Perosnal loan for housewife

Personal Loan for Housewife: How to Get One?

April 21, 2022 • 25249 views

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.

 

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Personal Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply

poonawalla fincorp team

Poonawalla Fincorp Team

Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.

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