Personal loans have a lot of criteria that an individual or entity has to meet before getting their loan approved, and a steady flow of income being one of the main deciding factors. The salaried professionals or even self-employed individuals don’t have a hard time getting their loan sanctioned. The problem arises with housewives, as they lack a regular source of income. So, does this mean that a housewife can’t opt for a personal loan? Well, we didn’t say that! Keep reading to understand how the world of personal loans works for a housewife.
Top Ways to Procure Personal Loan for Housewife:
Secured Loan (Probably The Best Option):
A personal loan is mainly of two kinds:
- Unsecured Personal Loan
In an unsecured personal loan, an individual/entity doesn’t have to submit any kind of collateral against the loan amount. This kind is mainly procured by salaried professionals or self-employed individuals as they have a regular steady income to showcase as proof. Though, when it comes to housewives, they don’t have any steady income source, and henceforth, they have to rely on secured personal loans in most of the cases.
- Secured Loan
A secured loan is basically the opposite of an unsecured loan. Here, you have to submit some sort of collateral against the loan amount, as proof of repayment. Now, the next question, which may arise in your mind is, what all can come under collateral? To be very precise, any asset, right from vehicle to property, should work fine. If a housewife can somehow manage such collateral, then good to go!
- Opt For a Co-Applicant
If the housewife can’t offer collateral for whatsoever reasons, then worry not, as she can even rely on the co-applicant. Anybody who is a salaried professional is eligible to be her co-applicant. It’s important to know that the co-applicant would be held equally responsible for the repayment of the loan amount. So, ascertain that the housewife has a solid financial repayment plan, in order to avoid any kind of pressure on the co-applicant in the future.
- Guarantors Would Also Work!
Not every time a housewife can end up arranging a salaried co-applicant, and in such situations, a guarantor would also work. Any person who acts as the guarantor for the women will have to submit a written application stating how he/she will be held accountable for the repayment of the loan amount, in case the housewife fails to do so.
- Loan Against Gold
We don’t recommend opting for a personal loan against gold, but if the housewife is having trouble meeting the other measures, then going for this step isn’t a big issue. Generally, housewives have got a lot of gold at their hands, from their wedding or passed on from previous generations. This gold is not always in use and is just sitting there idle either at homes or gold lockers. In today’s time, there are a lot of lenders in the market, who are ready to give instant personal loans against gold.
Loan Schemes for Housewives:
There are different kinds of schemes introduced by respective authorities and bodies solely for the housewives so that they can start their business. Let’s take a look at some of these schemes:
- Pradhan Mantri Mudra Yojana for Women
The Pradhan Mantri Mudra Yojana for Women is an official loan scheme launched directly by the Government of India. The sole aim of the Yojana is to inspire and encourage the women entrepreneurs by providing them the personal loan of a minimum INR 5, 00, 000 and a maximum being of up to 50 Lakhs. The government has given the freedom to opt for the collateral-free loans of up to 10 lakhs, and above that, can be procured against security. Mudra loans can be obtained from leading banks and financial institutions.
- Star Mahila Gold Loan Scheme
The Star Mahila Gold Loan Scheme is exclusive to the Bank of India. It has been introduced in the market so that housewives and other non-working women can procure a loan for the purchase of gold items and ornaments.
- Udyogini Scheme
The Udyogini scheme is aimed towards the women of India, helping them procure loans of up to INR 1, 00,000. It’s important to keep in mind that to meet the eligibility criteria, the annual family income of the borrower should not be more than INR 45,000 in any manner. Though, disabled women or widowed women are an exception to this rule. The greatest reason for opting for this loan is due to its low-interest rates.
Conclusion: Personal loan for a housewife is also not that hard to obtain, if one knows what and where to look for. We hope that you would have understood the different personal loan techniques and schemes. The women of India should rise and prove to the world that they are also no less than your top positioned entrepreneurs, and who knows, the personal loan sanction could be just a small first step towards a big picture.
