Apply Personal Loan for Women in India
Women play an active role in being breadwinners and providing for their families. So, why shouldn’t there be a Personal Loan solely catering towards their needs? Personal Loan for women can be used to finance your education, fund a medical emergency, pay for your dream wedding, or any other important need or end goal.
We offer Personal Loans that do not require any collateral. Furthermore, the loan application process is completely online, so, you don’t need to step out of your home to avail such a loan from us. We only require a few basic documents to ascertain the financial profile of a borrower before transferring the funds directly into their account.
How Can Loans for Women in India be Used?
We do not ask for the purpose of a Personal Loan when processing an application. A Personal Loan for Women can be used based on the borrower’s specific requirements. Unlike a Business Loan or an education loan, a Personal Loan allows the freedom and flexibility to be used as deemed fit by the borrower.
We understand that the financial needs of women are diverse and varied. Hence, we ensure that such a loan can be used for various purposes.
Features and Benefits of Personal Loans for Women in India
These are just some of the features which women can expect when they avail of a Personal Loan from us:
Collateral or security is the asset such as property, jewellery etc. that the borrower provides to the lender in exchange for the loan. However, with us, women don’t have to go through the hassle of providing collateral to avail of a loan. It is provided purely based on the income and financial strength of the borrower.
Flexible Repayment Tenures
The borrower can choose the tenure of the loan. A Personal Loan can be availed for a tenure of anywhere between one year to five years. You can choose the tenure at the time of applying for the loan. A longer tenure means low monthly payments while a shorter tenure means less money paid in interest.
Attractive Low-Interest Rates
Our interest rates are competitive in order to cater to the needs of as many people as possible. Poonawalla Fincorp’s interest rates for a Personal Loan start from just 9.99%* per annum. Several factors determine the interest rate offered, such as credit score, income level, etc.
Easy Application Process
The borrower’s convenience is important for us, which is why we want to make the loan application process as easy and convenient as possible. That’s why our loan application process can be completed entirely online. Borrowers can simply fill up a form and submit the required documents through their devices.
No Foreclosure Charges
A foreclosure charge or pre-payment penalty is the amount that borrowers may need to pay in case they repay the loan before the expiry of the tenure of the loan. We do not charge any pre-payment penalty for Personal Loans. The borrower can prepay the loan when they have funds available without having to worry about any prepayment penalty.
Funds Can be Used for Any Purpose
As mentioned earlier, a Personal Loan for Women can be used for any purpose. We do not even ask for the reason for the loan. A Personal Loan can be used for medical emergencies, paying for a home theatre, funding house renovation, and more.
No Hidden Costs
We do not charge any hidden fees. We are completely transparent about our charges. Any cost will be disclosed to you at the time of availing of the loan. We do not charge any fees that have not been clearly communicated to you beforehand.
Eligibility Criteria for Personal Loans for Women in India
We have kept the eligibility criteria as simple as possible. We aim to meet the needs of as many women as possible.
- Age - The borrower must be at least 22 years old at the time of applying for the loan. Further, they should be less than 58 years old when the loan matures. This criterion has been put in place to ensure that the borrower is of working age.
- Citizenship - The borrower must be a citizen of India.
- Income - The borrower needs to have a monthly income of at least ₹20,000. This ensures that they can service the loan. The monthly income requirement may be higher if the loan amount is higher.
- Employment - The borrower should have at least one year of work experience. Further, they need to be at their current employment for at least two months before applying for a loan. This requirement has been put in place to ensure that the borrower has a stable source of income.
Do note the above-mentioned eligibility criteria is indicative. Additional criteria may be considered during loan processing.
Documents Required for a Personal Loan for Women in India
Poonawalla Fincorp only asks for basic and necessary documents. Here is an indicative list of the documents we require as part of the loan application:
- Identity Proof - Borrowers will need to submit a PAN card or an Aadhar card.
- Address Proof - Borrowers can verify their address by submitting a copy of their passport, rent agreement, or utility bills (such as electricity bills).
- Income Proof - Borrowers can submit their bank financial statements.
- Employment Proof - Borrower needs to submit any form of proof of employment like the salary slips from the past three months.
Further documents may be required from the borrower on a case-to-case basis.
Frequently Asked Questions relating to Personal Loans for Women in India
How can I apply for a Personal Loan for women?
The application process has been kept as easy as possible. Here are the steps:
- Eligibility Criteria - Check the eligibility criteria specified on this website. Remember that different types of loans have different criteria. You’ll need to check the specific criteria for Personal Loans.
- Check the EMI calculator - Personal Loans have their own EMI calculator. Borrowers can use this to check the monthly payments depending on the amount and tenure of the loan.
- Loan Application Form - Fill in the loan application form and submit the required documents. Borrowers can click on ‘Apply Now’, fill in the online form, and upload the relevant documents.
- Loan Disbursal – Directly receive the loan amount in your bank account. Once we process your loan, the amount will be disbursed as soon as possible. This step can take a couple of days.