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.
Here are some tips and tricks to facilitate the same smoothly:

Opting for Secured loans:

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 loans:

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.

Co-applicant or loan grantor:

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.

Click here to apply for a Personal Loan.

DISCLAIMER

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.



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