Personal Loans for Women in Bangalore: A Quick Guide
Over the last few years, there has been a noticeable hike in the demand for Personal Loans in India. In fact, as per a report published by TransUnion CIBIL analysing the data from January to December 2021, Bangalore ranks as one of the leading cities in India for personal loans, with an average loan amount of Rs 3.47 lakh. This trend is particularly noticeable among women who are increasingly opting for Personal Loans to meet their financial needs. Personal loans have emerged as an effective solution enabling women to eliminate the gender gap in financial inclusion. So, if you’re someone who’s eyeing a personal loan for women in Bangalore, this quick guide is certainly a jackpot for you. This article will cover it all by delving into various aspects such as eligibility criteria, interest rates, benefits and more.
Key Features & Benefits of Personal Loans for Women in Bangalore
Personal Loans have become an essential financial tool for women to fulfil their dreams, or even taking care of their financial obligations. Whether renovating a house, pursuing higher education, or starting a business, Personal Loans provide a quick and easy way to access funds without collateral. However, before obtaining a personal loan, it’s crucial to understand its primary features and diverse benefits. So, without further ado, let’s look at some of these.
- Lower Interest Rates: Average personal loan ratesin Bangalore go from 10.75% to 19%, which is lower than the rates offered to male borrowers.
- Higher Loan Amount: You can avail of a Personal Loan ranging from Rs 50,000 to Rs 50 lakh, depending on your income, credit score, and repayment capacity.
- Flexible Repayment Terms: Personal loans in Bangalore come with flexible repayment tenures of up to 6 years (72 months), making it easier to manage monthly instalments.
- No Collateral Required: Personal Loans are unsecured loans that don’t require any collateral or security, providing greater financial flexibility.
- Quick and Easy Approval: With minimal documentation, you can easily get your Personal Loan approved quickly, saving time and effort.
- Multiple Purposes: Whether you need to pay for education, home renovation, medical expenses, or debt consolidation, personal loans in Bangalore offer the flexibility to use the funds for various purposes.
- Improved Credit Score: Timely repayment of your Personal Loan can help you improve your credit score, enabling you to avail of credit in the future with greater ease and convenience.
General Eligibility Criteria to Acquire a Personal Loan for Women in Bangalore
The Silicon Valley of India houses various prestigious financial institutions, such as ICICI Bank, offering Personal Loans for women at affordable rates, and many features.
Banks offer Personal Loans under two categories: i) salaried women and ii) self-employed women. To qualify for a personal loan, you must necessarily meet the banks’ eligibility criteria, which are as follows:
|Criteria||Salaried Women||Self-Employed Women|
|Age||21 to 58 years old||21 to 65 years old (for doctors: 21 to 65 years old)|
|Monthly Income||Minimum of Rs 30,000 or above||Minimum turnover of Rs 40 lakhs for non-professionals and Rs 15 lakhs for professionals based on audited financials|
|Employment/Business Tenure||Employed for at least 2 years||Business running for at least 5 years (minimum 3 years for doctors)|
Note: Eligibility criteria may vary depending on the loan amount, loan tenure, and other factors. It is recommended to visit a bank’s official website or contact their representatives for more detailed information.
Documents Required for Personal Loans for Women in Bangalore
For women to avail of Personal Loans in Bangalore, it is important to understand the documentation requirements set by the banks and lenders. There are specific requirements for personal loan applicants. The documentation required depends on whether you are a salaried individual or self-employed. It is important to ensure you have all the necessary documentation ready before applying for a personal loan, as it can speed up the application process and increase your chances of approval.
Here are the documents required by most Banks for personal loans for women in Bangalore:
- For Salaried Individuals
- PAN Card/Passport/Voters ID/Driving Licence
- Passport/ Utility bills/ Leave and Licence Agreement
- Bank Statement of the last 3 months (showing the credited salary)
- Last 3 months’ salary slips
- Passport size photograph – 2
- Salary slips for the last 3 months
- For Self-Employed Individuals
- Identity, Address, and DOB proof.
- Proof of continuity of business.
- Proof of income(audited financials for the last two years)
- Last 6 Months’ Bank Statement
- Proof of residence or office ownership
- Passport/Leave and Licence Agreement/Utility Bill ( not older than 3 months)/
Ensuring you have all the required documentation can increase your chances of getting approved for a Personal Loan from a reputed bank or any other financial institution.
Remember that if you are a pre-approved client for a bank you can get Personal Loan disbursed instantly in your account and you won’t have to provide any documentation.
Tips to Keep in Mind When Looking for Personal Loans for Women in Bangalore
While seeking a Personal Loan in Bangalore, there are several things you should keep in mind to ensure you make the best decision for your financial needs. Here are some specific tips to help you out:
- Check your credit score: A good credit score will increase your chances of getting a loan.
- Compare personal loan rates: Compare interest rates and terms from different lenders to find the best offer.
- Consider repayment period: Check the repayment period and ensure it is feasible.
- Borrow what you need: Avoid borrowing more than what you need, as this could saddle you with unnecessary debt.
- Read the fine print: Carefully read the loan terms and conditions to avoid any hidden charges and to have a clear understanding of the loan.
Follow these tips and you can secure a Personal Loan with favourable terms and avoid any issues.
To sum up, Personal loans designed for women in Bangalore can be a fast and convenient solution to address different financial requirements. ICICI Bank provides tailored Personal Loan choices to cater specifically to women. Don’t hesitate to check out the options available and move towards fulfilling your aspirations.