Mahila Personal Loan Scheme 2024: Friends, these days we need loans for our personal needs so we take loans from banks, some of which are banks which help women meet their personal needs like education, marriage, travel, medical expenses, etc.
There are some banks and loan institutions that provide loans to their existing women customers on credit profiles. If any woman among you wants to take a personal loan then read our article till the end to get complete information.
Why Mahila Personal Loan Scheme Not Eligible for Housewives?
Like any other loan, in a personal loan also the bank keeps in mind the things like credit score of the applicant, age, employer profile, job profile, minimum monthly income, and credit profile. Most of the women do not have any credit score or credit card due to which it is very difficult for them to get a personal loan and banks do not provide loans to women without income because the interest rate of the loan depends on the credit of the applicant.
Banks/NBFCs usually do not offer any discount on interest rates to women loan applicants, hence, if we compare the interest rates on personal loans offered by top banks and NBFCs then whichever of the banks offers lower interest rates. Then you should apply in that bank for a personal loan for the benefits of lower interest rates
Mahila Personal Loan Scheme Features
We get to see many features of women’s personal loan schemes -:
- Under Mahila Personal Loan Yojana, women applicants get personal loans at the rate of 10.49% per annum.
- Under this scheme, loans up to approximately Rs 40 lakh are being provided to women.
- In this loan scheme, the loan repayment period for women applicants is usually up to 5 years, although in some banks this period is also around 7 years.
- To take a loan, women applicants have to pay approximately a 3% to 4% processing fee.
Mahila Personal Loan Scheme Eligibility Criteria
To get a loan under the Mahila Personal Loan Scheme, you will have to fulfill some of the following eligibility criteria which we have written below.
- To apply for the Mahila Personal Loan Scheme 2024, a woman’s age should be approximately 21 years or older.
- It is mandatory for the maximum age of the woman to be 60 years at the time of loan maturity.
- To apply for this loan scheme, a female applicant must work in a private sector company for at least 2 years, in which it is mandatory to be employed in the current company for at least 1 year.
- The monthly income of the woman applying for this loan scheme should be more than Rs 15,000.
Documents required for Mahila Personal Loan Scheme
Before applying for this loan scheme, you will need some important documents which we have mentioned in writing below.
- Id proof
- Address certificate
- Income certificate
- Latest salary slip
- Employment certificate
- Latest bank account statement
Mahila Personal Loan Scheme Applying Process
If any woman among you is eligible for this scheme and wants to apply for this scheme then she can apply for this scheme with the help of the simple steps mentioned by us so read the application process of this scheme carefully.
- To get a loan under the Mahila Personal Loan Scheme, first of all, you have to contact your nearest bank.
- In the next step, we have to tell the bank manager all the information related to this scheme and personal loan.
- Then after this, we have to take the personal loan application form from the bank employee.
- After this, we have to carefully remember the information asked in the form.
- After this, we have to add the necessary documents along with the form.
- After that, we have to submit this form to the employee.
- After our form is approved by the bank manager, the loan amount will be transferred to our account through DBT.
- With the help of the simple steps mentioned above, you can apply for this scheme and get a loan.
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FAQs – Mahila Personal Loan Scheme
1. Why Mahila Personal Loan Scheme not Eligible for Housewives?
In personal loans also the bank keeps in mind the things like credit score of the applicant, age, employer profile, job profile, minimum monthly income, and credit profile. Most of the women do not have any credit score or credit card which it is very difficult.
2. How to apply for the Mahila Personal Loan Scheme?
If any woman among you is eligible for this scheme and wants to apply for this scheme then she can apply for this scheme with the help of the simple steps mentioned by us in our article so read the application process of this scheme carefully.
3. What is the Eligibility Mahila Personal Loan Scheme?
To apply for the Mahila Personal Loan Scheme, a woman’s age should be approximately 21 years or older.
It is mandatory for the maximum age of the woman to be 60 years at the time of loan maturity.