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 jewellery, 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. It is imperative to check personal loan eligibility before applying.
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 jewellery. 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. Get to which loan is better gold loan vs personal loan.
Personal Loan Schemes for Women:
1. Pradhan Mantri Mudra Yojana for Women
The Pradhan Mantri Mudra Yojana launched by the Government of India aims at encouraging women entrepreneurs by providing them loans for establishing their own venture. There are several banks and lending institutions that offer mudra loans to eligible applicants.
2. Udyogini Scheme
The Udyogini scheme helps women across the country avail a loan of up to Rs. 1lakh. One of the major benefits of availing finance through this scheme is the low interest rates. In order to avail benefits of the Udyogini Scheme, the annual family income of the borrower should be less than Rs. 45,000. However, no income limit exists for widowed or disabled women.
3. Star Mahila Gold Loan Scheme
Star Mahila Gold Loan Scheme is provided by the Bank of India. This scheme helps non-working women or housewives to purchase gold ornaments.
Features of Personal Loans for Women
Personal loans are multipurpose loans that can be availed for various purposes. Lending institutions do not enquire about the purpose behind availing personal loans. Therefore, it is one of the most viable funding options for women who are looking forward to establishing their own business.
With leading financial institutions, personal loans can be easily availed through a hassle-free online application process.
Since personal loans are unsecured loans, you won’t have to pledge any collateral while availing the loan.
Flexible repayment options and minimal documentation are some of the added advantages of availing a personal loan.
You can avail a personal loan as well as a business loan easily with the help of Finserv MARKETS. Quick approval and instant disbursal are some of the added benefits of availing loans at Finserv MARKETS.
If you are a housewife driven by a strong urge to start your own independent venture, visit Finserv Markets today for availing Bajaj Personal Loan 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!”