Nowadays, just like men, even women have their footprints everything. In every product or service that is used there is touch of women sometimes equal to men or even more. However, there could you situations which will demand women as well to sit at home and some of the main reasons for this scenario are medical conditions, maternity leaves without pay and so on. At times, due to pregnancy complications, there might be a need to quit work until the pregnancy term at least. All these will give rise to financial crisis if it was not planned and if there is no emergency fund saved for the same.
Someone who was earning will find it extreme difficult to sit at home without an income. While this could cause a lot of mental stress there will also be commitments that have to be met. It is at these situations help is offered by personal loan for women. Many banks are offering different types of personal loans specific to woman at special rate of interest and charges. The rate is interest is considerably low to make it affordable. So even when a working woman has to sit at home for few months as a homemaker, it is quite possible to complete the financial commitments without any glitches.
Why women uses personal loans:
Just like men, women use personal loans for various reasons and the rate of interest on these loans approved for women is low. Some of the common purposes covered by women with personal loans are:
- To buy car or two wheeler
- To buy electronic equipment
- For Medical expenses
- To purchase ornaments
- For wedding expenses
- To start a new business
- For home renovation
- For dream international travel
In all the above said cases, personal loans will come to help. However, any borrower will look for a source of income. Housewife might not be able to produce any source of income however if she is working/ on leave for specific period due to illness or maternity, having relationship with an organization (agreeing to continue working) will help in getting a loan.
Among the wide list of banks that are ready to offer personal loans, here are top 5 banks that every woman should consider before finalizing where to take personal loan from:
- Bank of India:
Bank of India is offering personal loan particularly to those women who are looking to purchase gold coins or gold jewellery with the help of loan amount. This type of loan is offered for both non-working and working women. For non-working women 10 times of their spouse’s net monthly income is offered as loan amount and for working women 50% of their annual income will be the loan amount. Women make use of this type of loan for daughter’s wedding and other special occasions.
Personal loan rate of interest of Bank of India:
|Interest Rates||For Women – 14.10% (concession to women – 0.50 %)|
|Max. Loan Amount||Upto 10 lakh|
|Processing Fees||2.00 % of loan amount Min. Rs.1, 000/- and Max. Rs.10, 000/- Pensioners|
|Min. Income||Rs.10000/- per month|
|Loan Repayment||upto 5 years|
Diva personal loans are exclusively offered by HDFC bank for all women who are looking for an extra fund for various types of requirements. Personal loans are tailor-made by this bank, thus it helps in getting fund for each person as per their requirement. Rate of interest, processing charges, documentation charges and other types of charges are applied based on these customizations. Across 100 locations in India, HDFC bank has dedicated staffs to look into personal loan requirements of women employees. Pre-approved loans are offered up to Rs. 3 lakhs.
Personal loan rate of interest of HDFC bank:
|Details||For Self-Employed||For Salaried|
|Interest Rate||10.99% onwards||10.99% onwards|
|Loan Tenure||Up to 5 years||Up to 5 years|
|Loan Amount||Min. Rs. 50,000||Min. Rs. 50,000|
|Processing Fee||2.5% of loan amount, min. Rs.1000, max. Rs. 25,000||2.5% of loan amount, min. Rs.1000|
|Pre-payment Charges||Between 2% and 4% of amount pre-paid||Based on individual customer profile|
|Foreclosure Charges||Between 2% and 4% of outstanding principal||Based on individual customer profile|
- Andhra Bank:
This bank offers special personal loan for women called as “AB Vanitha Vahan Scheme”. This loan is specific for self-employed women who are in need of additional funding for purchasing vehicle. This type of loan can also be utilized by working women. The loan is offered specifically to buy vehicle like two-wheeler or car. The vehicle can be either new or second-hand however; the loan amount cannot be used for any other purpose. Annual income should be minimum Rs. 1 lakh to get a four-wheeler loan and Rs. 60,000 for two-wheeler loan.
Personal loan rate of interest of Andhra bank:
|Interest rate||For loans up to 36 months: MCLR (1 year) + 4.40 % = 13.85% p.a.||For loans up to 36 months: MCLR (1 year) + 4.40 % = 13.85% p.a. For loans above 36 months: MCLR (1 year) + 5.40 + 0.25 % = 15.1% p.a.|
|For loans above 36 months: MCLR (1 year) + 5.40 + 0.25 % = 15.1% p.a.|
- Vijaya Bank:
This bank has come up with a scheme called as “V Swashakti” to promote women to manage family finance. Under this scheme maximum loan amount offered is only INR 5,00,000. This type of loan can be used for personal requirements or even to start a small home-based business such as tailoring, medical shop, canteen services, vegetable shop, and grocery shops and so on.
Personal loan rate of interest of Vijaya bank:
|Interest Rate||12.50% – 13.50%|
|Lowest EMI||Rs. 2,250 per lakh|
|Loan Tenure||From 12 months to 60 months|
|Loan Amount||Min Rs. 50,000 and Max Rs. 600,000|
|Processing Fee||0.25%, Max. Rs. 10000 + Service tax|
|Age||Min 21 years and Max 55 years|
|Prepayment Charges||Allowed after 0 EMI’s, Nil prepayment charges|
|Foreclosure Charges||Allowed after 0 EMI’s, Nil prepayment charges|
- Canara Bank:
Can Mahila is a personal loan scheme introduced by Canara bank. This type of personal loan can be used for any purpose. There is no strictly guidelines on the purpose for which it must be used. This loan is taken by women when the need to buy laptop, expensive mobiles, households such as Refrigerator, washing machines and so on. It can also be used to buy ornaments, for vacation or even for education purposes.
Personal loan rate of interest of Canara bank:
|Interest Rate||13.65% – 13.65%|
|Lowest EMI||Rs. 2,715 per lakh|
|Loan Tenure||From 12 months to 48 months|
|Loan Amount||Min Rs. 100,000 and Max Rs. 300,000|
|Age||Min 21 years and Max 60 years|
|Prepayment Charges||Allowed after 1 EMI’s,|
|Foreclosure Charges||Allowed after 1 EMI’s, Nil prepayment charges|
Apart from above mentioned banks, some of the other banks that offer women personal loans are Oriental Bank of Commerce, IDFC, Bhartiya Mahila Bank, The Punjab National Bank and so on. Women use these types of loans to meet various financial requirements such as owning a small business (beauty parlor, boutique, tailoring training institute and so on).
Get best personal loans now at fingertip and compare those to pick the best bank that offers personal loan for women at low rate of interest and other charges. All women make use of this opportunity and save some hard earned penny.