How To Get A Personal Loan For Working Women In A Few Simple Steps

Several financial institutions now offer personal loan for women with benefits like low-interest rates, lower EMIs, flexible repayment options and more. These institutions have followed the footsteps of the government initiatives launched to improve the conditions of women in the country. By applying for this credit facility, you can get funding at affordable rates and address your needs seamlessly.

Read on to learn more about these loans for women and how they help.

What is a Personal Loan for Women?

This is a credit product that has recently gained popularity owing to its feature of being an unsecured loan. This means that you don’t have to submit or pledge any asset as collateral to get the funds you need. 

You can use the borrowed amount for practically any purpose, making the loans viable for women starting their entrepreneurial journey. You should know that banks do not give personal loans to homemakers as they do not have any regular source of income. So, to get a personal loan for working women, you need to showcase a stable cash inflow. 

You also need to have a good credit score/CIBIL score to back your repayment ability. If you meet the requirements of the lenders, you can get personal loans at low interest rates, making them easy on the pocket.

Features and Benefits of a Loan for Women

Loans for women offer many attractive perks and one of the main ones is financial independence. In situations where you experience financial constraints, getting a loan can unlock various doors for you. 

Whether you need funds for your higher education, cover your wedding expenses, or make a down payment for your car, you can do it without any restriction. This is because these personal loans for working women come with no restrictions on end usage. Apart from this, here are a few other points to consider:

• You can get the funding at affordable rates
• The repayment is in EMI over a tenure of your choice
• You need not offer any collateral, keeping your assets secure
• You can get ample funds, depending on eligibility and lender
• Most lenders offer 100% digital application, making it accessible
• The sanction and disbursal process is instant, giving you quick access to money

Documents Required to Apply for a Personal Loan

You need to submit these documents to get a personal loan for working women:

• Filled up and signed loan application form 
• Passport-size photographs (if submitting personally at the branch)
• PAN card copy
• Proof of identity (Passport, Aadhaar card, DL)
• Address proof (Passport, Electricity bill, Phone bill)
• Bank statements for the last six months
• If you are salaried, you need to submit
  • Salary slips for the last 3 months 
  • Appointment letter with the joining date
  • Form 16 and IT returns 
• As a self-employed applicant, you need to submit
  • Audited balance sheet for the last 2 years 
  • IT returns for the last 2 financial years 
  • Latest turnover document

You may have to submit additional documents depending on the lender and your profile. All of this is largely automated and completely paperless if you’re opting for a loan with Fibe. So, you can get access to credit with just a few taps on your smartphone.

Eligibility Criteria for a Personal Loan

To qualify for a personal loan for women, you need to meet the following criteria:

• You must be a salaried employee 
• You must be aged between 21 and 60 years
• You must have a work experience of at least 2 years
• You must be working with your current employer for at least 1 year

Like documents, these requirements may also vary depending on the lender and your profile. Be sure to check your eligibility before applying.

How to Apply for a Personal Loan

The process of applying for a personal loan for women at Fibe is straightforward. Simply follow these steps:

• Step 1: Register on the official website or on the mobile app
• Step 2: Enter your personal and professional details 
• Step 3: Provide the required documents
• Step 4: Select the loan amount and repayment tenure 
• Step 5: Wait for the sanction and disbursal of funds

With Instant Cash Loans of up to ₹5 lakhs coupled with low interest rates, you can fund all your needs without any hassles. At Fibe, you can even prepay your loan amount with no additional charges. Download the Personal Loan App or simply log in to our website and get started.

FAQs on Personal Loan for Working Women

Can a woman get a personal loan?

Yes, you can opt for a personal loan for women at affordable rates and cover all your needs with ease.

What is a personal loan for women?  

These loans are specifically created to meet the needs of women borrowers. They come with no collateral requirements and no restrictions on end-use. You can use them to:

• Purchase a car
• Make a down payment for your home
• Pay your college fees
• Cover your wedding expenses
• Take your dream vacation

What is the maximum amount of personal loans for women?

The cap on loans for women depends on the lender you choose and on your creditworthiness.