In this article, we will tell about some such loan schemes and methods, with the help of which women can take a personal loan when they need money. Through various schemes of the Government of India and various banking services Mahila Personal Loan A separate scheme is prepared for So that women can get special facilities and empowerment.
women Of for personal Loan ,
For the financial needs of women in the society like education, marriage or basic needs, the Government of India and other lending banking institutions continue to run personal loan arrangements. With the help of these small or big loans, women are able to become self-employed and face various challenges in life.
In this article, we have tried to explain the documents, procedures required to avail personal loan from various banking services or government schemes. So that you can get complete information about this easily.
Know the details of Pradhan Mantri Mudra Yojana 2021
Documents required for Mahila Personal Loan –
Personal loan for women is given on the basis of the following required documents –
- applicant’s aadhar card
- Voter ID Card
- Address proof
- income certificate
- project report
- driving license
- employee identity card
- Salary slip of last two months
- Bank account details of the last three months, etc.
Required eligibility details regarding women personal loan –
- Applicant woman should have good credit score
- Reason for taking loan and project report should be there
- Salaried people in the age group of 23 to 58 years can apply for a personal loan.
- Having a good relationship and credibility with the bank increases the chances of getting a loan.
- Women who want to take a loan for self-employment can apply in the Pradhan Mantri Loan Yojana.
How to apply for Women Personal Loan?
Most of the women need to apply online or offline to get personal loan from banking institutions. To apply online, one has to first visit the official website of the bank. Here after submitting the required details in the application option, the loan application goes for verification. Within a few days, the bank will send the specified amount to your account.
To apply offline, you have to first go to the bank. Take the offline application form from the bank, fill it completely and submit the loan application by attaching the copy of the required documents. If everything is right, the loan comes in the bank account in a few days, it depends on the type of loan and amount.
Download Application Form PDF
Interest rate and fee details –
With Personal Loan for Women, you can fulfill your dreams of going on vacation, providing the best education to your kids, renovating your home, and much more. Personal loan acts as a relief to the borrowers as there is no collateral involved. Today, personal loans come with benefits like quick approval, minimal documentation and quick disbursement. However, personal loan interest rates and fees can vary from lender to lender. Understand the interest rates and applicable charges to get proper information before applying for a personal loan.
Factors affecting interest rates on personal loan –
Let us tell you that there are many factors that affect the interest rate on a personal loan. Having a proper idea about these factors will help you in the long run.
Income Stability – Having a steady source of income gives the bank confidence that you will be able to pay off the loan on time. The higher the income, the more likely you are to get a loan at an attractive interest rate.
money transaction History – A good personal loan is issued based on the applicant’s bank account history and transaction details. That is, it also has an important role. If the woman applying has not returned the amount of any old loan to the bank, then her personal loan application can be accepted.
Bank Of with Relation – The kind of relationship you share with the bank can also affect the personal loan interest rate. Having a savings account with a bank can bring additional benefits. Depending on your credit score and relationship, you can negotiate better loan deals. The bank, depending on your relationship and negotiating skills, may consider a lower interest rate for you.
Required credit scores and their implications
|Credit Score Range||Effect On Loan|
|above 750||Having a credit score in this range is considered a good thing. Applicants of this credit score range can be given good loan amount by the bank.|
|Between 700 to 749||A borrower can get a loan in this credit range but it may come with certain reservations. For example, the lender may not give you the best interest rate on the loan. However, the chances of the loan application getting rejected are not that high.|
|Between 650 to 699||This limit indicates financial discipline on the part of the borrower. Even if you are approved for the loan, a higher interest rate will be charged considering your risk profile.|
|Between 550 to 649||If your credit score falls in this range then there is no chance of getting a personal loan as the lenders will consider your profile to be risky.|
How to calculate interest and EMI based on loan tenure –
EMI Calculation Formula by Flat Interest –
|EMI = (Principal + Total Interest Payable) / Loan Tenure in Months
Total interest payable = P xrxn/100
P = Loan Amount or Principal
R = interest rate
and ‘n’ is the loan tenure in months
Formula to calculate diminishing balance based on interest rate –
|EMI = [P x r x (1 + r) ^n] , [(1 + r) ^(n-1)]
P is the loan amount or principal
‘r’ is the interest rate
and ‘n’ is the loan tenure in months
Mahila personal loan interest rates chart –
The interest rate of personal loan for women may vary from lender to lender based on various factors. Here they offer the Bajaj Finserv Personal Loan for Women interest rates:
|Rate of interest||12.99% ahead|
|repayment period||12-60 months|
|loan amount||Up to INR 25 Lakh|
|processing fee||2.25% – 3% of the loan amount|
|foreclosure charges||Outstanding principal + GST. at 4%|
|part prepayment||2% + GST on the part payment amount paid|
To get a personal loan, keep these things in mind –
- Maintain a good credit score, i.e. above 750.
- Maintain credit history with timely payments.
- Compare interest rates and check out festive offers before availing a loan
- To make sure you’re paying less interest, check the interest calculation method.
- Employer credibility is an important factor in getting you favorable deals.
- Your employment history and stability helps in building a good credit score which partly affects interest rates.
Bajaj Finserv details in case of Women Personal Loan –
With instant personal loan, you can get the money within 24 hours of loan approval and you will be able to meet any expenses. The loan has a high sanction amount and the personal loan interest rates are competitive. Hybrid Flexi Loan can help you reduce your EMI by up to 45%. You can do this by paying interest-only personal loan EMIs. When you take a personal loan from Bajaj Finserv, you have the flexibility to borrow and prepay up to INR 25 Lakhs as per your convenience. With minimal documentation requirements and flexible repayment tenure, online personal loans will help you in case of any hassle.
At Finserv Markets, you can get Personal Loan for Women at attractive interest rates. You Rs. One can avail personal loans up to 25 lakhs and use it to meet almost any financial requirement. Whether you want to plan your travel, wedding or higher education, a personal loan will cover all the expenses. Personal loan is an unsecured loan that provides instant help when you need it. You also get personalized pre-approved offers, instant approvals and flexible tenures of 12 to 60 months.
Question and Answer (FAQ)-
How much loan do women get?
With the help of banks and government schemes, loans up to 10 lakhs are also available for women. It depends on what work the applicant woman wants to take the loan for.
Can women get loan without guarantee?
Absolutely women can easily get loan without guarantee under Mudra Yojana. The objective of this scheme, launched by the Modi government, is to make women self-reliant, especially by attracting them towards self-employment.
Does the government give loans to women to open their own medical stores?
For opening a medical store or any other shop, a loan of 10000 to 10 lakh can be taken from the bank under the Mudra scheme. That too without guarantee.
If you want loan on Aadhar card then these government schemes can help you
Prime Minister’s Mudra Loan Key official website