Personal Loan For Women

• Women usually get personal loans at interest rates starting from 10% p.a.
• Women applicants can avail of a personal loan amount of up to Rs. 1 Crore.
• The repayment tenure of the loan is usually up to 5 years for women applicants. However, some lenders also offer tenure of up to 6 years.
• The processing fee ranges between 1.50% to 6.5% of the sanctioned loan amount. GST may also be applied in some cases.

Below is the list and features of top banks that offer personal loans for women in India:

Personal Loan for Women: Most lenders offer personal loans for women under the regular personal loan category. However, some lenders may also offer specific personal loan products for women applicants. These loans may carry a concession in the interest rate and processing fee.

Mudra Loan for Women: Many NBFCs and Commercial/ Regional/ Rural/ Small Finance Banks avail of refinancing support from the MUDRA scheme for financing micro-enterprise activities. This refinance is available for term loans and working capital loans. Lenders may offer up to Rs. 10 Lakhs loan amount per unit. The eligible lenders can avail of refinancing from MUDRA for eligible activities under the Shishu, Kishore, and Tarun schemes. To encourage women entrepreneurs, some banks consider extending additional facilities to women borrowers under mudra loans for women, including interest rate concession on their loans. Currently, MUDRA offers a concession of 25bps in interest rates to MFIs/ NBFCs, providing loans to women entrepreneurs.

Government Loans for Women to Start Business: Many banks and NBFCs offer personal loans for ladies from government schemes such as Mudra Loan for Women, Annapurna Scheme, Stree Shakti Yojana, Bandhan Bank Women's Loan, Bhartiya Mahila Bank Business Loan, Orient Mahila Vikas Yojana Scheme, Dena Shakti Scheme, Mahila Udyam Nidhi Yojana, and Cent Kalyani Scheme. Women applicants get various benefits under these schemes like interest rate rebates, longer repayment tenure, and so on.

Loan for Housewives: As personal loan eligibility criteria require borrowers to have a regular source of income. Most lenders do not offer personal loans for housewives. Lenders usually don’t offer personal loans to housewives as well as women without income sources. However, some lenders extend personal loans to housewives. For example, with TATA Capital personal loan for housewives, All you need is a co-applicant with a documented income to get the required funds within a couple of days.

• The age of the women applicants should be at least 21 years at the time of loan application.
• The maximum age should not be above 60 years at the time of loan maturity (65 for non-salaried women).
• Applicants should be employed with select private sector companies or Central/ State/ Local Government bodies for a minimum of 2 years 
• Applicants must be working with the current employer for at least the last 1 year.
• The minimum net monthly income should be at least Rs. 15,000.
• The credit score of women applicants for personal loans should be 750 or above
• Applicants must be a citizen of India.
• Housewives applying with a co-applicant must ensure that the co-applicant has a regular source of income, a good credit source, and the necessary KYC documents.

Women applicants must furnish the following list of documents for applying for a personal loan:

• Personal loan application along with recent passport-size photographs.
• Identity proof, such as a copy of passport/ voter ID card/ driving license/ aadhaar card.
• Address proof, such as a copy of passport/ voter ID card/ driving license/ aadhaar card.
• Bank statements for the last 3 months or passbook for the previous 6 months.
• Latest 2 salary slips or current dated salary certificate with the latest Form 16 as income proof.
• Proof of end use (in some cases only).