Various Personal Loan Options for the Working Women in India

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The world is moving towards gender equality, and India is not far behind. With the advent of time, the number of working women is increasing in India. In different fields, women are working alongside men and living lives independently. A working woman is bound with several responsibilities. For dealing with these responsibilities, money is required. For example, one may need money to pay medical bills. You may need money if you want to purchase a car, home, and other expensive assets. Instead of paying the money from savings, applying for an instant personal loan is a good idea.

In order to support working women in India, private and public sector financing companies have come up with various kinds of personal loans. If you need a personal loan, you can consider the following options.

Personal Loan from the Bank

For a personal loan, most of the people opt for bank loans. You can reach the bank where you maintain your account for a personal loan. Bank has a systematic loan approval process. There are some pros and cons of bank loans. The positive thing is that bank loan comes at a low rate of interest for repayment. The downside is that the bank loan approval process is time-consuming. If you are looking for an instant personal loan, a bank loan is not the best option. It may take a few weeks to approve your loan application. Chance of rejection of loan application is also high with bank loans.

Personal Loans from private Lenders

For an instant personal loan, private lenders are considered as better options than the banks. However, private lenders offer a loan at a high rate of interest. Some lenders may also include some hidden charges. Before applying for a personal loan from a private lender, one needs to keep the following things in mind.

  • Credit Score: Most of the private lenders offer loan against the credit score. When you have a good credit history, you earn a good credit score. If you do not have any credit history, getting a loan would be difficult for you.
  • Salary: Most of the private lenders offer loan after checking the salary of the applicant. You may need to submit your recent salary slips. Alternatively, you may need to share bank statement of last three months.
  • Hidden Charge: When you choose a private lender, you must be aware of the hidden charges. For example, there could be a money transaction fee. Many lenders disclose these fees, while some of the lenders keep these fees hidden.
  • Rate of Interest: Private lenders offer faster loan approval than banks. But, they charge a higher rate of interest on the principal amount. Before applying for a personal loan, you should check the rate of interest.

Many private financial institutions offer easy credits to working women. For purchasing a valuable item or paying medical bills, you can opt for such loans. For wedding and vacation planning, many private lenders offer personal loans to women. If you have a good credit history, getting a loan from the private lenders is possible within a week.

Instant Online Loan

There are a few private lenders that offer instant personal loan. The best thing is that one can apply online for availing such loans. You do not have to visit the office of the lender. You need to have a computer and internet connection for submitting your loan application. For such loans, minimal personal details are needed to be submitted by the borrowers. When the application is submitted, it will be reviewed by the automated system of the lender. If your personal and financial details match the criteria, the loan will be approved within a few minutes. After approval, you will get the money credited to your account. For working women, online personal loan is an excellent option. It helps to deal with a short-term financial crunch. You can pay bills and home or car loan EMIs with such personal loan.

Gold Loan for Women

For both working and non-working women, gold loan is an excellent financing option. Here, gold has been used as collateral. Women can borrow an amount by keeping their gold jewellery as collateral. The gold loan has some positive sides compared to other personal loan options. In the following section, you can find those benefits.

  • The gold loan does not need credit score auditing.
  • Such loan comes with fast approval and minimal document checking.
  • Both salaried and non-salaried women can apply for the loan.

Before applying for a gold loan, you should check the terms and conditions carefully. Rate of interest for such loans varies from one lender to another lender. Both short-term and long-term gold loans are available for the borrowers.

The Pradhan Mantri Mudra Yojana

Though anyone can apply for a personal loan under Pradhan Mantri Mudra Yojana scheme, it is considered an excellent financing option for working and non-working women. The Pradhan Mantri Mudra Yojana is a popular financing scheme rolled out by the Government of India. For availing this loan, an applicant can reach banks, rural banks, cooperative banks, microfinance companies, etc. One should have a business plan for applying for such a loan. If you have a good business plan in industries like services, manufacturing, and trading, you can avail the loan. There are many other terms and conditions. One should read those terms and conditions carefully before applying for the loan. The notable thing is that PM Mudra Yojana is not a personal loan. It is a loan to support entrepreneurship.


So, different personal loan options are there for working and non-working women in India. Getting a loan becomes easier when you have a job with a fixed monthly salary. Such women can apply for the online personal loan that comes with instant approval. Some online lenders require credit score, while some lenders do not check credit score. After loan approval, you can get the money within a few minutes at your bank account. Hence, it is the most convenient personal loan option for working women in India. 

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