May 21, 2024

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Facts You Should Know When You Apply for a Personal Loan for Women

Personal Loans: What to Know Before You Apply - Experian

The number of women borrowers in India has been on a steady rise. Technology has made it easier to apply for loans; as women are getting independent, they are starting to manage their own finances and are running big and small businesses.

More and more women use personal loans to finance their education, lifestyles, weddings, personal emergencies, etc.

Here are a few facts you should know about personal loans for women:

Eligibility Criteria 

The age requirement is around 21–60 years, but these figures might vary from lender to lender. You should be salaried and have a stable stream of income.

Banks also have minimum salary requirements but that again varies from lender to lender and your place of residence. For example, in Delhi, some banks usually require a minimum salary of ₹25,000 per month for you to be eligible.

Credit Score Requirements

A CIBIL score represents your creditworthiness based on your credit history; a score greater than 750 is considered good and many banks consider this as the minimum eligibility criteria for personal loan. So, ensure that you maintain a good credit history and score to avail of personal loans quickly.

For people who have great credit scores like 800 and above, some lenders even provide favourable terms on personal loans. Do check your CIBIL score and see if you meet any of your lender’s requirements for any of these favourable terms.

The most important thing to maintain a good credit score is to have financial discipline. Keep your expenses in check, avoid late payments, and plan ahead.

If your credit score doesn’t meet your lender’s requirements, try to increase your credit score. Make sure to research on how to improve credit scores.

Personal Loan Application Process

Today, due to technology, you can apply for a personal loan without ever having to step out of your home.

Follow the below steps to apply for a personal loan today:

  • Visit the lender’s website or download the app. To choose which lender to go with, check out the interest rate offered, additional fees and charges, etc. Today, some apps act as marketplaces and list offerings of different lenders.
  • While creating your profile; you will be asked to provide your personal information, income proofs, identity proofs, etc. If everything checks out, you will be able to see your eligibility, credit limits and apply for a personal loan.
  • To apply for the loan, enter the loan amount and the repayment schedule and that’s it! You are good to go.

Most lenders today disburse loans immediately (sometimes the same day) if everything goes smoothly. Most lenders also provide pre-approved loans, which disburse even quicker. Make sure you check your pre-approved loan limit set by your lender.

If you think that you meet these eligibility requirements and wish to apply for a personal loan, download your lender’s app today and check your eligibility.