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Loan for Women

Top Women Loan Schemes

Last Updated 12th Apr 2021

SchemesInterest Rates
Home Loan6.65%
Personal Loan10.40%
Business Loan13.50%
Gold Loan9.50%
  • Discounted rates for women borrowers.
  • Instant approval and quick disbursal on personal and gold loan.
  • To avail a gold loan, women need not be earning member of the family.
Apply for Business Loan @ 13.50%*

Loan for Women

The Government of India in the last 5-10 years has taken many initiatives to improve the condition of women in the country. The typical stereotype for a long time in India has been that women are tied up with the household work and are not allowed to work outside. Some consider working of women outside the four walls of the home as a bad omen, and some say women are good only for the house, etc.

To help women who are willing to break the chains of stereotypes certain benefits are given under various loan schemes of the government to help women at different stages of life. Following this direction, several banks have introduced various loan schemes for women which gives benefits like low rate of interest, flexible repayment options, lower EMIs, etc.

Business Loan for Women

India is currently witnessing a massive surge of entrepreneurs due to steady economic growth, technological developments, and huge encouragement from the government. That is why several schemes are facilitating a business loan for women.Business loan interest rate for women borrower starts at 13.50%.

Some of the popular business loan schemes for women are:

  • Stree Shakti Package from SBI :This scheme offers a collateral-free loan up to ₹ 5 Lakh at the rate of interest which is lower than the base rate of the bank. However, to avail of this scheme, women should be holding 51% or more stake in the business.
  • Synd Mahila Shakti from Syndicate Bank :It is for both new and existing women entrepreneurs. They can avail cash credit for short term or term loan for up to 10 years. To avail women entrepreneurs loan, women should have at least a 50% stake in the financial holding of the business.
  • Cent Kalyani from Central Bank :The scheme is available for women in the rural, cottage industry, MSMEs, retailing, entrepreneurs for various purposes. The maximum limit of the loan under this scheme is ₹ 1 Cr without collateral.
  • Orient Mahila Vikas Yojana Scheme :Oriental Bank of Commerce provides it to those organizations in which women hold at least 51% share. No collateral required up to ₹ 25 Lakh and maximum tenure is 7 years. The concession on the rate of interest is 2%.

Home Loan for Women

The home loan is one of the popular loan products in the country. Given the stereotype related to women, having an own house would give complete freedom to the women. Besides, owning a house is one of the biggest dreams for many people, and home loan for women makes it possible for earning women to make this dream a reality.

  • A maximum of 90% of the property’s value can be availed as home loan, and the rest of the amount is to be paid by the borrower as a down payment. So, before applying for a home loan or deciding to book a house, make sure that you have enough savings with yourself to cover 15-20% of the property’s cost.
  • Major benefit of housing loan for women is the concessional rate of interest. Some of the banks like HDFC, SBI provides 0.05% of lower home loan interest rate for ladies on the original rate of interest.
  • Home loan interest rate for women borrowers starts at 6.65%.

Personal Loan for Women

A personal loan is the credit product that has picked up popularity in the recent past owing to its feature of being an unsecured loan. It means that to avail of personal loans, you are not required to submit or pledge any asset as collateral. Also, you can use the borrowed amount for practically any purpose. One thing you should know that banks do not give personal loan for housewives as they do not have any regular source of income.

  • Personal loans for women can come in handy for those women who are looking to get married soon and falling short of the required budget. Also, they can avail of the personal loan for starting their entrepreneurial journey as well.
  • To avail personal loan for working women, your credit score should be good along with having a steady source of income.
  • One of the notable schemes of personal loans for women is Diva by HDFC Bank. Under this scheme, women can avail up to ₹ 3 Lakh of the pre-approved loan along with over 100 offers on premium brands.
  • Lowest personal loan interest rate is 10.40%.

