Personal Loans for Housewife in India


If any person is in dire need of money, they can apply for personal loans. Personal loans are unsecured loans which can be easily taken from any bank or financial institution.

Everyone or anyone who qualifies the eligibility criteria is allowed to avail a personal loan. Personal loans are very handy during the time of emergencies. With online application websites, it has become all the more easily to apply for personal loans today. The applicant just needs to provide their information and according to the eligibility, banks would offer the loan. Personal loans can only be offered to people who have a steady source of income. Since, it is an unsecured loan, banks do not ask for any securities in lieu to sanction the loan. However, banks would only qualify those individuals who have the repayment ability. Anyone with less or no source of income is not entitled for a personal loan.

Why would housewives require personal loan?

There are numerous reasons for which housewives may apply for personal reasons. Some of the top reasons for which a housewife may require quick cash:-

- To pay-off bills

With prices of daily commodities rising, it has become difficult for a middle income group family to fulfil the daily requirements. Extra cash can helpful in pay outstanding bills. These bills may include grocery bills, electricity bills or other daily expenses.

- To settle medical bills

In case if the applicant has no medical insurance or exhausted the insurance, they can go for personal loan to pay off the medical bills.

- For kid's school fees

Education expenses are rising on daily basis. Sometimes parents face delinquency in paying school fees. In case of late payments, school charges late fee charges that are exorbitantly high. Personal loan can come very handy in such situations.

- To start a business

Having an extra income is always a better idea than relying on loans. However, to start having an extra income, you need to have a business to earn that extra money. There are many creative businesses today which can be started from home and does not require much capital. Housewives can go for government schemes (mentioned below) or personal loans to start a business.

Are housewives eligible?

As mentioned above, people with steady source of income are eligible to apply for personal loans. But that does not mean that personal loans are not accessible to women. There are various options through which even housewives can apply for personal loans, but that to a certain limit. Here are some ways through which housewives can avail loans:-

- Loan under government schemes

Indian government is making all efforts for women empowerment. In partnership with nationalized and private banks, government has commenced many schemes that have helped many dependent women find financial independence. There are schemes like Mudra Yojna where women can receive loans to start their business. This kind of loan is for small ventures like boutique, salon, tuition centre etc. There are various other schemes like PNB personal loan scheme for rural women, Annapurna scheme, Shringaar and many more. Every nationalized bank has their own scheme for women.

- To settle medical bills

In case if the applicant has no medical insurance or exhausted the insurance, they can go for personal loan to pay off the medical bills.

- Unsecured Loans

Personal loans are instant unsecured loans that can be applied from any kind of bank or financial institution. However, if an applicant is unemployed, they are ineligible for personal loan. Such applicants require a co-applicant to apply for personal loan. The co-applicant though is not the official borrower of the loan; however, they are equally responsible for repayment of the loan. In case of non-payments, banks are authorized to penalise both the parties. Check the eligibility requirement for personal and compare the interest rates from every bank on The personal loan EMI calculator on the website can help you make informed decision.

- Secured loans

Secured personal loans is another way through which women can easily apply for loans. If a housewife has any property or securities like shares, mutual funds, RD's, NSC etc, by pledging them to the bank, they can get loan from the bank. Once the loan will be completely repaid, the bank will be returned the pledged property back to the applicant.

- Gold Loan

Loan against gold is quite common in India today. Almost every Indian housewife owns some amount of gold. Banks and private finance companies offer 70% of the total value of the gold. Gold loan is convenient and requires less paperwork. It is also the fastest way of getting a personal loan.

- Family or Friends

This is the most preferred way of getting a loan by an Indian housewife. The biggest advantage of this loan is that there is no legal obligation to pay every month. Depending on the capability, you can pay to the lender. Also, there is no set amount for monthly repayments. Basically, this loan works according to the nature of relation the applicant share with the borrower.

Meeting the eligibility criteria

For applying a personal loan, qualifying the eligibility criteria is a must. Every bank has their own norms to meet the requirements. The requirements are easy to comply with. However, few parameters are common with every bank:-

- Age

The applicant should be between 18 – 60 years of age

- Identity Proof

Every person in India who is above 18 years of age is required to have an identity proof. PAN Cards, Voters ID, passports or Aadhaar Card can work for identity proof. This identity proof states that the applicant is a resident of India.

- Address Proof

Aadhaar Card, Passport, Electricity bill, Phone bill or bank statement can act as address proof.

- Co-applicant Proof

This is mainly required for unemployed people. Housewives come under the category of unemployed people. They require a co-applicant to apply for a personal loan. In case of housewives, spouses can act as a co-applicant for the loan.

- Income Proof

In case wives have Income Tax returns files under their name, they need to present that to the bank along with other documents. Income proofs of the co-applicant is also required by the bank in case if the co-applicant

- Credit Score

This is mandatory to apply personal loan. The applicant or the co-applicant needs to have a good credit rating in order to apply for personal loan. These documents are necessary for applying personal loan. If the bank finds all the documents viable, they will grant the loan amount.

These documents are necessary for applying personal loan. If the bank finds all the documents viable, they will grant the loan amount.