I am a House Wife, Can I get a Personal Loan?

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Availing a Personal loan is very simple; if you are eligible for one.Fulfilling the basic eligible criteria such as a stable employment with a proof of monthly salary credited into your bank account; the age group of 21 years to 55 years; and a good credit history you can Apply Personal Loan Online and upload your documents.The money will be transferred to your account withinno time.x
However, does that mean a Housewife, who lacks a fixed monthly income source of her own cannot apply for a bank loan? Well, that’s not the case. There are several ways through which a Housewife can apply for a bank loan.

Let’s find out below how a housewife in India can avail a bank loan of her choice.

  • If you need funds for personal reasons, add a Co-applicant to your application:Since a Housewife doesn’t have her own fixed income, she can add her spouse, brother, father or any other relative with a stable income source to her application and apply for the required loan. The loan will be disbursed considering the credentials of the co-applicant. The responsibility of the loan will be shared between both the applicants. In case of defaults on the loan, the co-applicant will be held responsible. Hence you need to be very careful when you add a co-applicant to your loan.
  • If you need loan for a business, avail Mudra Yojana for Women:The Government of India has launched a scheme for empowering women entrepreneurs or budding business women to ensure they get easy funding from the government if they want to start up something of their own. This scheme is called the Mudra Yojana for Women and was introduced on 8th April 2015 by our Prime Minister Mr. Narendra Modi. Under this scheme, you can avail a loan between the amount of Rs. 50,000 to a maximum amount of Rs. 50 Lakhs for the purpose of starting off your own venture. Loans between 50,000 to 10Lakhs can be obtained under this scheme without the need of pledging any collateral or security; however if your requirement is more than 10 Lakh, then you need to submit or produce some sort of collateral equivalent to that much amount to avail the loan.
  • If you want to avail loan on own, you can opt for a Gold Loan: This is one of the feasible options that most women resort to when they need a Loan. You can simply keep your Gold jewelry or gold coins as a security and avail the loan against it. Most banks provide the Gold Loan facility and it is easily accessible. Just walk into the bank with your gold, keep them in safe custody and walk out of the bank with loan amount in hand. The Interest rate is much lower in case of a Gold Loan as the bank is issuing that to you in lieu of a security deposit and their risk component is lesser as compared to an unsecured personal loan.

After knowing about the various options available for a Housewife to get a Personal Loan, let’s also look at how to apply for these loans and what documents would be required for the same:

  • When you plan to Get a Personal Loan by adding a co-applicant to the loan, all you need to do is approach any bank of your choice which offers the best Personal Loan Interest Ratesand apply for the loan with them; either online or by visiting the bank.Axis Bank Personal loan or Indiabulls Personal Loan could be two good options you can consider as they offer competitive rate of interest. If you add a co-applicant, you would need to also deposit the co-applicant’s documents and income proof.
  • Applying for a Mudra Loan is also fairly simple. Mudra loans can be availed from any leading bank or financial institution. You need to produce a good business case to demonstrate how you would start up your venture and how you would build it using various strategies. For this loan, you would need to deposit documents such as ID proof, Address proof, and Age proof.
  • As forGold Loan simply walk in to the bank that deals in Gold Loans and deposit your Gold with them. They would then evaluate the value of the Gold and issue you the loan against that amount. You will need basic documents like your ID and Address proof and also a cancelled cheque for the bank account details in which the loan amount has to be transferred.

As you can see, financial independence of women is not restricted being a home maker. You can avail the required fundsas and when they need. Whether you want to start your own business, open up a Salon, your own dance school, Coaching Centre or any other startup, you just don’t need to hesitate in getting funded using the various available options.

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