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You can find an ample number of personal loans for women that help them to become financially independent. As it is significant for women to be monetarily autonomous. Generally, personal loan for women comes at a low-interest rate and with other benefits.

Individual credits for ladies are without a guarantee that particularly is intended to offer them independence from the rat race and enable them to meet their prerequisites. The credit is offered at a low pace of interest, guaranteeing that hefty EMIs don't strain their month to month costs.

For the most part, this personal loan for women is offered to the working ladies, maintaining their own business, or working for a private or public organization.

As mentioned above many loan schemes have been designed for facilitating women to avail of a personal loan by a large number of lenders. Following are some of the popular and preferred options of personal loan offers to women:

1. Star Mahila Gold Loan Scheme: This loan scheme is offered by the Bank of India (BOI) for purchasing gold jewelry or coins to both working and non-working women.

Eligibility Criteria:

The criteria to avail of Star Mahila Gold Loan from BOI differs depending on an applicant’s profile. Here are the common criteria for the same:

• Including the salaried employee of Govt./ PSU/ Private Sector/ MNC etc.

• Self Employed Professionals like Doctors, Entrepreneurs, etc.

• Women with an independent source of regular income like rentals etc.

2. AB Vanitha Vahan Scheme: This personal loan scheme for women is offered by the Andhra Bank to the housewives to purchase the four-wheeler. However, the working women can also avail of this loan scheme of Andhra Bank.

Eligibility Criteria:

The eligibility criteria of the AB Vanitha Vahan Scheme can be different for two individuals as it varies based on various factors. Below are the generic eligibility criteria for the same:

• Salaried women / professional and self-employed having income proof.

• Women borrowers should have a valid driving license in their names.

• An applicant’s salary should be routed through the Andhra Bank.

• Post-dated Cheque at the discretion of the manager as a special case.

• P&SE Woman: Post-dated cheques to be obtained.

3. V Swashakti: Bank of Baroda (formerly Vijaya Bank) offers V Swashakti a personal loan scheme to empower women to take care of their dreams. This scheme is specially designed to financially assist the women entrepreneurs in the economic pursuits in Small Business.

Eligibility Criteria:

The eligibility criteria of the Star Mahila Gold Loan Scheme differ based on case to case basis. Following are the common eligibility criteria to avail of the Star Mahila Gold loan scheme:

• An applicant’s age should be more than 18 years.

• Only Resident individuals.

• Both proprietary/partnership firms can avail this loan scheme.

• If the business is on a partnership basis, the contribution of women should be more than 51%.

4. Nari Shakti Personal Loan: Under this scheme, Fullerton India offers personal loans to women. This is a collateral-free loan and can be availed online. The loan amount directly get disbursed in the bank account within 3 days*.

Eligibility Criteria:

The eligibility criteria of the Nari Shakti Personal Loan Scheme vary based on the applicant profile. Here are the common eligibility criteria for this loan scheme:

• Women age between 18 years- 60 years.

• Women employed in Central/State Govt./PSUs/ Scheduled Banks/Teachers of Govt. Aided Institutions.

• Not Working Women: Not having income proof. Spouse/other close relatives who satisfy income criteria to join as co-borrower.

5. Bajaj Finserv: Bajaj Finserv offers personal loans for women at attractive interest rates. With the distinct features including instant loan approval and quick loan disbursal, a borrower can avail of a personal loan up to Rs.25 lakhs. Bajaj Finserv also facilitates with the option of a Flexi interest-only loan through which one can lower the loan EMI by up to 45%.

Eligibility Criteria:

The eligibility criteria for availing of a personal loan from Bajaj Finserv vary based on the applicant profile. Here are the commonly asked criteria for the same:

• Age should be between 25 years to 58 years.

• Permanently employed women in Central/State Govt./PSUs/ Scheduled Banks/Teachers of Govt. Aided Institutions.

• Not having income proof. Spouse/other close relatives who satisfy income criteria to join as co-borrower.

Required Documents

The documents are one of the major things that every lender considers while the loan approval process. However, the list of personal loan required documents may differ from one lender to another. Here is the generic list of documents:

• Complete personal loan application form.

• Address proof (copy of passport/voter ID card/driving license/Aadhaar).

• Last 3 months bank statement (Passbook for the past 6 months).

• Latest salary slip.

• Form 16

• Basic KYC documents like copy of passport, voter ID card, driving license, Aadhaar card.

• Current dated salary certificate.

• Income tax returns.

A personal loan can be your greatest monetary help if there should be an occurrence of any sort of earnestness for the funds' requirement. The tremendous demand for a personal loan has encouraged many moneylenders in the market. Nonetheless, this has made it hard for the loan seekers to pick the best personal loan for women. So, if you are confronting a similar problem of decision, at that point here are, we to help you with the equivalent. Following are the few ways that can help you to choose the best bank in India for yourself.

Tips for choosing the best personal loan for women

• Do an EMI Calculation

This is one of the crucial things that you should check before applying for a personal loan with a lender. Try to know the approximate EMI and you can do it with the help of online available EMI calculators. These calculators are easy and free to use. So precisely compare the EMI’s and choose that suits you the best. This will also help you in preparing a monthly budget based on income and expenses.

• Compare the Interest Rates

Always remember to compare the available interest of the offered personal loan. You can find the interest rate comparison tools online. As interest rate plays a major role in the overall budget of a personal loan. This will greatly help you to choose the best bank in India.

• Look for all involved Costs & Penalties

The charges of a personal loan can differ from one lender to another and based on other various factors. It is a smart step to check all the charges before applying for a personal loan.

• Check for Documentation Process

Try to look for a personal loan that comes with minimal documentation. With online loans, you don’t need to do that, and you can apply for a personal loan online while sitting at your home.

• The Loan Amount

Go only by the loan amount you require. Never get lured by the offers at low rate.

• Check the Eligibility

Look at the eligibility criteria and go for a lender in which your loan eligibility fits perfectly; else your loan application may get rejected. And this will harm your credit score.

Which personal loan lender you should choose completely depends on your requirements. As every bank or NBFC’s loan comes with different features. The table below shows the three crucial things that you should check before availing of a loan:

• Interest Rate

• Repayment Tenure

• Loan Amount

Conclusion:

Regardless of which lender or loan scheme you choose always try to look and fulfill the eligibility criteria and documents requirement, before applying for a personal loan.

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