Perosnal loan for housewife

How to get a Personal Loan for unemployed housewife?

In today's time, most homemakers manage their homes and try to meet the needs of their family members. But even they have their own needs that can be sometimes best met with a loan. Can a housewife take a loan if she does not have a stable income? Yes, she can! Homemakers can deposit securities like gold, property, or fixed deposits in their name to avail of a loan. These are called secured loans which you can get without any income proof. Some homemakers can also start earning by working (maybe part-time) from home so that they have an income and establish some credit history to get an unsecured loan such as a personal loan. In the case of an unsecured loan, they do not need to make any security deposit to get the loan.

The ever-evolving role of women has had a wide and positive impact on the economy. Today's women are more in control of their finances than ever before. Access to credit has opened many economic opportunities for women. Women with their wish lists and attitudes take charge of their expenses and can afford certain expenses by availing of loans.

The 21st-century housewife is not a woman who’s confined to the four walls of her home. She is much more ambitious today and is fully capable of handling her domestic responsibilities along with fulfilling her entrepreneurial dreams. However, there are some obstacles in her way to fulfilling her professional aspirations. So, there are many financing options available today that offer personal loans to homemakers.

The ways to get a personal loan for housewife are as follows:

  • Secured Loans: Your Best Option

    A personal loan mainly is of two types: unsecured and secured personal loan. An unsecured loan is one where you do not have to promise any collateral against your loan amount. Most salaried professionals are easily given an unsecured personal loan. However, homemakers have no source of monthly income. Hence, they must apply for a secured loan.

    A secured loan requires collateral against the loan amount as an assurance of loan repayment. This collateral can be an asset like jewellery, vehicle, property, bond, home equity, etc. If a housewife can guarantee any such collateral, she can easily get a secured personal loan to start her business. It is always mandatory and better to check the eligibility of the personal loan before applying.
  • Personal loan through co-applicant

    Another way is for a housewife to get a personal loan with a salaried co-applicant. The total amount to be loaned will depend on the salary of this co-applicant. Along with the housewife, this co-applicant will be held equally responsible for paying the monthly EMI. Hence, the housewife must have a repayment plan to avoid any financial burden on the co-applicant. If the housewife does not have a working partner to sign as a co-applicant for the loan, she can take the help of a person who has agreed to act as her guarantor. While availing of a personal loan, the guarantor must give a written assurance that he/she will repay the loan in case the housewife defaults on repaying the loan.
  • 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 gold is not worn every day and is mostly kept locked in bank lockers. This gold can be put to good use to get instant personal loans for homemakers. A lot of lenders in the market offer easy personal loans against gold jewellery. In the worst cases, where a homemaker is unable to get a co-applicant or find a guarantor, she can always rely on her gold reserves to get her loan approved.

Features of personal loans for housewife

Personal loans can be used for various purposes. The lender does not inquire about the purpose of availing of the personal loan. Hence, it is one of the most viable funding options for women who are looking forward to setting up their businesses.

With many leading financial institutions out there, personal loans can be easily availed through an online application process. Since personal loans are unsecured loans, you will not need to pledge any collateral while availing of the loan. Some of the additional benefits of taking a personal loan are flexible repayment options and minimal documentation.

Get started with your business by easily availing a personal loan or business loan with Poonawalla Fincorp. Some of the additional benefits of taking a loan at Poonawalla Fincorp are quick approval and instant disbursement.

If you are a homemaker driven by a strong desire to start your independent venture, visit Poonawalla Fincorp today to get a personal loan for your business.

Eligibility criteria

If you want to take a personal loan as a housewife, you need to meet some simple personal loan eligibility criteria. Or in your case, the co-applicant must satisfy the following criteria -

  • Age range 22 - 58 years.
  • Should have documents of the monthly income of at least Rs. 15,000.
  • Should have one year of work experience.

Note: The eligibility conditions generally differ from one lender to another. So, before you apply to any financial institution, be sure to understand their criteria.

Documentations Required

To get a personal loan for a woman as a housewife, you need to submit certain document proofs. If the co-applicant is a salaried individual, you need to submit the following documents -

  • Photo identity proof document
  • Address proof document
  • Pay-slip
  • Employment certificate and recent bank statement
  • If the co-applicant is a self-employed individual, you need to submit the following documents -
  • Income proof
  • Identity proof
  • Address proof

How long does it take for loan approval?

Loan approval will depend on the medium of the loan application. If you are in urgent need of money and want to get your loan approved and disbursed within a few hours, then you should apply for a loan online. If you apply offline by visiting one of the nearest physical branches of the lender, your loan approval and disbursement process may take a few days.


Even if you are a housewife who does not have a stable source of income, you can still avail personal loan by adding just one co-applicant. At Poonawalla Fincorp we offer the best interest rates and easy EMI options, you can enjoy a smooth repayment experience. Before applying, you can also check and use our Personal Loan EMI calculator and know your EMI in advance. So, why wait? Check out our offerings today.

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