In the modern scenario, Indian women are technologically savvy and financially aware of the present situation. These women are smart spenders and diligent savers. Due to this reason, the finance industries are bringing up more schemes on personal loans for women to help these women succeed in their endeavors. Most of the banks charge women customers with very low personal loan interest. Due to this, the woman experiences a lower risk of default. It is a tendency of every female borrower that they repay the loan amount on time.
Most banking financial institutions offer a discount of 5 to 25 BPS on the regular rate of interest. However, if you can make your female companion a co-applicant for your small personal loan, it can help you get a low-interest rate. Also, in some of the states, stamp duty charges are nominal for women. Check for some of these options before you avail personal loans for women.
Gets quick approvals
Choose a personal loan that provides you instant approval while making your loan ready in a minute.
Flexibility
With the flexibility of certain facilities like the flex interest, the working women can prepay or borrow personal loans with ease.
Documentation
The financial institution would grant the best personal loan for women with minimum documentation.
Disbursal
After the approval, the financial institution must take at least 24 hours to disburse the loan amount.
Transparency
Before you avail of any small personal loan for women, you need to check whether there are any hidden terms and conditions or not. Make sure that you are assured of complete transparency before sending the application form.
Documents required
The documentation for a personal loan happens to be one of the hassle-free and easiest processes. Some of the basic documentation that you require to apply for the personal loan for women includes:
- The various KYC documents, including the Aadhar card and PAN card along with the drivers’ license
- The last six months bank statements
- The salary slip for the last three months. in the case of the salaried applicants, form 16 is also required
- Financial statements and income statements for the business owners and their self-employed women.
You can also upload all these documents when you apply for the loan on an online method.
Eligibility criteria
In the case of the personal loan for women, one needs to go through some of the basic eligibility criteria.
- The age of the applicant must be in between 21 to 67 years
- The application needs to self-employed for a salaried person
- The applicant should mention the minimum salary based on the place where they live
- The minimum annual profit after the taxation would be considered in the case of the self-employed applicants
- The salaried applicants need to have work experience of at least one year
- A good credit score is mandatory to get a loan with a lower rate of interest.
Before you apply for the loan amount, you need to fulfil the eligibility criteria. The online website of every financial institution happens to have a section that consists of the eligibility criteria that one needs to fulfil. You can apply for any personal loan amount once you fill-up the application form.
You would require certain documents to provide so that you can get the faster approval of your small personal loan. Once the amount gets approved you will get the credited amount into your bank account. Within 24 hours* of the approval you will get the amount disbursed into your bank account. You can also use your personal loan online app to track the status of the online application. It would fulfilled only after the subsequent verification checks. It would done by the authorized members of the financial institution.
