicant’s age should be between 25 years to 58 years.
- The borrower should be employed with a reputed organization – MNC or a private or public limited company.
Documents required for personal loans for women
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:
- Completed personal loan application form.
- Address proof (copy of passport/voter ID card/driving license/Aadhaar).
- Last 3 months bank statement (Passbook for the past 6 months).
- Latest salary slips.
- Form 16.
- Basic KYC documents like copy of passport, voter ID card, driving license, Aadhaar card.
- Current dated salary certificate.
- Income tax returns.
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