Homemakers actively manage their households and strive to fulfil
family needs. Their invisible labour is the backbone of many homes as
they continue to support their families emotionally and socially.
However, that doesn’t mean they can’t fulfil their ambitions while
managing household duties.
Despite not having a stable income,
homemakers can avail of a Personal
Loan for housewives to meet various financial requirements. They
can either secure a loan by pledging assets like gold, property, or
fixed deposits; or apply for an unsecured loan with a
co-applicant.
In this article, we will explore more about Personal
Loan for housewives and other details related to it.
The 3 Best Loan Options Available for Housewives
Here is a list of the three best loan options available for housewives:
- Secured Loans
Secured Personal Loans typically involve some form of security or
collateral that must be submitted to avail of the loan. These usually
include an asset like property, gold, or vehicle as an assurance for
loan repayment.
If a housewife can guarantee any such collateral,
she can easily get a secured Personal Loan to meet any financial
requirements. However, they should check the eligibility criteria
before applying for this loan.
- Personal Loan Through Co-Applicant
Another popular loan option for housewives is to apply for an
unsecured loan with a salaried co-applicant. While the loan amount
will depend on the income and creditworthiness of the co-applicant,
both parties will be responsible for the timely repayment of the loan
EMIs.
It is also important to have a repayment plan to avoid any
kind of financial burden on the co-applicant. Homemakers can also take
the help of a guarantor who can provide a written assurance mentioning
that they will repay the loan on time.
- Loan Against Gold
Most Indian homemakers have some gold that has been inherited
from one generation to another or is gifted to them at the time of
their marriage. This is mostly kept locked in bank lockers as an
asset that can be used during emergencies.
This gold can be put
to good use to get an instant Personal Loan for housewives. Through
this loan, a homemaker can rely on her gold reserves to get the
funds required to fulfil their specific financial needs.
ALSO READ :- Check Your CIBIL Score For Personal Loan…!
Features of a Personal Loan for Housewife
The following highlights the salient features of a Personal Loan:
- Multi-purpose Loan: A Personal Loan can be used for multiple purposes, such as loan for medical emergency, higher education, home renovation, etc.
- Minimal Paperwork: These loans for housewives can be availed instantly as they require less paperwork.
- Quick Loan Processing: The loan application process is quick and hassle-free.
- Flexible Repayment Tenure: Homemakers get the option to opt for a long tenure thanks to flexible loan repayment options.
How Do Personal Loans Help Women Overcome Financial Challenges?
Since most homemakers are women, they can enjoy various
financial benefits
with a Personal Loan, allowing them to pursue different goals
without hassle.
A Personal Loan for Housewives can be used for
various financial purposes, such as:
- Travelling Expenses
- Educational Purposes
- Medical Emergencies
- Home Upgrades/New Furniture
- Wedding Expenses
Documents Required for Personal Loan for Housewives
To get a Personal Loan for housewives, applicants (including co-applicants) must submit the following documents:
- Identity Proof: Voter ID card, Aadhaar card, driving licence, PAN card, etc.
- Address Proof: Passport, Bank statement, ration card, utility bills, etc.
- Income Proof: Salary slips from the past 3 months
- Employment Proof: Employment certificate and recent bank statements
If the co-applicant is a self-employed individual, the following documents will be required:
- Income Proof: Bank statements and income details
- Identity Proof: Voter ID card, Aadhaar card, driving licence, PAN card, etc.
- Address Proof: Passport, Bank statement, ration card, utility bills, etc.
How Long Does it Take for Personal Loan Approval?
The time taken for loan approval depends on the medium of the loan application process. If the applicant is in urgent need of money and wants to get their loan approved and disbursed within a few hours, then they should apply for an Instant Loan online. If they apply offline by visiting the nearest branch of the lender, the loan approval and disbursement process may take a longer time.
What is the Process of Applying for a Personal Loan Online?
Here is the step-by-step procedure to apply for Personal Loan via Poonawalla Fincorp:
- Step 1: Click on the ‘Apply Now’ button and open the application form.
- Step 2: Provide your personal information and attach scanned copies of the required documents with the form.
- Step 3: Click on the ‘Submit’ button.
To Conclude
Homemakers without a stable source of income can still avail of an unsecured Personal Loan for housewives with a co-applicant. However, they must check the eligibility criteria and required documents before applying for a loan from their chosen lender.
Frequently Asked Questions About Loan for Housewives
1. What are the types of Personal Loans that
housewives can get?
Homemakers can apply for two
different types of Personal Loans – secured (with collateral) and
unsecured (without collateral).
2. How to
calculate the EMI amount before applying for a Personal
Loan?
Applicants can calculate the EMI amount before
applying for a Personal Loan by using the EMI calculator
for Personal Loans available on Poonawalla Fincorp’s
website.
3. What are the different purposes that can be
fulfilled with a Personal Loan?
Personal Loans can
help borrowers meet the financial requirements for various purposes,
such as home renovation/repairs, higher education costs, urgent
medical care, etc.