How can Housewives Get Personal Loans for Small Business

Why is Personal loan a great choice?

One of the primary reasons which make the personal loan a great choice is because it puts no restrictions on the usage of money. One can use this amount for marriage, vacation, home renovation, and even starting off a new business venture.

  • Identity proof — One of the first thing that you would require is the ID proof which can include Driving License, Voter ID, Aadhaar Card, passport, etc.
  • Age Proof- Government-approved birth certificate

Tabular representation of the personal loan interest rate offered by different banks and NBFCs:

How can a housewife apply for a personal loan?

If someone is willing to start a business, then he/she would need monetary assistance. The personal loan appears to be the easiest way out. Since it doesn’t put any restriction on the usage of the loan amount, one can easily apply and use this money to start the business. However, if some in unemployed or doesn’t have a steady source of income, then things can turn a bit tricky as one has to produce income proof while applying for a personal loan. Here is a way out:

Features of Personal Loans for Women

  1. Adding a co-applicant makes you eligible for a personal loan — In case you do not have a regular income.
  2. No restriction on the usage of the amount — you can use the amount to fund your new business, buy appliances, arrange required infrastructure, etc.
  3. Quicker loan approval — The loan approval process is quick and takes very less time.
  4. Minimal paperwork — Almost nil paperwork. In some cases, the loan is pre-approved
  5. An unsecured loan, hence there is no need to add collateral — No need to provide your home or asset as security.
  6. You can easily start your business — Start your business as soon as you get the funds.
  7. Pay off in easy EMI — Start repaying the loan in EMIs.

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Ajit Samal

Ajit Samal

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I am the guy with more dreams that aims my target and chase in the Indian financial markets and more conscious in stock market moments