08 MARCH, 2022

Gender gap in financial inclusion is a reality. Hence, there is a need to take additional measures to ensure financial inclusion of women. This can be a win-win situation for both women as well as financial institutions, as women get access to finance and financial institutions get customers with a lower propensity to default.

Accordingly, the government as well as financial institutions have taken several measures in this direction, thereby offering benefits on loans like home loans, personal loans to women.

Go through a few benefits for women when opting for a personal loan:

  • No end-use restriction on the amount disbursed

The best part about a personal loan is that it is a multipurpose loan. Well, personal loans can come to your rescue to fund once-in-a-lifetime occasions. Therefore, whether you want to book that hotel facing the sea or have a lavish destination wedding, you can easily apply for a personal loan and get started on planning your big day. 

The best part about personal loans is the ease of application. You tell them about your aspirations, your need for a personal loan, and voila, lenders after their analysis go ahead to fund your dreams. Though a lavish wedding is not where the personal loan needs end, from traveling abroad, medical emergencies to home renovation, personal loans are there to help you!

  • Collateral free loans

You can avail collateral free loan up to Rs 20 lakhs with flexible tenures from 1 to 5 years. This makes it easier for you as you are not burdened by the need to generate collateral like gold, property or shares, as with other types of loans. Since there isn’t any security to assure loan repayment, the lender will focus on your income and financial stability. 

  • Simple documentation

One of the biggest advantages of personal loans is that the documentation is minimal and quite simple to comply with. You can save time with a simplified documentation process for your planned/unplanned needs.

  • Lower interest rates

It is even more convenient to opt for the loan due to attractive interest rates. While, the rate depends on the lender, in most cases the personal loan interest rates for women are comparatively lower. This is in order to promote financial independence among women and encourage them to avail loans.

  • Easy processing

Personal loans can be your saviour in days of need but what’s better is the easy application process. The easy processing of personal loans can be your go-to place if your funds don’t keep you overhead.

Make sure to have the supporting documents such as KYC documents, last 2 months of salary slips, account statements, CIBIL score proof, 2-3 passport size photographs and other applications, which the lender would ask for.

Today, women are more in control of their finances. With their own wish list, women are taking charge of spending on their wedding, further education, travel, etc. Kotak Mahindra Bank with a renowned set of financial advisors is here to guide you through the application process for personal loans for women and make it an easy and streamlined process to get instant funds with the best-customized deals.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.