A personal loan is a sum of money that you can borrow from a lender to use for any purpose. Typically, a personal loan is paid back with interest over a stipulated period through EMIs or equated monthly instalments. Lenders apply standard guidelines and follow specific procedures for deciding the loan amount and repayment schedule. These apply to all types of personal loans, including instant loan for women.
Personal loan options are offered to women for providing more opportunities in a patriarchal society. For this purpose, banks and NBFCs in India have the option of an instant loan for women. These loans are meant to help women become financially independent and handle various forms of expenditure. To this effect, it is a small personal loan that can ease the financial burden and empower women to make their own financial decisions.
A personal loan for women is unsecured, meaning it does not require collateral. The interest rates are also comparatively lower, and the EMI is flexible. Working women who earn a monthly salary at an organization or are self-employed can apply for this personal loan. They can use it to fulfil any financial commitment as they see fit. The upper limit of the loan amount can touch Rs 25 lakh, and it also comes with an attractive personal loan interest rate. Lenders generally set the repayment term for a maximum of 5 years. Some banks offer a flexible repayment option. Under this arrangement, initially, you can pay the interest component of the EMI for a part of the tenure and repay the principal at a later point in time.
Rate of interest on a personal loan for women
The rate of interest on a personal loan meant for women can be anywhere between 13% and 36%. Since this loan is available without having to pledge an asset as security, the interest rate is slightly higher than that applied to other loans. However, lenders cover up for this by reducing the EMI associated with the loan. In this way, the applicants do not feel the pinch of the higher interest rate.
Factors that play a crucial role in deciding the personal loan interest rate include –
- your income,
- credit rating,
- the principal amount borrowed, and,
- Market conditions prevalent at the time of application.
A high credit score and good repayment history are ideal for getting a personal loan at a relatively lower interest rate.
How to Get an Instant Personal Loan for Women
Requisites for getting an instant personal loan for women are the same as those for other loans. To get this loan you must submit the loan application to the lender. It could be a bank, a credit union, a personal money lender, or a non-banking financial company. But you must bear in mind that the interest and the pre-requisites may vary from one type of lender to another.
For requesting a personal loan for women, you first need to identify lenders who offer this type of personal loan. Next, complete an application by checking the eligibility criteria and submitting the documents. Lenders who provide this type of loan request minimal documentation from the applicant. It is to encourage women to apply for this type of loan and take a step towards financial independence,
After the application receives approval, the borrower is given a list of loan terms. On accepting these, the lender requires you to complete the paperwork and then disburse the money to your account. Once you receive the money, use it for whatever purpose you need it. But make sure that you repay the loan as per the terms mentioned in the loan agreement.
An instant personal loan for women is to help Indian women become financially independent and pay for their expenses. Attractive features like lower interest rates and flexible repayment options ensure that the loan is not a burden. Women need financial freedom, and this loan helps them achieve this dream.
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