In today's world, women are achieving unprecedented levels of financial independence and breaking barriers across various sectors. However, on the journey to financial empowerment, the need for additional financial resources often arises. That's where personal loans for women come into picture, designed to provide the financial backing required to pursue dreams, investments, education, or entrepreneurial ventures.
Loans for women are specifically curated with the unique needs and aspirations of women in mind, ensuring accessibility, flexibility, and a stepping stone towards achieving financial goals.
Buddy loan has been here to support your financial aspirations. Buddy Loan offers a personal loan for women at an interest rate, starting at 11.99% p.a with a tenure period of 5 years.
Get tonow more about personal loans for women that can serve as a trusted financial service and ways you avail your desired loan.
Highlights of Instant Personal Loan Online for Women
Now, get the financial empowerment and convenience at your fingertips.
Here’s a comprehensive overview of details on instant personal loan for women that you can avail with Buddy loan with a simple application process and instant loan approval.
| Loan Type | Personal loan for women |
|---|---|
| Interest Rates | Starting at 11.99%* p.a. |
| Loan Amount | ₹10,000 - ₹15 Lakhs |
| Loan Tenure | 6 months - 5 years |
Interest Rates For Personal Loan For Women
Go through the table to understand the interest rates involved, along with other additional charges, before you plan to avail personal loan for women.
| Processing Fee | Up to 4% of the loan amount |
| Fore-closure Charges | 2% to 5% |
| Penalty Charges | 2% of the due loan amount |
| Rate of Interest | 11.99%* p.a onwards |
Eligibility Criteria For Personal Loan For women
Being aware of the eligibility criteria required to avail mahila personal loan will help you to further plan and customise your loan. Here is a list that entails details on the essential requirements and eligibility criteria to help women seize their financial objectives.
Age: Must be between the ages of 21- 60 years.
Nationality: Must be Indian.
Income: The co-applicant must have a minimum monthly income of ₹15,000.
Documents Required for Personal Loan For women
To experience a seamless process made even more accessible with straightforward documentation. By providing these documents and minimal paperwork, you can avail your desired personal loan from Rs 10,000-15 Lakhs.
Address Proof- Documents like electricity bills, bank statements, or rental agreements.
Photo Identity Proof- PAN, Aadhaar card, or passport.
Income Proof of co-signer- Must have a monthly income of ₹15000 or more.
Bank statement- The co-signer's most recent bank statement, which includes the account balance and a history of transactions.
Photograph- Recent passport-sized photograph of the applicant.
EMI Calculation for Personal Loan For women
Using a personal loan EMI calculator, you can estimate your monthly repayments, evaluate the loan tenure, and make well-informed decisions, ensuring the loan aligns with your financial capabilities and aspirations.
Now you can estimate your EMI by using this specific formula by following the outlined steps.
Here’s the formula that is used to calculate your EMI:
E =[P x R x (1+R)^N]/[(1+R)^N-1]
Here in the equation,
E stands for EMI
P stands for principal loan amount
R stands for the monthly rate of interest
N stands for tenure period.
Example:
P = ₹5,00,000
Annual interest rate = 11.99% p.a
R = 11.99% / 12 / 100 = 0.0099
Loan tenure in years = 5
Number of monthly installments (n) = 5 * 12 = 60.
Now, let's substitute these values using the personal loan EMI calculator formula:
EMI = [500000 × 0.0099× (1 + 0.0099)^60] / [(1 +0.0099)^60) - 1]
EMI = ₹10,994
Hence, assuming a personal loan of ₹5 lakhs at an interest rate of 11.99% for a tenure of 5 years, your monthly repayment amount would be up to Rs 10,994
Comparison of Loan Lenders For Women
This comparison guide to discover a curated selection of loan providers dedicated to serving the unique financial needs of women. Delve into the offerings, benefits, and solutions to make an informed choice, ensuring financial growth and empowerment on your terms.
| Loan Lenders | Interest Rate (p.a.) |
|---|---|
| State Bank of India | 11% onwards |
| Standard Chartered Bank | 11.49% onwards |
| Central Bank of India | 10.95% onwards |
| IDBI Bank | 11% onwards |
| Bajaj Finserv | 11.00% onwards |
| Fullerton | 11.99% onwards |
| Pocketly | 12% onwards |
| Loanbaba | 10.99% onwards |
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Types of Loans Offered to Women
Below, we have provided a list of types loan offered by government schemes for women entrepreneurs:
Mudra Loan for Women - This is a government loan scheme for ladies that offers loans for aspiring entrepreneurs without requiring collateral. They come in three categories which include:
1. Shishu Loan: Maximum loan amount of Rs. 50,000 for businesses in their initial stages.
2. Kishor Loan: Loans ranging from Rs. 50,000 to Rs. 5 Lakhs for established businesses aiming for improvements.
3. Tarun Loan: Loan amounts of up to Rs. 10 Lakhs for well-established businesses planning expansion.
Stree Shakti Yojana - This Stree Shakti scheme allows women to avail of an interest concession of 0.05% on loans more than Rs. 2 lakh.
Targets women with a significant ownership stake in their businesses.
With reduced interest rates, the equated monthly installment (EMI) is more affordable, facilitating easier repayment for women entrepreneurs.
This specialized loan scheme is designed for women entrepreneurs.
