Personal Loan for Women
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Whether you are a businesswoman or want financial assistance for your personal use, personal loan for women have gained immense popularity. A lot of leading banks have been offering personal loans for ladies at varied interest rates. However, amongst all, PayMe has been a leading company that offers loans for women. With its quick approval process and low-interest rates, the company has offered financial assistance for women, thus providing them with financial independence.
What is a Personal Loan for Women?
A personal loan for women is an unsecured loan that helps to meet their financial goals and demands. This is generally a kind of unsecured loan that does not require any collateral. The major idea of introducing loan for housewives is that it makes them empowered and can help them to fund their personal or business needs systematically.
Features and Benefits of Personal Loans for Women
There are a range of features and benefits that make PayMe loan for women one of the leading loan applications:
Attractive Interest Rates
Availing loan for woman from PayMe enables a person to enjoy attractive discounts and interest rates. The company offers a range of discounts that eventually reduce the burden on the loan applicant.
No Collaterals Required
Applicants availing loan for housewife from PayMe are not enabled to pay collateral. This streamlines the application process and also makes the loan process simple for those who are not financially sound.
Instant Approval
At PayMe, we ensure speedy approval of loan for woman. Hence, to make sure that the time limit is minimum, we offer instant approval that ensures swift payment and disbursal of funds in the account of the applicant.
Completely Digital Onboarding
The personal loan for women process in PayMe is completely online. One can apply for loan for ladies on the official website of the company. The application process is very simple and can be done using basic details about the applicant.
Easy Repayments
With PayMe, one gets the option of easy repayment of loan for women. The whole amount is divided into small EMIs that can be paid timely from time to time. The easy repayment of loan for housewife makes it a preferred choice amongst women applicants.
Eligibility Criteria for Women's Personal Loans
The applicants must furnish the following eligibility to avail of personal loan for ladies.
The minimum age of the women applicant should be 21 years and the upper age limit is 60 years.
The personal loan for women applicant will be disbursed if they are employed with private/state government organisation for atleast 2 years.
The minimum monthly income for a woman availing a personal loan is Rs 15,000.
Those having a CIBIL score of equal to or more than 750 will be offered a high chance of personal loan at low-interest rate.
Documents Required for a Loan for Women
When availing home loan for women, the following set of documents have to be submitted to the authorities.
Proof of Identity:
Passport, Driver's license, Voter ID card, Aadhaar card
Proof of Address:
Rental agreement, Utility bills, Passport with current address, Voter ID card
Income Proof:
Salary slips, Income tax returns, Bank statements, Profit and loss statements (for self-employed individuals)
Bank Statements:
Recent bank statements (last 3 to 6 months), Proof of existing loans or liabilities
Credit Score
Credit Report
Guarantor/Co-Applicant Docs:
Documents for co-applicant or guarantor, if applicable
Business Documents (if applicable):
Business plans, Registration certificates, Other relevant business documents
Educational Qualifications:
Educational certificates
Collateral Documents (if applicable):
Documents related to collateral (property, assets, etc.)
Why PayMe for a Quick Personal Loan for Ladies and Housewives in India?
PayMe has garnered popularity due to its quick approval and accessible loan options for housewives. The company guarantees funds to women applicants at low interest rates thus boosting their overall confidence.
- 1
PayMe offers personalised loans that are designed specially to fulfill the needs of women. The personal loan caters to different needs and offers financial assistance to the women.
- 2
PayMe offers a flexible and accessible loan option to the ladies and housewives. This makes them empowered and allows them to manage the loan repayment depending on their ease of payment.
- 3
At PayMe, we prioritise efficiency over any other factor. Our streamlined application process ensures quick approval and disbursement of funds, offering a prompt financial solution for ladies in need.
- 4
The personal loans offered by PayMe are offered at competitive interest rates that ensure that it offers financial assistance to housewives.
Also Check: How to get ₹1 Lakh Personal Loan
Interest Rates and Repayment Rates for an Instant loan for Women
PayMe introduces competitive personal loan interest rates in Jaipur which has made financial assistance simple. These interest rates benefit borrowers by offering them the required financial benefits. The competitive rates ensure that repayment is extremely simple by not hampering their overall budget and income. The interest rates offered by PayMe can be checked below.
| Banks/NBFCs | Interest Rates(p.a.) |
| Axis Bank | 10.49% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.75% onwards |
| HDFC Bank | 10.50% onwards |
| ICICI Bank | 10.65% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| Tata Capital | 10.99% onwards |
| Bajaj Finserv | 11.00% onwards |
| Federal Bank | 11.49% onwards |
| DMI Finance | 12.00% - 40.00% |
| L&T Finance | 12.00% onwards |
| Kreditbee | 12.25% - 30.00% |
| MoneyTap | 13.00% onwards |
| Piramal Finance | 12.99% onwards |
| Aditya Birla | 13.00% onwards |
| Moneyview | 15.96% onwards |
| Cashe | 27.00% onwards |
Eligibility Criteria for Women's Personal Loans
The applicants must furnish the following eligibility to avail of personal loan for ladies.
- Step 1:
The minimum age of the women applicant should be 21 years and the upper age limit is 60 years.
- Step 2:
The personal loan for women applicant will be disbursed if they are employed with private/state government organisation for atleast 2 years.
- Step 3:
The minimum monthly income for a woman availing a personal loan is Rs 15,000.
- Step 4:
Those having a CIBIL score of equal to or more than 750 will be offered a high chance of personal loan at low-interest rate.
Also Check: How to get an Instant cash loan in 5 minutes to 1 hour without documents?
Uses of Personal Loans for Housewife
Education
Personal loans for housewives can be utilized to fund education and skill development courses. One can enroll in a professional certification program or pursue further studies. This loan amount can be used to grow one’s personal and professional growth thus contributing to financial independence.
Home Renovation
Housewives can use personal loans to finance home renovation projects. One can use the loan amount to either upgrade their kitchen interior or remodel living spaces. This is also helpful in creating a comfortable and aesthetically pleasing home environment.
Wedding Expenses
Personal loans are a great way to cover wedding expenses. Housewives can avail loans for women to manage various costs associated with weddings, such as venue bookings, catering, and decor.
Loans for Working Women
With the growing number of working women, several financial institutions have offered personal loans that are tailored to fulfill their financial needs. Lenders or banks consider the overall requirement of a loan along with their financial independence. Additionally, other factors to be considered are a stable income, positive credit history, and employment stability influence the approval process for personal loans for women.
Additionally, with the option to offer a quick financial solution, lenders now also provide instant loan options for working women. These loans are designed to address immediate financial needs and also offers a swift and hassle-free application process.
What is the maximum loan amount available for women?
The maximum loans for women available in India usually range from 40 lakhs to 70 lakhs. However, this amount will be sanctioned for those who have a CIBIL score in the range of 650 to 700.
Can housewives without a steady income apply for personal loans?
Yes, housewives in India without a steady income can apply for personal loans. However, they have to meet certain criterias as listed by the financial institutions. The authorities will consider factors like the applicant's spouse's income, credit history, or the presence of a co-applicant. The flexibility of accessing the personal loan for woman shall also depend on the traditional income source of the woman or applicant’s assets.
FAQ's
