Can a Homemaker Get a Personal Loan?

In today’s time, society has started recognizing the efforts put by a homemaker in contributing to society, whether directly or indirectly. As most of their efforts go towards taking care of their family, it is important to provide them with the same facilities available to earning members of the family. Now, here comes a pertinent question – whether homemakers are eligible for personal loans?

While the homemakers may not have on-record documented income, it might come as a surprise to know that homemakers can apply for personal loans. This is instrumental in catering to the needs of the homemakers who can now finance their education or fulfill their dreams.

Personal Loan Interest Rates for Homemakers

Homemakers are provided with the most affordable personal loan interest rates starting at just 10.99% per annum. The loan can be availed for a maximum period of 6 years. Apart from this, it is worthwhile to know that no collateral is required for personal loans for homemakers.

Personal Loan Eligibility

Homemakers just need to fulfill the following simple personal loan eligibility criteria to avail of the personal loan:

Age: The homemaker must be aged between 22 years to 58 years of age
Income: The documented monthly income of the homemaker must be at least Rs. 15,000
Experience: The work experience of the homemaker must be at least 1 year.
Co-applicant: Homemakers many a times have some sort of side income, alongside managing their daily chores. However, this income might not be documented in most cases. In such cases or in the case if the homemakers don’t have the documented income at all, they can still apply for personal loans. They just need to have a co-applicant that satisfies the above simple criteria.

Benefits of Personal Loan for Homemakers

If you are a homemaker and are planning to avail of a personal loan, then you can avail of the following benefits:

Fulfillment of dreams: You can independently fulfill your dreams, whether it is pursuing higher education, going on a trip, or buying something.
No collateral: Personal loans for homemakers do not require any collateral security.
No prepayment fees after 6 months: If you consider prepayment at any stage of the loan tenure, you can easily do so after the first 6 months of the tenure have lapsed.
Lower Interest Rate: What could be cheaper than a personal unsecured loan starting at just 10.99%?

Documents Required for the Personal Loan

Documents required for the personal loans are minimal to keep the process easy and simple. This includes:

For salaried applicants:

Photo ID proof
Address proof
Salary slips
Employment certificate
Bank Statements

For self-employed applicants:

Photo ID proof
Address proof
Income proof

Personal Loan EMI Calculator

Homemakers are usually the ones in charge of the family’s finance and take care of the budget. If you are planning to avail of a personal loan, then you can easily plan your budget with a personal loan EMI calculator. It will tell you the exact amount you will need to allocate from your budget towards your personal loan EMI. You just need to enter the loan amount, personal loan interest rate, and tenure of the loan. It’s better to do all the calculations before applying for the loan.

Conclusion

A homemaker’s efforts should be recognized, and they shouldn’t be left out when it comes to meeting their financial needs. While it becomes important to have income stability while applying for a personal loan, including a co-applicant who satisfies the income parameters creates a win-win situation for all. This marks a step towards the financial independence of the homemakers who can now fulfill their needs independently.

For more information, please visit Tata Capital’s website.