Dena Shakti Scheme - Loans up to Rs. 20 lakh are provided for women entrepreneurs in agriculture, manufacturing, micro-credit, retail stores, or small enterprises.
Under the microcredit category, women can avail a loan of up to Rs. 50,000.
The Dena Shakti Scheme offers a notable concession of 0.25% on the interest rate.
The scheme provides a flexible tenure period for loan repayment
Bharatiya Mahila Bank Business Loan - Women enterprise can avail up to Rs 20 Lakhs. And here is the Bharatiya Mahila Bank Business loan.
1. Shringaar Loan:
You can avail loan amount up to Rs. 20 Crores
Competitive interest rates are offered based on market conditions.
Flexible tenure based on the borrower's repayment capacity and business requirements.
2. Parvarish Loan:
You can avail loan amount up to Rs. 1 Crore
Competitive interest rates based on prevailing market conditions.
Flexible tenure as per the borrower's financial capacity and business needs.
3. Annapurna Loan:
As per the business requirements of food entrepreneurs within the specified range.
Attractive interest rates aligned with market dynamics.
Flexible tenure options to suit the repayment capacity and expansion plans.
Mahila Udyam Nidhi Yojana -The scheme supports women entrepreneurs by extending loans up to Rs. 10 lakh.
This govt loan scheme for ladies is offered by Punjab National Bank and Small Industries Development Bank of India
The tenure period can extend up to 10 years
The rate of interest charged depends upon the market rates.
Orient Mahila Vikas Yojana Scheme - Women entrepreneurs owning 51% share capital individually or jointly with a proprietary concern.
This loan provides tenure for 7 years.
Competitive market-based rates, offers to a 2% interest rate concession
Collateral required for loans between Rs. 10 lakhs to Rs. 25 lakhs
Cent Kalyani Scheme - This is a government loan scheme for ladies that can be availed by both existing and new entrepreneurs and self-employed women.
Interest Rate is based on prevailing market rates
Tenure Period can extend up to maximum repayment tenure of 7 years
EMI calculation is based on the loan amount, interest rate, and tenure.
Udyogini Scheme - The Women Development Corporation has implemented the Udyogini Scheme under the Government of India.
Loan quantum as per scheme guidelines
Interest Rate are based on per scheme provisions and market rates
Repayment terms is specified under the scheme
Pradhan Mantri Rozgar Yojana - The objective of Pradhan Mantri Rozgar Yojana is to provide opportunities of self-employment for the educated youth .
Avail loan amount up to Rs. 1 Lakh
Interest Rate are market-driven interest rates
Repayment tenure ranging from 3 to 7 years
Synd Mahila Shakti Scheme - Under this plan, the bank offers financial backup to those women entrepreneurs and professionals
Avail loan Up to Rs. 5 Crores
Minimum interest rate is 10.25% (concessional rates for specific amounts)
No specific tenure mentioned
Features and Benefits for Personal loans for women
Experience seamless loan availing journey with these exclusive features and benefits of a personal loan for women:
Approval
Get fastest loan approval
10-000 - ₹15L
You can avail loan amount of upto ₹15 Lakh
Interest Rates
Interest rates starting at just 11.99% p.a.
0 Collateral
Get loan without providing any asset.
Flexible tenure
The repayment tenure extends upto 5 years.
No Hidden Charges
Zero hidden charges
Steps to Apply Only for a Personal Loan With Buddy Loan
Follow these quick steps to apply for your personal loan for women with BuddyLoan:
Step 1 - Visit buddyloan.com or Download & install Buddy Loan app.
Step 2 - Fill out the application form, including the loan amount, the tenure in months, and contact details.
Step 3 - Fill out the following personal details where required:
- Email Address
- Employment Type : Salaried/ Self-Employed
- Company Type
- Industry Type
- Current Company Name
- Company Address
- Year of Employment
- Net Income
- Mode of Salary
- PAN Card Details
- Full Name (As Per Pan Card)
- Current Address with PIN Code
- Mobile Number
Step 4 - Submit the details & wait for the loan confirmation.
Conclusion:
Now, nothing can hinder a woman from achieving her dreams, not even financial obstacles. Personal loans for women stand as a testament to financial inclusivity and empowerment.
Crafted with a deep understanding of the distinctive needs and aspirations of women, these loans offer more than just financial support.
Ready to take next step ?
Frequently Asked Questions
personal loan for women is a financial product that offers a lump sum amount with a fixed interest rate and repayment period, catering to the specific financial needs and requirements of women.
One can apply for a personal loan with Buddy loan by quickly following the steps mentioned above.
Eligibility criteria vary by lender but generally include age, income, credit score, employment stability, and citizenship.
Commonly required documents include proof of identity, address, income, employment, and bank statements.
With BuddyLoan, one can apply maximum personal loan for women upto 15 Lakhs.
With Buddy loan the tenure, or repayment period, for a personal loan for women usually ranges from 6 months to 5 years
Buddy loan provides a personal loan for women starting at an interest of 11.99%.
Yes, personal loans for women can be used for various purposes, including education, medical expenses, home renovation, travel, debt consolidation, business investment, or any other legitimate financial need.
Personal loans are usually unsecured, meaning they do not require collateral.
The approval and disbursement timeline for a personal loan can vary. With Buddy Loan one can get loan approval in minutes.
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