YOU ARE HERE:HomeNewsBusinessPersonal Finance Are there personal loan options specifically for women borrowers? Check Interest rate, eligibility, steps to apply and more
Are there personal loan options specifically for women borrowers? Check Interest rate, eligibility, steps to apply and more
08 April, 2025 | 15:23 IST
Personal loans have become an essential financial tool for people looking to manage their expenses. While most personal loans cater to a broad audience, some lenders in India offer exclusive personal loans for women. These loans provide financial flexibility to women, helping them meet various personal and professional needs.
A personal loan for women allows borrowers to use the funds for multiple purposes, such as home renovation, medical emergencies, travel, weddings or education. Women applicants can apply for these loans online or by visiting a bank or NBFC branch.
Most lenders require a stable income source and a good credit score for loan approval. In some cases, collateral may be necessary to secure the loan. Eligible women borrowers can receive approval within one to two business days. The lender then provides details such as the loan tenure, interest rate, repayment schedule and monthly EMI amount.
Get a 100% digital, hassle-free personal loan instantly with Moneycontrol. Skip the paperwork and enjoy low processing fees, with funds transferred directly to your bank account within minutes. Just enter your details, complete KYC verification and choose your EMI plan. In partnership with eight lenders, Moneycontrol provides access to instant loans of up to ₹50 lakhs for both salaried and self-employed individuals. The fully digital process ensures transparency, with interest rates starting at 10.5% per annum and no hidden charges.
To qualify for a personal loan for women in India, applicants must meet the following criteria:
Age requirement: Applicants must be at least 21 years old at the time of application, with a maximum age of 60 years at loan maturity.
Employment status: Women must be employed with a recognised private sector company, public sector enterprise, or government organisation.
Work experience: Most banks prefer at least two years of total work experience and a minimum of one year with the current employer.
Income criteria: Many banks usually prefer a minimum net monthly income of Rs 15,000.
Credit score: A credit score of 750 or above improves the chances of loan approval and lowers interest rates. Women with lower credit scores may still qualify but at significantly higher interest rates.
Personal loans can be beneficial for women in the following situations:
Emergency expenses: Covering unexpected medical bills or urgent financial needs.
Debt consolidation: Paying off multiple high-interest debts through a single loan with lower interest.
Home renovation: Financing home improvements without exhausting savings.
Education and career growth: Funding higher education or skill development programs.
Women should avoid taking personal loans if they lack a steady income, already have significant debt or if they are struggling with financial management.
Things to keep in mind before taking a personal loan
Assess your financial needs: Before applying for a personal loan, evaluate whether you genuinely need one. Unnecessary borrowing can lead to financial strain and impact long-term stability.
Compare interest rates and loan terms: Different lenders offer varying interest rates and loan terms. Comparing multiple options ensures you secure the best deal with the lowest cost.
Understand eligibility criteria: Lenders assess multiple factors such as income level, employment history and credit score before approving a loan. Checking eligibility before applying helps avoid rejections and unnecessary credit inquiries.
Maintain a good credit score: A credit score of 750 or above improves the chances of loan approval and enables borrowers to access better interest rates.
Watch out for hidden charges: Apart from interest rates, lenders may impose additional fees, such as, processing fees, prepayment charges, late payment penalties and foreclosure fees. Review the loan agreement carefully to understand these costs before proceeding.
Be aware of prepayment charges: Some lenders impose penalties for early repayment. Check whether your chosen lender allows prepayment or foreclosure without additional costs to save on interest payments.
Consider a shorter loan tenure: While longer loan tenures reduce monthly EMIs, they increase the total interest paid. Opting for a shorter tenure reduces interest costs and helps repay the loan faster.
Women in India can access personal loans to meet various financial needs. Moneycontrol makes it easy and paperless with its digital personal loan service. In collaboration with eight top lenders, Moneycontrol provides access to loans of up to Rs 50 lakhs, with interest rates starting at 10.5% per annum.
Summary
Looking for urgent financial support? Learn more about personal loans for women in India and how they work.
Disclaimer
This piece/article was written by an external partner and does not reflect the work of Moneycontrol's editorial team. It may include references to products and services offered by Moneycontrol.
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