How Can a Housewife Get a Loan?


  • Can housewives borrow a loan to meet their financial needs?
  • Yes, they can! - Read this post to know about it in detail

Most of the housewives in today’s time manage their homes and look to fulfill the needs of their family members. But even they have their own needs that can be best fulfilled with a loan. With no stable income, can a housewife borrow a loan? Yes, she can! Housewives can submit securities like gold, property or fixed deposit on their name to get a loan against such possessions. These are called secured loans that you can get without having to show any income proof. There can be some housewives earning while working from home. They don’t need to submit any security to get the loan if they have the required income with a good credit history for getting an unsecured loan like a personal loan. Let’s check out the list of loans for housewives in this post.

Gold Loan

Gold is an instant help when a financial emergency occurs. You can pledge the gold and borrow money against the same. You can borrow an attractive amount from a bank or financial institution by pledging your gold ornaments. Which are the top lenders for a gold loan? Check out the table below and choose the lender as per your compatibility.

Apply For Gold Loan Online

Loan Against Fixed Deposit

If you have savings accumulated in a Fixed Deposit, you can get a loan against the same too. You just need to go to your bank branch and apply for the loan against a fixed deposit. What benefits does the loan provide? You can borrow up to 90% of your FD value without breaking the said deposit type. An attractive interest rate is applied to your borrowed amount that is 1%-2% above your FD rate. You can earn interest on your Fixed Deposit even after applying for the loan. Your asset remains secure, your financial needs are met and you get a flexible tenure for the payment. So, it’s one of the best loans for housewives who don’t have a regular income.

Personal Loan

A personal loan can also be one of the best loans for housewives who are working as a freelancer and earning handsome money. Your job experience and strong credit history can help the lender know your creditworthiness for a personal loan. So if you need urgent cash, you can apply for a personal loan.

Apply Personal Loan @ 10.75%* Rate

Personal Loan with a Co-applicant

When one is new to credit and is unable to meet the eligibility criteria set by banks for getting a personal loan, adding a co-applicant can be of immense help. This can also be one of the best loans for housewives in India. Taking a joint loan with your husband as co-applicant is dependent on both of your incomes. The combined income should be sufficient to pay the proposed loan EMI. With this loan, the co-applicant becomes equally responsible for repaying the EMI regularly. You can also opt for a loan guarantor, who is an individual agreeing to pay off the loan if the primary borrower defaults on it. Having a guarantor with a good credit history and credit score can improve your chances of getting a loan. It is also important to note that in the event you default on repayment, it will impact the credit score of the guarantor also. A personal loan can be an easy enabler for meeting the fund requirements.

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Supplementary Credit Card

As the name suggests, a supplementary credit card is an additional credit card that you can get on your existing card. You can pass the supplementary credit to any of your family members such as your parents, spouse, or children who are above 18 years. And, the number of supplementary cards varies from bank to bank but remains upto a maximum of 3 to 5. The benefits of a supplementary card are the same as the benefits of a regular credit card. This means a supplementary card can be used both in India and abroad to shop offline or online. You can withdraw cash using your supplementary card and earn rewards as well. But the credit card bill payment is the sole responsibility of the primary cardholder. So, housewives don’t need to worry about urgent funds when they have a supplementary credit card.

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Personal Loan Interest Rates September 2023
Fullerton India12.00% - 24.00%
HDFC Bank10.75% - 14.50%
ICICI Bank10.75% - 19.00%
IndusInd Bank10.25% - 26.00%
Kotak Bank10.99%
RBL14.00% - 23.00%
Standard Chartered Bank11.49%
Tata Capital10.50% - 24.00%
Home Loan Interest Rates September 2023
Axis Bank8.75% - 9.15%
Bank of Baroda8.50% - 10.60%
Citibank8.75% - 9.15%
HDFC8.50% - 9.40%
ICICI Bank9.00% - 9.85%
Indiabulls Housing Finance Limited8.65%
Kotak Bank8.85% - 9.40%
LIC Housing8.50% - 10.50%
Piramal Capital & Housing Finance10.50%
PNB Housing Finance8.50% - 10.95%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI9.10% - 9.65%
Tata Capital8.95% - 12.00%