9 Best Personal Loan for Women: Self Employed & Working
The most basic requisite for any type of loan or credit card is the annual income. In addition to this, lenders also check for CIBIL score, job type etc. Basically banks objective of asking these details is to gauge the repayment capacity of the applicant. Getting a loan may not be a problem for working professionals (male or female).
However even a working women may have to sit at home due to reasons such as pregnancy, medical condition etc. In such a scenario, if she continues to earn salary from the employer then it’s an advantage. But what if, someone has to sit at home for prolonged time period and does not have any source of income and need for money arises and there is no one to help her financially? How can such housewive meet her requirement?
A women may need personal loan for following reasons:
- Buying electronic equipments
- Buying two wheeler or car
- Purchase of ornaments
- Medical or wedding expenses
- Starting new business
- Home renovation and and many others
In such cases, personal loan can come to rescue. However as mentioned above, lenders will first ask for salary slip, which is not possible to produce for a housewife. So how can she get a loan?
Read more on getting personal loan from peer to peer lending companies.
Many banks in India offer specialized schemes for women – self employed or working professionals. Listed below are the various loan schemes for females:
1) AB Vanitha Vahan Scheme: For self employed housewives offered by Andhra Bank. This loan is also offered to working women. However this loan can only be taken for purchase of either two or four wheeler (new or second hand). The annual income criteria are: Four wheeler: 1 Lakh & Two wheeler: INR 60, 000
2) Star Mahila Gold Loan Scheme: Offered by Bank of India for purchasing gold jewelery or coins to both working and non-working women. 10 times of monthly net income of spouse to non-working and 50% of gross annual income is offered.
3) Can Mahila: Compared to above mentioned loan conditions, this loan from Canara Bank can be used for any purpose such as buying electronic equipments such as laptop, washing machine etc., gold ornaments etc.
4) V Swashakti: With an objective of making women self dependant, Vijaya bank offers loan of maximum Rs. 5, 00, 000 to their women customers. The loan can be used for setting up small businesses such as: tailoring, canteen or catering service, medical shop and many others.
5) Sakhi Shakti: Offered by IDFC bank to meet financial needs. It requires very basic documentation such as Aadhaar card.
6) Oriental Bank of Commerce: Offers credit for women wanting to operate boutique, saloons, beauty parlours or for tailoring job.
7) Shri Mahila Sewa Sahakari Bank Ltd. also offers various loans for meeting purposes such as buying assets, renovating house, and many others.
8) 4 loan products by Bhartiya Mahila Bank:
- Shringaar: For setting up beauty parlour, buying necessary equipments and meeting day to day operations. This loan does not need any security.
- Annapurna: For setting up food catering business and purchase of related items.
- Kitchen Modernization: For renovating kitchen and purchasing electronic items, furniture and utensils etc.
- Parvarish: For setting up day care center. Advantage is that it does not require any security.
9) Four schemes by PNB: Punjab National Bank offers five schemes for women for various purpose. These include:
- Mahila Udyam Nidhi Scheme: For setting up small scale industries
- Mahila Samridhi Yojana: For purchasing and setting up of internet café, beauty parlor, telephone booth/FAX machine etc, tailoring, telephone booth, beauty parlor etc.
- Loan for financing creche and associated expenses such as utensils, fridge, cooler etc.
- Kalyani Card Scheme: Provides credit for funding of agricultural and non-farming activities.
Other options to get personal loan are against FD and LIC policy. If you have low salary or poor CIBIL rating or no credit at all, then approaching peer to peer lending companies instead of banks to get a loan is another option.