Empowering the women sector is crucial for the economic development of any country. The Government of India as well as various banking institutions of the country, has introduced a lot of financial schemes to help women business owners to achieve their business goals. To have a solid working capital is necessary for the success of any business, even a small-scale industry, cottage industry or a large-scale industry. After possessing superior skills for the business and the potential for running a successful organisation, women are often discouraged by lack of money. Therefore, the Government of India has introduced various financial schemes to give our women the required finances; whether it is to set up a business from the ground or to expand an existing one, there are various schemes and loan options available.
1. Interest rates are low for women
Women are usually offered lower personal loan interest rates than the normal rate. Since interest rates can make all the difference between an affordable and a financially draining loan, even the smallest reduction can lead to substantial savings. While this decrease can be anywhere between point five to one percent, it can create the EMIs a lot easier on your pocket in the long run. Low interest also saves on the overall cost of a personal loan benefiting women to pay less.
2. Reduced stamp duty for women
Of course, you plan your loan on the basis of the cost of your chosen property. But what about other expenses? Additional expenses for example the stamp duty charges can also add to the cost of the property. Therefore, many state governments offer a reduction of 1 to 2 percent in stamp duty to encourage female ownership. This percentage may sound less but when compared with the amount of the house it is a huge amount that women get to save overall. This can lead to more savings.
3. Self-reliance can be promoted through personal loan
Personal loans open many doors for women. Women can use the funds to start a business, for expenses of education, or renovation of their home for better comfort and safety. Personal loans offer quick financial liquidity without any hassles. The application process is very straightforward and one can apply online and have the funds disbursed immediately. These loans give women the choice to not depend on other family or friends to achieve their goals. When women become independent and be able to pay her own expenses whether it's for shopping or courses this definitely promotes self reliance and confidence.
4. Versatility of personal loans
One of many reasons why personal loan gives triumph over several other modes of finance is that there is no interference from the lender in how you use the funds. Unlike other loans where you may need several documents to prove your expenses, like a home loan, student loan, or business loan, personal loans can be used to cover any expenses. You can use it for an international vacation, to plan a wedding, buying a car or two-wheeler, starting a business, or renovating your home, and so much more. This is the reason why people always opt for personal loan because it can be used for anything and provides freedom and make you use for any emergency as well.
5. Personal loans provides competitive interest rates
Personal loans have very competitive interest rates, therefore you can settle the debt by making easy monthly instalments over time. If you have a regular income, a good credit score, and good balance in your savings or checking account, you can get personal loans at a comparatively low interest rate without any hassle. This is the biggest advantage of a personal loan as well to have competitive interest rates.
Do you want to know the eligibility criteria for a Personal Loan for Women?
We at Loans Paradise offer relatively relaxed personal loan eligibility criteria for extending Personal Loans to Women believe it or not. All you have to do is check if you meet our basic eligibility conditions and apply!
? You have to be between the age of twenty two and fifty eight years.
? You must need a documented monthly income proof of at least fifteen thousand INR.
? You must have at least a year long work experience in your respective field.
By fulfilling these criteria applied to women with income, a homemaker or housewife can also apply for a personal loan with a co-applicant. The co-applicant also has to meet the criteria within the above listed eligibility criteria.
Women can go for long or short-term loans, depending on their wants and repayment capacity and also build a life they wish for themselves. Loans Paradise offers ideal personal loans that can provide women with quick cash so they can reach the heights they want to.