Banks and financial institutions have started providing personal loans for women employees along with attractive schemes and offers. These loans are primarily designed to meet the financial obligations of the women employees.
The loan amount can be used for purposes such as opening of a new business, purchase of vehicles, for son’s or daughter’s marriage, or for child’s higher education, and so on. These loans help women from all walks of life to accomplish their particular tasks. Women tend to sacrifice their desires due to the routine domestic life or due to shortage of funds. They are more devoted to their families and do not bother about their desires. Hence, with personal loan, women can fulfill their desires like buying consumer durable goods or a vehicle or for a tour. Let us discuss some of the personal loans provided by banks to women employees.
Eligibility and documentation
Women must be employed permanently, self-employed or a professional but they must have a valid proof of income. For determining the eligibility for obtaining personal loan, income proof and employment status is of utmost importance. The documentation required for availing this loan are identity proof, income and bank statements, IT returns, assessment order, and so on. The documentation and the loan application process may differ from bank to bank. As banks have specially designed personal loans for women employees, it is up to you to decide which one is suitable as per your requirements.
Loans by public sector banks
Public sector banks have designed loans for women employees for the purchase of two-wheelers, four-wheelers or even gold ornaments. So, women don’t have to rely on husband’s income or wait for their savings to buy vehicles or gold jewelry. If the income of the women employee is not satisfactory according to the banking needs, then the income of spouse is also submitted as a co-borrower.
Banks have also structured their loan repayment schemes according to the needs of women. Women can repay the loan in the form of EMIs or post dated cheques. The tenure for the loan repayment is up to the retirement age of the women employee.
On the same parlance, banks also provide personal loans to women professionals in the agricultural industry of similar lines. It fulfills the need of financial assistance for opening up or expanding of business activities. Women who are specially qualified such as doctors or Chartered Accountants are also granted loans to carry out their business efficiently. Loans are also granted to women for starting business in retail trade, cottage industries or agriculture activities.
Loans by private sector banks
Private sector banks have formulated loans for women employees according to their financial needs. Moreover, these loans are granted with benefits such as special privileges or offers on shopping, restaurants, and even jewelry.
For availing personal loans, women employees must contact the sales office of the bank. They should understand the entire loan structure, terms and conditions, offers, rates of interest, documentation required, etc. They should also analyze their objective of taking personal loan and whether they will be in a position to repay in the future as prescribed. After careful analysis, one can apply for a personal loan.
