Some banks/NBFCs offer special personal loan schemes to women to meet their personal requirements such as education, wedding, travel, medical treatment, etc. For lenders not offering women specific personal loan schemes, women applicants can also avail regular personal loans to meet their personal requirements. Some lenders also offer pre-approved personal loans with instant loan disbursal to their existing women customers having good credit profile.
As with any other lending schemes, lenders would consider an applicant’s credit score, age, employer’s profile, job profile, minimum monthly income and other aspects of her credit profile. Hence, lenders usually do not offer personal loans to housewives and women without income sources.
The personal loan interest rates offered to women applicants would also depend on their credit profile. Banks/NBFCs usually do not offer any concessions in interest rates to women loan applicants. Hence, a comparison of the personal loan interest rates offered by top banks and NBFCs would give you a rough idea about the personal loan interest rates offered to women applicants.
Comparison of Personal Loans for Women
|HDFC Bank||10.50% - 21%||Apply Now|
|SBI||9.80% - 13.80%||Apply Now|
|ICICI Bank||10.50% onwards||Apply Now|
|Axis Bank||10.25% onwards||Apply Now|
|Kotak Mahindra Bank||10.99% onwards||Apply Now|
|IndusInd Bank||10.49% onwards||Apply Now|
|IDFC First Bank||10.49% - 25%||Apply Now|
|Bajaj Finserv||13.00% onwards||Apply Now|
|Tata Capital||10.99% onwards||Apply Now|
Features of Personal loan for Women
- Women applicants are usually offered personal loans @ 10.25% p.a. onwards.
- The loan amount offered ranges up to Rs 40 lakh
- The loan tenure for women applicants is usually up to 5 years, however, some lenders might offer loans for up to 7 years
- The processing fee is generally charged between 3%-4%
Eligibility Criteria for Personal Loan for Women
- The age of the women applicants at the time of loan application should be 21 years.
- The maximum age at the time of loan maturity is required to be 60 years
- The personal loan women applicants should be employed with select private sector companies and Central/State/Local Government bodies, for at least 2 years, with minimum 1 year with the current employer
- The required minimum net monthly income is Rs 15,000.
- Women applicants having credit score (including CIBIL score) of 750 and above have higher chances of availing personal loan, at lower interest rates. Some lenders may also approve personal loans to women applicants with low credit score, but at much higher interest rates.
Suggested Read: Low CIBIL Score, You can still obtain a personal loan
Check your Free Credit Score to get best personal loan offers Click Here
Documents Required for Personal Loan for Women
- ID proof, address proof, income proof
- Latest salary slips
- Employment proofs
- Recent bank account statements
Q. Can women government employees avail personal loan at lower interest rate?
A. Lenders usually prefer to lend personal loans to government employees due to their higher income certainty and job stability. In case of lenders factoring credit risk of loan applicants while setting their interest rates, female government employees have higher chances of availing personal loans at lower interest rates.