A financial emergency can befall just about anyone. It could be a heavy hospital bill not covered by insurance. Or a sudden business loss. Or just about anything else that women confront. At such times, look no further than personal loans for women.
When faced with a financial emergency, personal loans can be one of the best options. The high interest rates may be a concern, but their easy availability and almost instant disbursal can be the soothing touch in a financial crisis.
There are many personal loans for women applicants available at subsidized rates. Here are some that may come in handy.
1: Fullerton India Nari Shakti Personal Loan
Fullerton India offers personal loan for working women under its flagship Nari Shakti Personal Loan scheme. You can apply for the loans online, which are disbursed in less than 72 hours . The applicant must be working with a government or private enterprise with ITR for the last 3 years for loan processing. The loan comes with no upper limit.
2: HDFC Diva Personal Loan
HDFC Bank offers women-centric personal loans to some of its existing account holders. Under the scheme, the bank offers loans up to Rs.3 Lakhs, which you can use to purchase various products or gift vouchers of linked premium brands and products. If you plan to seek a loan for making various retail purchases, a HDFC Diva loan facilitates discounted prices for your purchases and an instant loan approval.
3: IDFC Bank Sakhi Shakti
IDFC Bank offers Sakhi Shakti loan exclusively to women applicants. Under the scheme, loans are easily available with minimal documentation of just an Aadhaar card. You can use the loan amount for personal or for business purposes. The rate of interest for the loan is market linked.
4: Can Mahila Scheme by Canara Bank
Can Mahila Scheme by Canara Bank offers loans for both working and non working women. Working women can apply for loans from Rs. 50,000 to 10 months’ gross salary. The gross annual family income for non-working women must exceed Rs. 1 Lakhs for loan eligibility.
5: Loans against bank fixed deposits
Banks offers loans against fixed deposits for its women account holders. Usually, the rate of interest is 1-2% over the interests offered by the fixed deposit. Women applicants can bargain with the bank for a concessional loan interest rate and avail this facility with a nearly instant loan. The bank fixed deposit continues to be in place and attracts the normal interest even during the loan tenure, making such a loan a godsend.
Women Personal Loan Schemes at a Glance
|Loan Scheme||Eligibility||Interest Rate||Features/Benefits|
|Fullerton India Nari Shakti Personal loan||Salaried working women with 3 years ITR||Market Linked (20-40% per annum)||
· Instant online approval
· Money disbursed in 72 hours
|HDFC Diva Personal Loan||Pre Approved for select HDFC Bank customers||Market Linked||
· Pre-approved Personal Loan of Rs 3 Lakhs
· More than 100 Diva offers across premium brands and products.
|IDFC Bank Sakhi Shakti||Aadhaar Card||Market Linked||
· Minimal documentation
· Multipurpose loan with no minimum or maximum upper limit
|Can Mahila||Working or non working women between 18 to 55 years||Market linked||General purpose loans from Rs. 50,000 to 10 month’s gross salary|
|Loans against Fixed deposits||Bank fixed deposit holder or co-holder||1-2% above the FD rate of interest||Multipurpose loan up to 80-90% of bank FD|