Women-specific personal loans 2025: Interest rates, features and eligibility

Mint

5 days ago

Although personal loans that have been crafted specifically for women are the most essential tools for financial empowerment and independence these days in the ever-changing financial industry, they promise flexibility, convenience, and assistance across a spectrum of endeavours in life, including those that meet the specific financial needs and goals of women.
The loans are unsecured loans; therefore, women-specific personal loans are targeted at the different financial needs of an individual from their institutions. A few of the intended purposes might include education, starting your own business, unforeseen medical expenses, remodelling your house, or even during celebratory periods, such as weddings. Unsecured financing: These loans are available to women who would not have borrowing power otherwise, as they are collateral- and guarantee-less loans.
These loans are available to women who would not have borrowing power otherwise, as they are collateral- and guarantee-less loans. Competitive interest rates: In order to provide avenues for financial inclusion, many lenders have historically offered better interest rates for loan applicants who are female as proof of their creditworthiness.
In order to provide avenues for financial inclusion, many lenders have historically offered better interest rates for loan applicants who are female as proof of their creditworthiness. Flexible repayment options: Since loans can be scheduled between 12 months to 60 months, women have the ability to choose a repayment plan depending on their goals and financial condition.
Since loans can be scheduled between 12 months to 60 months, women have the ability to choose a repayment plan depending on their goals and financial condition. Speed of disbursement and minimal documentation: Money is quickly released and approved because of lesser documentation and a simpler application procedure. To guarantee rapid financial assistance, many institutions provide immediate loans to their ongoing clients.
Because lending standards are set by individual lenders, eligibility requirements may vary from one lender to the next, but typically include: Age: Generally, applicants fall in the range of 21-60 years of age, Employment: Applicants could be self-employment or salaried and could qualify independently if they can show stable earning income, Income: Generally, they may mention a minimum earning requirement of a ₹ 15,000 per month, Credit score: Your credit score has a better chance of getting approved with a good credit score generally referenced as above 685.
Banks
Interest rates
Processing fees
SBI
10.30% - 15.30%
Up to 1.50%
HDFC Bank
10.90% p.a. - 24.00% p.a.
Rs.6,500 + GST
HSBC Bank
10.15% p.a. - 16.00% p.a.
Up to 2%
ICICI Bank
10.85% p.a. - 16.65% p.a.
Up to 2%
IndusInd Bank
10.49% p.a. onwards
Up to 3.5% onwards
Kotak Mahindra Bank
10.99% and above
Up to 5%
IDFC First Bank
10.70% p.a. onwards
Up to 2%
Note: The interest rates may vary from borrower to borrower, as banks assess applicant's profile depending on the employment, income and credit score. Research and compare: Review the lenders and compare between lenders to see who has the better lending options for you.
Review the lenders and compare between lenders to see who has the better lending options for you. Verify your eligibility: Verify you are meeting all of the requirements laid down by the lender.
Verify you are meeting all of the requirements laid down by the lender. Documentation : Aside from your identities, proof, existence of address; proof of income, statements from your bank accounts.
Aside from your identities, proof, existence of address; proof of income, statements from your bank accounts. Apply: You can apply at the lenders branch, or their website or mobile application.
You can apply at the lenders branch, or their website or mobile application. Approval and disbursement: Generally, after your credit approval, loan amounts are less than a day for disbursement.
In conclusion, giving women loans means more than just offering a financial product-they are political instruments to ensure that women can be financially empowered, get out of emergencies, and follow their dreams. These loans are, therefore, crucial to closing the gender gap in financial inclusion, offering timely, accessible, and customized financial solutions.
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