Gold Loan for Women

Gold is widely used in India, and needless to say mostly by women. Unlike other loan types, the gold loan does not require any credit score or income proof. This makes it possible for those women as well who are not earning to avail the loan. In most homes, the possession of gold is with the women of the house. Thus, in case of urgent fund requirement women can act on their own and avail the benefit of a gold loan.

  • Gold loan is mostly disbursed within a day, so it can be a go-to option for women when they require a certain sum on an immediate basis.
  • The repayment option in the gold loan is also flexible. And as far as security of the gold is concerned, there is no need to worry. Gold is kept in tight security by the bank with a complete guarantee.
  • Only KYC based documents are required to avail of a gold loan.
  • A gold loan can be availed for a day to a maximum period of 4 years.
  • Lowest interest rate on a gold loan is 9.50%.

However, you need to be mindful of the fact that in case of failure to repay the loan, the gold pledged as collateral will be used by the bank to recover the loan amount. Thus, women must understand this risk and evaluate all their options before turning towards a gold loan for women.

FAQs

How can a housewife get a loan?

Housewives have in their possession all the Gold of the household. Most of the banks give Gold Loan to housewife. Besides, it does not require to submit any income proof.

How do women get personal loans?

To avail a personal loan, women must have at least 2 years of working experience and a steady income source. Also, the credit score should be above 650 to get a reasonable rate of interest. HDFC has a special personal loan scheme for women in which it provides up to ₹ 3 Lakh pre-approved loan, along with over 100 offers on premium brands.

How can women get a business loan?

The Government of India, along with various banks, has introduced several schemes to encourage women entrepreneurship. Some of the notable schemes are; Stree Shakti Package from SBI, Synd Mahila Shakti from Syndicate Bank, Cent Kalyani from Central Bank, Orient Mahila Vikas Yojna Scheme, etc. You can apply for a business loan under one of these schemes or can apply through online aggregators like MyLoanCare where you can compare rates and charges of top banks and choose the best offer.

What loans are available for business to start a business?

Banks have a very conservative stance when it comes to advancing loan for starting a new business. Even though there are various schemes, both by government and banks to ease the startup business loan for women, instead of procuring a loan to start a business you can consider to apply for a loan after 1 or 2 months of starting a business.


Business Loan News - Apr 2021
  • 2021-04-12 : Rs. 15 lakh crores sanctioned under the Mudra Yojna in last 6 years
    The finance ministry reported that banks and financial institutions have sanctioned Rs. 15 lakh crores to over 28.68 crores beneficiaries in the last 6 years. Prime Minister Mudra Yojna or PMMY was launched in April 2015 with an aim to promote entrepreneurship.
  • 2021-04-07 : IIFL Home Finance signs co-lending agreement with Standard Chartered Bank
    IIFL Home Finance and Standard Chartered Bank have entered into a co-lending arrangement for extending credit. Under this agreement, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing.
  • 2021-04-05 : Yes Bank Jan-March deposits up 54% to 162, 947
    Yes Bank reported that the bank’s loan and advances which include home, personal, LAP, gold, two-wheeler, car and doctor loans along with business and mudra loans increased by 0.8% in year-on-year (YoY) terms to Rs. 172,850 crores. In addition to this, the bank deposit which includes fixed and recurring deposits grew 54.7% to Rs. 162,947 crores as compared to ₹105,364 crores on a yearly basis. The CASA(current and savings account) was up 51.8% to Rs. 42,587 crores against Rs. 28,063 crores YoY.
  • 2021-04-05 : Karnataka Bank targeting 1.42 lakh business turnover in FY 22
    Karnataka Bank is looking for 12% business growth in the current fiscal and targeting 1.42 lakh business turnover. The bank emphasised that it is planning to leverage digital banking to achieve its target.
  • 2021-03-26 : Digital Banking likely to play a major role in the banking sector
    RBI Governor emphasised that digital lending is going to play a major role in the coming years and the market will be more technology-dependent. Further, he suggested that banks need to adapt to new technologies and adapt to the changes and transformations which are happening in the world of digital lending to remain in sync with time.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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