The 21st Century housewife is not your typical docile, domesticated woman that finds content in the four walls of her kitchen. She is much more ambitious today and is perfectly capable of handling her household responsibilities while simultaneously fulfilling her entrepreneurial dreams. However, as determined as she may be, there are certain hurdles that she must face on the path of fulfilling her business aspirations. The major hurdle that tops this list is the lack of funds for starting her business. However, there are several finance firms available today that grant personal loans to housewives for starting their business.
Here are the ways how a housewife can avail a personal loan facility:
Secured Loan: Your Best Option
A personal loan can be of two types: Unsecured personal loan and Secured personal loan. An unsecured loan is the one where you do not have to promise any collateral against your loan amount. Most salaried professionals are easily granted an unsecured personal loan. However, housewives do not have a source of any monthly income. Therefore, they have to apply for a secured loan.
A secured loan needs collateral against the loaned amount as a form of assurance for loan repayment. This collateral could be any valuable asset such as jewelry, vehicle, property, bonds, home equity, etc. If a housewife can afford to guarantee any such collateral, she can easily avail a secured personal loan for starting her business.
Personal Loan via a Co-Applicant
Another way by which a housewife can get a personal loan is if she has a salaried co-applicant. A co-applicant can be her husband or her father. The total amount that can be loaned to her will depend on the salary of this co-applicant. Along with the housewife, this co-applicant would be equally held accountable for paying the monthly EMIs. Therefore, it is important that the housewife have a robust repayment plan in hand in order to avoid any financial burden on her co-applicant.
Get a Guarantor On Board
In case the housewife does not have a working partner to sign as her co-applicant for the loan, she can take the help of a person who agrees to act as her guarantor. At the time of availing the personal loan, this guarantor will have to give a written assurance that he/she will repay the loan in the face of any unfortunate circumstances where the housewife defaults to pay it back.
Loan Against Gold
Most Indian housewives have some gold that has been passed down to them through generations or is gifted to them at the time of their wedding. This gold is not worn daily and mostly stays locked up in a bank locker. This gold can be put to good use to get an instant personal loan for housewives. A lot of lenders in the market, readily give personal loan against gold jewelry. In worst cases, where a housewife is unable to get a co-applicant or find a guarantor, she can always rely on her gold reserve to get her personal loan sanctioned.
If you are a housewife driven by a strong urge to start your own independent venture, visit Finserv Markets today for availing Bajaj Finserv personal loans for business.
Finserv Markets, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!