Women are as motivated for their careers as men and they are often considered to be better at money management than men. Therefore, financial institutions like banks and NBFCs are willing to offer a personal loan for women. If you are also a working woman, you can seek a personal loan from any financial institution. However, you will need to be aware of these things before applying for a loan:
Types of personal loans
You can take a personal loan for any reason and lenders offer separate personal loan types to accommodate your requirements. Travel loans, marriage loans, education loans, debt consolidation loans, home improvement loans, etc. are some of the popular loan types in India.
Calculating EMIs
It is important to calculate the EMI before applying for a personal loan for women. For that, you can use a loan EMI calculator that is easily available online these days.
Interest rate
A personal loan is an unsecured loan which means that you can get it without submitting any collateral. Therefore, you don’t risk losing your property or investment if you don’t repay the debt in time. However, you should know that unsecured loans come at slightly higher interest rates than secured loans.
Eligibility criteria
A lender might disapprove of your loan application if you don't satisfy their eligibility criteria. Therefore, you must always confirm the personal loan eligibility criteria before requesting a quick loan.
You can apply for an instant personal loan as some peer-to-peer lenders offer them without checking the eligibility and credit score of the applicant. Also, you can go through pre-approved offers to know your eligibility without doing any research. For example, Bajaj Finserv lets you check the pre-approved offers you are eligible for by just entering your name and contact number on their website.
