- How much personal loan do lenders disburse to women applicants?
- The loan eligibility will depend on their income, credit score - Read this post to know more about it
Women are increasingly topping the chart across various walks of life. If they are managing their household work with precision, their professional skills are much appreciated in the corporate arena. Like others, even they wish for an exhilarating travel experience or require instant funds to meet their immediate needs. All this and more is possible with a personal loan that women can get from banks and non-banking finance companies (NBFCs) across India. As a woman, you might ponder over the personal loan amount you could get from lenders in India. Well, it will depend much on your income, credit score, etc. Let’s check out such factors before focusing on the best personal loan for women these days.
Income Greatly Dictates Your Repayment Potential
A greater income ensures your repayment potential is higher than someone earning less. The greater repayment potential makes lenders convinced of your ability to pay more. The maximum personal loan for women will hinge mostly on greater earnings.
Existing Obligations Will Impact the Eventual Personal Loan Amount Disbursal
If you have an existing loan obligation, it will impact the personal loan which you are going to apply for. The existing loan EMI will be debited from your present income first to assess how much you can pay towards a personal loan. As that will be less than when you apply without any obligation, the lender can reduce the personal loan amount. Like income, even existing debt obligations will impact the deal regarding a personal loan for women. Lenders assess the Fixed Obligation to Income Ratio (FOIR) to decide the personal loan amount for women as well as other applicants. That ratio will differ based on the income earned by individuals. Ideally, lenders want the proposed personal loan EMI to be within 50% of the net monthly income post the deduction of the existing loan obligation amount.
Your Credit Score Will Speak for Yourself
The way you have handled your past debt or are handling the present one will greatly dictate the credit score you’ll have. A credit score ranges from 300 to 900 in India. A good credit score is above 700, while scores above 750 seal the case for women or any other applicant. The closer you are to 900, the greater are the chances to grab higher personal loan amounts. In today’s times where the COVID-19 pandemic has taken a toll on most, the importance of having a good credit score has gone manifold up. A personal loan for women and other applicants does not get approved easily if their credit score is less than 750. Stringent credit score norms apply if you are working in a non-listed company. For such employees, having a credit score of 750 and above is a must. Keeping in mind the financial problems faced by many owing to the pandemic, lenders are increasingly reducing the personal loan disbursal amount for women and other applicants. So, under normal circumstances, if you were eligible to get a personal loan of INR 5 lakh, it may now reduce to around INR 4 lakh.
The Kind of Workplace You’ve Dictates the Personal Loan Amount Too
The reputation of the workplace has always been important for lenders to calculate the personal loan amount for women and other applicants. If you’re working in a top-notch company, the disbursal can be higher. Employees working in top firms are assured of regular salary disbursals compared to someone working in a small startup where income can be erratic.
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Special Personal Loan for Women
Both banks and NBFCs have a special personal loan for women to increase their penetration and loyalty among females in India. Let’s check out such offers now.
HDFC Personal Loan Diva
A pre-approved personal loan for women of upto INR 3 lakh is provided under this scheme. Further, they get premium brands and products. The offer is, however, valid for select HDFC Bank customers.
Fullerton India Personal Loan for Women
Fullerton India offers an exclusive personal loan to its female clients under the brand name -‘Nari Shakti Personal Loan for Women. As per the scheme, women applicants can get the loan within 72 hours after it gets approved by Fullerton India. If you meet the eligibility criteria and documentation is flawless, you can get an instant approval. The loan amount will depend on your income, credit score and other factors as mentioned above.
Bajaj Finserv Personal Loan for Women
Bajaj Finserv also offers a personal loan to women employees wanting funds to meet their travel, wedding and other personal needs. They can get a loan of upto INR 20 lakh from this reputed NBFC for a maximum of 5 years.
Maximum Personal Loan Amount at Different Lenders
The maximum personal loan amount for women applicants depends firmly on their income and credit score. But some lenders can fix an upper limit to the loan amount. You can check that in the table below.
|Lenders||Maximum Loan Amount||Interest Rate (In Per Annum)|
|HDFC Bank||No upper limit, the loan amount depends on income, credit score, repayment potential||10.40% - 17.00%|
|ICICI Bank||Upto INR 40 Lakh||10.75% - 17.50%|
|Bajaj Finserv||Upto INR 20 Lakh||14.00% - 16.00%|
|State Bank of India (SBI)||Upto INR 20 Lakh||9.60% - 13.60%|
|Kotak Mahindra Bank||Upto INR 20 Lakh||10.75% Onwards|
|YES BANK||Upto INR 30 Lakh||10.50% Onwards|
|IDFC First Bank||Upto INR 40 Lakh||10.49% - 32.00%|
|Fullerton India||Upto INR 20 Lakh||12.00% - 25.00%|