Personal Loan for Women in the current scenario — Lower rate of interest
The days are bygone when the roles and responsibilities of a woman in the society were limited to being a homemaker, looking after children, providing food for the family and others. Nowadays, women indeed are playing a pressing role in the progress of our country as well as its economy. They have now reached the very top of the corporate ladder and are working at top management firms, running and handling their own businesses, and also working as licensed professionals. To cut the long story short, it will not be an overstatement to say the 21 stcentury belongs to the women. Growing in confidence women are also playing the role of the lead in a family and are managing financial matters quite efficiently. If you too are struggling with daily hustle of managing a balance between work life and home, and seek a Personal Loan for women at a concessional rate, you will find out the best way to do it by the end of this page.
With the increasing number of working women in India, various banks and NBFCs are now offering specialized Personal Loan for women. A personal loan for women has all the features of a standard unsecured loan offering of a bank; however, it offers several additional benefits especially for women, some of the key benefits are as follows:
- Preferential rate of interest
- Relaxed eligibility criteria
- Quick processing and disbursals
- Freedom to use money as per ease
- Extended loan tenure
Whether a woman wishes to purchase gold and other expensive jewelry items, buy a vehicle, start a new business, go on a holiday with their loved ones, or have to pay for wedding expenses, there are various personal loans available for you. Here is the list of the most beneficial and accommodating Personal Loan offers that you can consider:
Bank of India ‘Star Mahila Gold Loan’ Scheme -
This is a special Personal Loan product designed for women folks by Bank of India. This loan is available for both working women as well as housewives. In the case of a working woman, the maximum amount available is 50% of the annual income. For homemakers, the maximum amount available is 10 times the monthly income of the spouse. The money can be used to purchase gold coins from Bank of India or hallmarked jewelry from reputed jewelers.
Bajaj Finserv Personal Loan for Women -
Bajaj Finserv, the leading NBFC offers personal loans up to ₹ 45 Lakh for working women, in spite of her status being salaried or self-sustaining. The amount which is borrowed can be used for all kinds of purposes be it home renovation, micro-finance and others. Bajaj Finserv personal loan for women offers the highest eligible quantum of loan to women across all products offered. Female borrowers can choose a flexi interest-only loan and can reduce the EMI up to 45%.
Fullerton India Nari Shakti Personal Loan for Women -
Fullerton India has recently started offering unsecured Personal Loan for women at considerably lower interest rates. Women applicants can also enjoy instant approvals by submitting online applications, and the loan amount is disbursed within 48 hours of the application being approved. The interest rates for these loans start from 12.99% per annum, and the maximum eligible amount can go up to ₹ 25 Lakh.
Bank of Baroda Personal Loan -
Bank of Baroda offers customized Personal Loan for self-employed as well as salaried women applicants. The maximum amount eligible under this scheme is ₹ 10 Lakh for metro and urban areas and ₹ 5 Lakh for tier II, III and rural areas. The loan amount can be utilized as per their personal requirements, the bank holds no obligation regarding the utilization of funds for anything specific.
Once you check out the websites of these prominent loan offers, you can easily apply for them online, with only uploading a few selective documents to support your repayment capacity. The entire process is online and one can check the personal loan status online with ease. A few NBFCs like Bajaj Finserv provide special assistance to women applying for personal loans throughout the process. Any women applicant can check their Bajaj Finserv personal loan status by simply following the steps provided;
- Log on to the official website of Bajaj Finserv and click on ‘My Account’
- On the next screen, click on ‘Customer Portal’
- Once you’re redirected to the ‘Experia’ page, enter your login credentials
- Click on ‘Track application’ on the Experia page
- Enter your registered mobile number, enter the OTP once received
- Next screen displays the current status of your loan application
With the Central & State Governments adding more and more value to business with women, the personal finance industry has also valued the women entrepreneurs and financiers by supporting them and providing them with the right amount of money and at the right time in their lives. Through this mission, the women are now even more independent and are free to choose and decide for themselves whether it’s their life or their children’s. With the power in their hands, they are indeed changing the course of the current world scenario by participating in it at a large scale.