By 
Carefully managing one’s individual finances, whether it’s for education, travel, wedding, or any other expenses, is of paramount importance for both men and women. However, certain events or unexpected circumstances might call for financial aid. Under such circumstances, availing of a personal loan at an attractive interest can be of great help to an individual.
Financial institutions offer personal loans for women at favorable terms, thereby making repayment affordable. The workable ways to get a personal loan quickly have been discussed below.
Also elucidated are the multiple benefits of opting for a personal loan from a reliable financial institution. Going through this article can help women, looking for affordable loan products, make an informed choice.
5 Easy steps to avail a personal loan for women
One can follow the steps explained below to avail a personal loan easily.
- Determine the loan amount
The first and foremost step to avail a personal loan for women is to determine the loan amount. If one needs funds to pay for higher education or to travel abroad, it is advised to calculate the expenses that are expected to be incurred. Borrowers must also clearly assess the costs that they can bear with their savings and the ones for which they need to apply for a loan.
- Check loan eligibility
Before applying for a loan, prospective borrowers are advised to check their loan eligibility. If one doesn’t check the criteria or does not meet the lending institution’s requirements, the loan application is likely to get rejected.
Some of the factors that usually determine a borrower’s loan eligibility are CIBIL score, credit behavior, FOIR (Fixed Obligations to Income Ratio), etc. In case one doesn’t meet the requirements, it will become difficult to get a loan at favorable terms. Hence, women must hold a standard credit score of 750 or more and a low FOIR to avail of a quick personal loan.
- Calculate monthly installments
Borrowers can use a suitable online EMI calculator to get an approximate idea of the loan repayments to be done every month. Using an online EMI calculator can help individuals decide upon an interest rate and tenure that they are comfortable with. Once the approximate EMI is calculated, one should then approach the bank or Non-Banking financial company to apply for a personal loan for women.
- Apply for a personal loan
If borrowers meet all the loan eligibility criteria, they can easily apply for the personal loan. Most banks and NBFCs now extend the convenience of applying for a personal loan online with minimum documentation and a little disbursal time.
- Compare lending institutions
It is equally important that borrowers compare the personal loan interest rates offered by multiple lenders. This will help them to identify the one that they are comfortable with so that loan repayment is affordable. This is one of the crucial ways to get a personal loan as one should know how to find the right personal loan.
Advantages of personal loans for women
If consumers wonder why they should opt for a personal loan for women, the benefits of personal loans discussed below can be helpful to them.
- Financing up to Rs.25 lakh
Financial institutions, including NBFCs, can offer personal loans of up to Rs.25 lakh. Women who avail of personal loans can use the acquired funds to cover any crucial expenses like higher studies, medical emergencies, big-ticket purchases, etc.
- Favorable repayment tenure
One of the biggest advantages of personal loans for women is that it comes with a repayment tenure of up to 60 months. Hence, borrowers have the convenience of repaying the loan comfortably after choosing the tenure as per their requirements.
- Quick disbursal
Financial requirements can arise at any point in time. Receiving the loan amount in a short span of time is why personal loans have become an attractive credit option for women or any prospective borrowers.
- Minimum documentation
The documents usually required to apply for a personal loan are KYC papers and bank account statements. Self-employed and salaried women might have to submit different documents, depending on the lending institution.
- No collateral or security required
Another advantage of applying for a personal loan is that women and other borrowers do not require any collateral for loan approval. This means one doesn’t have to mortgage, pledge, or hypothecate any asset to avail a personal loan.
As discussed earlier, borrowers should compare several lenders before applying for a loan. Financial institutions like Bajaj Finserv offer personal loans for women at an attractive interest rate to make repayment affordable for the borrower.
The lending institution also brings pre-approved offers on short-term, unsecured credits, including personal loans and credit cards. Consumers can avail of a pre-approved loan with minimum documentation in a short amount of time without any hassle. One can check pre-approved offers on the lender’s official website.
Hence, a personal loan for women can help them overcome any monetary requirements with ease. One can also finance a great education abroad with a personal loan. Following the ways to get a personal loan as discussed above, one should be able to apply for a loan at a reliable lending institution without any trouble.
