Personal loan for housewives

Snneha Lukka july 4, 2019

Indian women, including housewives, have been gaining greater freedom in their lives compared to those from 15 to 20 years back. Many of them are educated and have their own personal ambitions. Along with managing their family and household, many modern-day housewives also take on part-time jobs or pursue a home business. For others who may not have any vocational pursuits but are willing to explore their options, they may have to assess their skills and the best opportunity for them. Some housewives may find suitable jobs that match their skills and also give them the flexibility they need.

However, many housewives wish to start their own home business since it’s the perfect avenue to earn money by doing work they enjoy. A home business also provides a much greater degree of flexibility in their schedule to manage their household and personal duties, as compared to a job. One of the main constraints that these housewives face is having a sufficient amount of funds to start their own business. If they wish to gain funding, a business loan can be difficult to obtain due to the strict eligibility criteria involved. Lenders tend to be wary of giving loan for housewife especially if they don’t have a stable income from their job or venture.

How Can a Housewife Get a Personal loan?

Despite these barriers, personal loans for housewives are still an option. Since they have a wide variety of usage, an individual can utilize the funds to start up their own business. Let’s explore some of the ways that individuals can avail personal loans for housewives

1. Secured Loan:

A secured loan is when the borrower provides their assets as collateral against their loan to the lender. The lender will hold onto your assets until the loan has been repaid entirely. In case the borrower defaults on repayment, the lender has the right to take ownership of your assets in order to recover the loan amount. Assets such as gold, real estate property, jewellery, shares, investments etc. can be provided as assets. As a housewife, if you own any such assets, you may find it an easy process to avail a secured loan for your business venture.

2. Gold Loan:

Almost every Indian woman has some gold in their possession, and one can even avail their loan for housewife against it. Instead of letting your gold jewellery lie dormant in the bank locker, you can put it to greater use by taking a gold loan. It’s an excellent alternative to a business loan for many housewives. When the business begins to run well, one can easily apply for and avail business loans to further expand their venture.

3. Co-Applicant:

Another way that one can find it easy to avail loan for housewife is to add a co-applicant with a steady income to their application form. This can be made possible for the housewife to add her working husband or their father, if he is an earning member. A co-applicant enables one to get a joint personal loan. The loan amount provided will primarily depend on the co-applicant’s income. The maximum loan amount sanctioned can be a multiple of the co-applicant’s take-home income. In this agreement, the co-applicant will be held equally responsible for paying the monthly EMIs.

4. Loan Guarantor:

Individuals who are seeking loan for housewife can also add a guarantor to their application. If you do have a stable income or can pay off the loan without any financial assistance, you can also consider adding a loan guarantor to your application. A loan guarantor is an individual who agrees to take on the responsibility of repaying the loan in case the primary applicant defaults on the same. By adding a loan guarantor with a high credit score and outstanding credit history, you stand a greater chance in getting your loan without much hassle.

Snneha Lukka

july 4, 2019

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