Personal Loan For Housewives To Start A Business

Being financially independent is everyone’s right and dream. Most house wives in today’s time are home in order to meet the larger needs of the family. Their education, ambitions can be channelized in the form of starting their own business while being at home. With no stable income, one often wonders if a house wife is even eligible for a personal loan.The world is changing, and things for housewives are changing with it. Now housewives aren’t your typical domesticated and docile women that only takes care of the house and the family but never of themselves. A housewife is someone who can take care of everything in the house and is capable of starting their own business to take care of herself financially.There is just one thing that they don’t know: companies offer personal loans for housewives. Need not worry; you have come to the right place! Being a housewife is a stressful job. That is why you need to check out the tips and tricks to facilitate the same seamlesslyHere are some tips and tricks to facilitate the same smoothly:

There are two types of personal loans available in the market- the first one is the most preferred one, which is known as the unsecured personal loan. The other one is a secured personal loan. A secured loan is a type of personal loan where you have to submit collateral like jewellery, land, etc., to get some money in return. You can get your asset back once you pay the loan.A salaried person can easily avail of the unsecured loan, but because housewives don’t have a regular source of income, they have to opt for a secured personal loan. A secured personal loan for housewives is the option they can choose only if the lender thinks they have the ability to repay on time. If you are a housewife, you need to make sure you have a good relationship with the lender to grab a low-interest rate and a comfortable repayment experience.Secured loans are the credits that are availed against some asset of fair market value. This can be secured against multiple assets like property, jewellery, paper investment, shares, home equity etc. The lender takes possession of the asset till the loan is repaid completely.

Gold is instant help when it comes to securing loans. As it is considered a secured loan, pledging gold as collateral against the loan is possible.Indian housewives own 12% of the total gold in the world. That is why most housewives have some gold with them that they can use as collateral to get the financial help they need to start their own business. Either the gold was passed down to you by your elders, or you received gold as a wedding gift; you can easily use that gold to get a secured personal loan. Almost all lenders readily give secured personal loans to housewives in exchange for gold jewellery. Even when you are unable to find a guarantor or a co-applicant, you can still rely on your gold reserve to get your loan approved and sanctioned.

A co-applicant is instant help when one is new to credit and is unable to meet the bank stated eligibility criteria. Taking a joint loan, with your husband as co-applicant is possible, and is dependent on his income. By virtue of this, the co-applicant becomes equally responsible for repaying the EMI regularly.There are also cases, where you can instead opt for a loan grantor, who is basically an individual agreeing to pay off the loan, if the prime borrower defaults on it. Having a loan grantor with a glowing credit history and credit score can improve your chances of getting a loan.It is also important to note that in the event you faulter of repayment, it has a direct impact on the credit score of the grantor also.A personal loan can be an easy enabler for realizing one’s dream of owning a business. Once the business picks up, one can easily move onto availing business loans for the larger growth.

Whether they are salaried, self-employed or homemakers, women have the ability to do multiple things at a time, like a pro. A homemaker can run her own business while taking care of the family, and the house, whereas a working woman can work hard for her company as well as to keep her family’s needs in check. But financial issues can sometimes be a barrier; that is why there are a few personal loan schemes for women that will help you take care of all your financial needs.Here are a few most popular personal loan schemes for women that can help you too:

1. Pradhan Mantri Mudra Yojana for Women

This scheme was specially launched to financially empower women to start their own venture and live the independent life they deserve. This scheme will let you get a loan amount of a minimum of 50,000 rupees and a maximum amount of 50,00,000 (fifty lakhs) rupees, depending on your requirement. You can opt for an unsecured loan (collateral-free loan) for up to the amount of 10,00,000 (ten lakhs) rupees. If you want a loan of an amount greater than that, your asset has to be pledged as security to the lender. All banks, private and public, can offer you this loan because it is a government of India initiative.

2. Udyogini Scheme

Udyogini scheme is another government-initiated scheme that helps empower women from rural and underdeveloped areas. A loan amount of up to rupees 3 lakhs can be availed of in this scheme. This scheme is for women who want to start their own business and start living an independent life. You don’t have to belong to a rural or underdeveloped area to avail of this loan, though. Women from around this country can easily get this loan. The biggest benefit of this loan is that the interest rate is extremely low, and the annual income of the family of the borrower should be less than 45,000 (forty-five thousand) rupees. There is no income limit for disabled women and widowed women.

3. Star Mahila Gold Loan Scheme

Star Mahila Gold Loan Scheme is one of the best schemes for women out there. It is a concession scheme that supports women business owners and entrepreneurs. You need to keep in mind an important thing before applying for this scheme is that a woman should hold at least 50% of the company share capital. In this scheme, you do not need any type of collateral or security, and you can avail of an unsecured loan of up to 5,00,000 (five lakhs) rupees. The minimum required age of the woman applying for the Star Mahila Gold Loan Scheme is 18, and the maximum age of the woman should be not more than 60 years.

Personal loans are something people rely on when a financial crisis hits them. You do not need to give the lender any reason as to why you are applying for the personal loan. The features of a personal loan for housewives are:

• Working or non-working adults can easily get a personal loan online these days.
• Minimal documentation and flexible repayment options are some of the biggest benefits of a personal loan.
• It is one of the most reliable and most preferred types of loans for women looking to establish their own venture.
• Most personal loans are unsecured, which means you do not need any collateral to get the approval of your loan application.
• You can also opt for a secured personal loan where you can pledge collateral to get the required amount.
• You don’t need to have a regular income to avail of a personal loan; you can easily check out the different schemes available for housewives who want to start their own business and live an independent life.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.