A Personal loan for housewives is a popular financial product available for Indian women to establish their professional ventures. In this 21st century, homemakers are not limited to typical docile, domestic household responsibilities. They have found different content to start their professional profile outside of their kitchen walls. Women of the house these days are much ambitious and are accurately capable of fulfilling their entrepreneurial dreams while simultaneously handling their household responsibilities.
However, such determination may not be enough sometimes as lack of funding hit the door. It creates hurdles for her to fulfil business aspirations. In that case, there are a number of financial institutions or banks in India that offer financial products like personal loans with firm benefits to start their business.
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Some productive ways to obtain a personal loan for housewives:
Secured Loans:
Secured loans are the best possible way for a business person. However, a personal loan comes in two natures – A secured personal loan and an unsecured personal loan. In a secured personal loan, an applicant requires to promise collateral against the credit value. But under the unsecured personal loan, the applicant is freed from securing mandatory collateral. Most salaried individuals can easily avail of unsecured personal loans.
However, housewives with an intention to start off a business or a new content do not have any monthly source of income. Therefore, they can avail of a secure loan which is ironically best for them as well.
To obtain the said loan value, one must secure some assets as collateral to assure loan repayment. Anything like gold jewellery, house, property, vehicle, agreements can count as collateral to easily avail of the personal loan to commence the business. Besides, it’s imperative to check eligibility criteria before applying for a unsecured personal loans.
Personal Loan via a Co-Applicant:
Another excellent way for a housewife to obtain a personal loan is applying for the loan with a salaried co-applicant. The co-applicant can be her father or husband. The lender organization will approve the stated loan amount to her, counting on the salary wage of the co-applicant. The co-applicant will equally be reliable for repaying the monthly EMI like the housewife. Hence, it’s imperative that a housewife design a robust pay-off plan of the debt ready in hand to avoid any uncertain financial burden or crunch on her co-applicant.
Bring a guarantor on board ready:
Being a housewife, if you don’t have any salaried partner to be a co-applicant, you can take the help of an individual who agrees to become your guarantor. Most importantly, during the time of availing of the plan, the guarantor must provide a written assurance. The written application must guarantee the lender that he will repay the loan value in case the prime applicant face any unfortunate circumstances.
Gold loan:
In India, it is solely natural that housewives have an impressive amount of gold jewellery passing from generations as a gift to them at the time of marriage. They generally do not wear that jewellery on a daily basis and have those locked up in a bank locker. In this case, those gold ornaments can be utilized for a good cause. You can request instant cash in exchange for the gold ornaments to the lender organization.
A number of lenders are ready to provide the personal loan value of the requested amount against gold jewellery. In case a housewife is unable to get a guarantor or co-applicant, she can always go for a gold loan option.
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Personal loan schemes for housewives:
Here we have listed some government loan schemes for housewives to avail instant cash:
- Pradhan Mantri Mudra Yojana for Women
Launched by the government of India, this scheme aims to encourage women entrepreneurs to establish their own ventures by providing instant credit.
- Star Mahila Gold Loan Scheme
This loan scheme intends to help women with non-working backgrounds or housewives purchase gold jewellery.
- Udyogini Scheme
This financial scheme encourages women across the country to get a loan amount up to Rs. 1 Lakh. It helps them start off a new business. It comes with less interest rates.
Summing Up:
Personal loans for housewives always come with several benefits and less interest rates. These schemes are intended to empower ladies of the house to establish something own with new content with flexible monetary help.
