Women-specific personal loans 2025: Interest rates, features and eligibility
Although personal loans that have been crafted specifically for women are the most essential tools for financial empowerment and independence these days in the ever-changing financial industry, they promise flexibility, convenience, and assistance across a spectrum of endeavours in life, including those that meet the specific financial needs and goals of women.
The loans are unsecured loans; therefore, women-specific personal loans are targeted at the different financial needs of an individual from their institutions. A few of the intended purposes might include education, starting your own business, unforeseen medical expenses, remodelling your house, or even during celebratory periods, such as weddings. Unsecured financing: These loans are available to women who would not have borrowing power otherwise, as they are collateral- and guarantee-less loans.
These loans are available to women who would not have borrowing power otherwise, as they are collateral- and guarantee-less loans. Competitive interest rates: In order to provide avenues for financial inclusion, many lenders have historically offered better interest rates for loan applicants who are female as proof of their creditworthiness.
In order to provide avenues for financial inclusion, many lenders have historically offered better interest rates for loan applicants who are female as proof of their creditworthiness. Flexible repayment options: Since loans can be scheduled between 12 months to 60 months, women have the ability to choose a repayment plan depending on their goals and financial condition.
Since loans can be scheduled between 12 months to 60 months, women have the ability to choose a repayment plan depending on their goals and financial condition. Speed of disbursement and minimal documentation: Money is quickly released and approved because of lesser documentation and a simpler application procedure. To guarantee rapid financial assistance, many institutions provide immediate loans to their ongoing clients.
Because lending standards are set by individual lenders, eligibility requirements may vary from one lender to the next, but typically include: Age: Generally, applicants fall in the range of 21-60 years of age, Employment: Applicants could be self-employment or salaried and could qualify independently if they can show stable earning income, Income: Generally, they may mention a minimum earning requirement of a ₹ 15,000 per month, Credit score: Your credit score has a better chance of getting approved with a good credit score generally referenced as above 685.
Banks
Interest rates
Processing fees
SBI
10.30% - 15.30%
Up to 1.50%
HDFC Bank
10.90% p.a. - 24.00% p.a.
Rs.6,500 + GST
HSBC Bank
10.15% p.a. - 16.00% p.a.
Up to 2%
ICICI Bank
10.85% p.a. - 16.65% p.a.
Up to 2%
IndusInd Bank
10.49% p.a. onwards
Up to 3.5% onwards
Kotak Mahindra Bank
10.99% and above
Up to 5%
IDFC First Bank
10.70% p.a. onwards
Up to 2%
Note: The interest rates may vary from borrower to borrower, as banks assess applicant's profile depending on the employment, income and credit score. Research and compare: Review the lenders and compare between lenders to see who has the better lending options for you.
Review the lenders and compare between lenders to see who has the better lending options for you. Verify your eligibility: Verify you are meeting all of the requirements laid down by the lender.
Verify you are meeting all of the requirements laid down by the lender. Documentation : Aside from your identities, proof, existence of address; proof of income, statements from your bank accounts.
Aside from your identities, proof, existence of address; proof of income, statements from your bank accounts. Apply: You can apply at the lenders branch, or their website or mobile application.
You can apply at the lenders branch, or their website or mobile application. Approval and disbursement: Generally, after your credit approval, loan amounts are less than a day for disbursement.
In conclusion, giving women loans means more than just offering a financial product-they are political instruments to ensure that women can be financially empowered, get out of emergencies, and follow their dreams. These loans are, therefore, crucial to closing the gender gap in financial inclusion, offering timely, accessible, and customized financial solutions.
Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
23 minutes ago
- News18
Did ICICI Bank Try To Acquire HDFC? What Deepak Parekh Reveals
Last Updated: 'I remember you talking to me said ICICI started HDFC. 'Why don't you come back home?' That was your offer,' Parekh said in interaction with Ex-ICICI CEO Chanda Kochhar. ICICI Bank once tried to merge housing finance firm HDFC with itself before its reverse merger with its own banking arm, HDFC Bank former chairman Deepak Parekh has revealed. In a YouTube video, Parekh, in an interaction with ICICI Bank former MD & CEO Chanda Kochhar, said, 'I remember you talking to me once…you said that ICICI started HDFC. 'Why don't you come back home?' That was your offer." However, Parekh said he declined the offer, saying 'it won't be fair or proper with our name and the bank and all". He also said the HDFC Bank-HDFC reverse merger, which was completed in July 2023, was primarily driven by regulatory pressure. 'The RBI supported us and they pushed us into it to some extent and they helped us…there were no concessions, no relief, no time, nothing but they helped us to go through the process and get the approval," Parekh said. On the reverse merger, Parekh called it 'a sad day and a happy day". He added, 'It's good for the institution. It's good for the country to have large banks. Look at how large Chinese banks are. We have to be bigger, larger in India." Describing the merger as good for the institution, he said, it is good for the country to have large banks. Indian banks must grow through acquisitions to become stronger in future, he added. HDFC Ltd, the parent entity of HDFC Bank, merged with its banking subsidiary to create the country's biggest private sector lender. The merger became effective from July 1, 2023. With the reverse merger, the 44-year-old institution HDFC Ltd faded into memory lane. Interestingly, the creation of HDFC Ltd was financially supported by erstwhile ICICI Ltd, the parent entity of ICICI Bank. The Reserve Bank of India had classified large NBFCs like HDFC, which then held assets exceeding Rs 5 lakh crore, as systemically important — well above the Rs 50,000-crore threshold. (With Inputs from PTI) First Published:
Hans India
32 minutes ago
- Hans India
Varsity launches innovative ‘industry inside the campus' initiative
Belagavi: In a pioneering step towards integrating industry with academics, Visvesvaraya Technological University (VTU), Belagavi, has launched a novel initiative titled 'Industry Inside the Campus'. This move comes on the heels of the university making headlines for declaring exam results within an hour—yet another testament to its push towards student-centric reforms. To implement this new concept, VTU has established the Visvesvaraya Research and Innovation Foundation (VRIF) on its main campus, opening up space for companies in drone technology, software development, electric vehicles, IoT, PCB manufacturing, AR/VR, and more. These companies are now operational on campus, with full-fledged training for final-year engineering students set to begin from August. Speaking to this reporter , VTU Vice-Chancellor Prof. S. Vidyashankar said, 'Students now gain hands-on experience and practical exposure within the campus. We've established rapid innovation centres such as the Schneider Acceleration Centre, Proteus, Cadence, and an Electrical Vehicle Lab to bridge the skill gap. Through VRIF, we aim to create not just employees but future employers.' One of the key players in the initiative is Saras Aerospace, a startup established in 2022, specializing in carbon fiber drones and airframe production. Co-founder Brijesh Kumar Koparde noted, 'Thanks to VTU, we operate from within the campus. We train students not only in drone technology but also in equipment used for drone testing. We've delivered over 200 drones across the country, including to the Indian Army, Navy, and Air Force. Our product range includes drones valued between RS1.5 lakh and RS 30 lakh.'Currently, nearly 90 students are undergoing hands-on training with Saras Aerospace. Rajat Hanshate, a final-year engineering student, shared, 'I've developed an Unmanned Ground Vehicle during my internship here. From 3D modeling to integrating sensors and cameras, everything was facilitated. I gained immense exposure to the practical aspects of drone-making for both defence and agriculture.' Another student, Swastik Hegde, emphasized the value of his training, 'I've been interning here for two months. I've learned PCB design and IoT sensor integration. I even worked on a Retractor Landing Gear project. I'm truly grateful to VTU for creating such platforms.' The 'Industry Inside the Campus' initiative is expected to benefit at least 2,500 students in the coming academic year. The university hopes this integrated industry-academia ecosystem will not only make graduates job-ready but also empower them to become entrepreneurs. 'This is not just about employment, it's about entrepreneurship,' reiterated Prof. Vidyashankar.
Hans India
an hour ago
- Hans India
Singareni to construct 500 MW pumped storage plant
Kothagudem: As part of its business expansion activities, Singareni Company will undertake construction of a pumped storage power plant based on the closed Medipalli open cast mine water reservoir in Ramagundam-1 area. During a review meetingon Saturday, CMD N Balaram said, 'The company, which has completed the preliminary studies related to this, has been entrusted with the responsibility of preparing a complete project report and has presented a letter of award to a public sector undertaking named Vyapcos Limited.' He said that the Deputy Chief Minister Bhatti Vikramarka Mallu has already visited the Medipalli open cast mine and the construction site. Explaining the details of the project, he said, 'The plant works like a hydroelectric project in a way. A reservoir dam of about 2,350 m long and 23 m deep will be constructed for water storage on the funds. This reservoir will store 9.64 million cubic meters of water and 8 million cubic meters of water will be used for pumping.' The project cost is estimated to be around Rs 3,000 crore.
