Features and Benefits of Personal Loans for Women

Personal loans for women come with many benefits, but the biggest takeaway is that they can help address your personal as well as professional financial needs.

Women are critical to India’s growth. They occupy vital leadership positions and own businesses that directly impact the economy. Their experience and knowledge also help mould the next generation of leaders and entrepreneurs, which demonstrates their worth to not just the present but also the future.

Financial institutions, therefore, offer customised products to help women meet their financial goals. Personal loans for women are the most popular among them, as they come with many exciting features.

What are personal loans for women?

Personal loans for women are unsecured loans with competitive interest rates and customised EMI plans. These loans assist women in meeting their financial needs in their professional or personal life. Businesswomen and their salaried counterparts can apply for personal loans for women and get funding at competitive rates. In fact, the interest rates on personal loans for women are among the lowest, which ensures more savings.

Most banks, including Metra Trust, offer personal loans for women. Metra Trust additionally provides access to industry-leading digital services, such as an online paperless process and instant loan approval.

Purpose of Personal Loans for Women
 

Education - Financing higher education or professional courses

Business Ventures - Starting or expanding a business

Personal Expenses - Medical emergencies, home renovation, wedding, etc.

Debt Consolidation - Combining multiple debts into a single loan

Features and benefits of personal loans for women

The standout features and benefits of personal loans for women include:

1. No restriction on end-use

Personal loans for women can be used for any reason. Women can use the loan amount to fund the working capital needs for their business or renovate their house. Banks do not provide a restriction on the end-use of the personal loan amount.

2. Instant disbursal

Digital adoption has helped banks reduce the time it takes to approve loans. Once you have filled out the application form and uploaded your documents, your application is reviewed instantly. This leads to instant approval and disbursal, which can come in especially handy for women seeking personal loans for emergencies.

3. No collateral needed

Since personal loans for women are unsecured loans, they do not require collateral. Women do not have to risk any assets to seek funding. This offers peace of mind and reduces the repayment burden.

Eligibility criteria for personal loans for women

You must meet the following criteria to avail of personal loans for women:

• You must be between 21 and 58 years of age.
• Your income must be over ₹15,000.
• You must provide proof of income.
•  You must be a citizen of India.

Meanwhile, housewives applying with a co-applicant must ensure that their co-applicant has a regular source of income, a decent credit source, and the necessary KYC documents.

A personal loan for women can be helpful in many situations, including arranging finances for travel, medical emergencies, home reconstruction, higher education, working capital needs for a business, and more. There is no restriction on the end-use of these loans, so you use them for any small or big financial requirement.

Most banks also offer flexible repayment terms to help reduce the financial burden. At Metra Trust, you can choose repayment tenures of up to 60 months and use a personal loan EMI calculator to better plan your finances.

Further track all your loans and banking needs with the Metra Trust Mobile Banking App

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.