For the longest time in India, the typical stereotype has been that women are subjugated to household work and are not allowed to work. Over the past few years, the scenario regarding gender fairness has certainly evolved. Governments have taken initiatives to improve the conditions of women in the country. Even then, some consider women working outside the four walls of the home as a bad omen, and some say women are good only for the house, etc.

For women willing to break the chains of stereotypes, there are incentives at play. Certain benefits are awarded under various government loan schemes to help women at different stages of life. Several banks have introduced various loan schemes for women following this direction, with benefits that offer low-interest rates, lower EMIs, flexible repayment options, etc.

A personal loan is a credit product that has picked up popularity in the recent past owing to its feature of being an unsecured loan. It means that you are not required to submit or pledge any asset as collateral to avail of personal loans. Also, one can use the borrowed amount for practically any purpose. You should know that banks do not give personal loans to homemakers as they do not have any regular source of income.

  • Personal loans for women can come in handy who are looking to get married soon and fall short of the required budget. Also, they can avail of a personal loan for starting their entrepreneurial journey as well.
  • To avail of a personal loan for working women, your credit score/CIBIL score should be good, along with having a steady source of income.
  • The lowest personal loan interest rate is 10.25%.

Documents you would typically require to apply for a Personal Loan

  • Filled up and signed loan application form 
  • Passport-size photographs (if submitting personally at the branch)
  • Form 16 and IT returns 
  • PAN card copy
  • Proof of identity (Passport, Aadhar card, DL)
  • Address proof (Passport, Electricity bill, Phone bill)
  • Bank statements for the last six months
  • Salaried applicants need to submit salary slips for the last three months and an appointment letter mentioning the date of joining the organization.
  • Self-employed individuals need to submit IT returns for the last two financial years, and Audited balance sheet for the previous two years, bank statements for the previous six months, and the latest turnover document.

Of course, all of this is largely automated and completely paperless if you’re opting for a loan with EarlySalary – which enables you access to credit from just a few taps on your smartphone.

Eligibility For Personal Loan

The eligibility for a personal loan for women stands with a few criteria. To apply for a personal loan, the applicant needs to be a salaried employee aged 21 to 55 years. The standard norm for salary depends on the city of residence of the applicant.

How to Apply for Personal Loan

The process of applying for a personal loan for women is straightforward.

Step 1:

Visit the EarlySalary’s official website, and select the section that lets you apply for the loan.  Read the details, download the app, and register. 

Step 2:

Enter your basic personal and professional details.

Step 3:

Select the loan amount and repayment tenure, and the money will be yours in just 24 hours. Voila!

With instant cash loans of up to Rs 5 lakhs coupled with interest rates as low as Rs 6/day, EarlySalary instant loans for women ask for minimal documentation and quick processing. It is by far your most compelling credit option in the market.

Ready to meet all your requirements, our system will display a personal loan offer exclusively for you if your application meets our eligibility criteria. Accepting the offer, just set your desired loan tenure and repayment information, and the funds would instantly disburse to your bank account in under 15 minutes.

It’s that easy to understand. With EarlySalary, you can even prepay your loan amount with no additional charges. Liberate yourself with #OneSmallStep. To find out more about personal loans and how easy they are to receive via EarlySalary, reach out to us on:

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Download the EarlySalary app, or log in to our website to become a part of our #OneSmallStep experience.

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