Mahila Personal Loan Scheme: In the present times, women are progressing in every field. Be it education or business, financial assistance is required to fulfill these aspirations.
Keeping this in mind, government and private banks have come up with Mahila Personal Loan Scheme. Mahila Personal Loan Scheme has been started especially to empower women and fulfill their financial needs. With this Mahila Personal Loan Scheme, women will become self-reliant and will be able to realize their dreams.
The objective of the Mahila Personal Loan Scheme
Mahila Personal Loan Yojana is a scheme in which loans are provided to women to meet their personal and household needs. The main objective of this loan is to help women meet their financial needs. Be it education, marriage, medical treatment, or any personal expenses. Mahila Personal Loan is provided to meet all these expenses. Under the Mahila Personal Loan Yojana, a loan of up to Rs 40 lakh is provided to the woman.
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Women Personal Loan Scheme Interest Rate
- Women’s Loan attracts a minimum interest rate of 10.49% p.a.
- Women are given relief of 3% to 4% in the interest rate per annum on women’s loans.
- The repayment tenure of a woman’s loan is generally up to 5 years.
- Whereas some banks can extend it up to 7 years also.
- Apart from this, the interest rate is decided based on the financial history of the applicant, loan amount, and CIBIL score.
Features of the Mahila Personal Loan Scheme
- Under Mahila Personal Loan, personal loans up to Rs 40 lakh are provided to women.
- Because of this, she can fulfill her personal needs.
- Women’s loans are available at an interest rate of 10.49% per annum.
- However, this interest rate varies according to the credit profile of the female applicant.
- The repayment tenure of a woman’s loan is generally up to 5 years.
- Whereas some banks can extend it up to 7 years also.
- Women also have to pay a processing fee of 3% to 4% on taking a loan.
Eligibility for Mahila Personal Loan Scheme
- For the Mahila Personal Loan Scheme, the age of the applicant woman should be between 21 years to 60 years.
- For the Mahila Personal Loan Scheme, the female applicant must have at least 2 years of working experience.
- In which one year should be working in the current company for at least 1 year.
- In Mahila Personal Loan Scheme, the minimum monthly income of the female applicant should be more than Rs 15,000.
- For the Mahila Personal Loan Scheme, the woman should not be a defaulter of any bank or other financial institution.
Documents Required for Women’s Loan
- Aadhar card
- PAN card
- Address proof
- I Certificate
- Bank statement
- Employment Certificate
- Passport size photo
- mobile number
Application Process for Women’s Personal Loan Scheme
- First of all, the applicant woman will have to visit the website of the bank or financial institution.
- You will have to go there and register yourself with your Aadhaar number and mobile number.
- After registration, the application form has to be opened.
- All the information asked in the application form must be entered correctly.
- After this, some required documents have to be scanned and uploaded.
- Now at last the application form has to be submitted.
- Once the application process is completed the application form is verified.
- If all the information is found correct during verification, the loan amount will be transferred directly to your bank account.
