Moving away from patriarchal social constructs, Indian women are breaking out of pre-defined gender roles as mere homemakers and instead, are charting out tremendous careers, taking up financial responsibilities of their homes, and providing for their loved ones.
They are becoming the financial decision-makers, from deciding the budget for a vacation or expensive purchase to taking loans for a medical emergency: women are taking center stage. And lenders, taking note of the growing financial needs of professional women, have begun to provide instant personal loans made especially for women.
Giving Women the Financial Freedom
The increasing number of working women in India indicates they are no longer dependent on anybody for financial support. The Indian woman of today earns the same as her male counterparts, if not more, fulfills her desires and supports her family.
However, salaried women too can come short of funds sometimes, and might find themselves in need of some additional finances. For the same, they can use a personal loan for any purpose during the urgent need of funds.
Some common reasons women take personal loans include:
- Medical Procedures: Whenever they need treatment to meet an unexpected medical emergency or improve their health with advanced treatment: a Personal Loan gives women the required funds instantly to get the best treatment they deserve.
- Education: Instead of requesting others to fund their professional education or certification to upgrade qualifications, women can take a Personal Loan for education and repay the cost in EMIs.
- Vacation: Why should male members fund family vacations all the time? Or go for all-boys trips? A working woman can apply for a travel loan to finance whatever vacation she wants. Solo travelers also take Personal Loans to support world tours, etc.
- Home Renovation: Whether their house requires an urgent home repair or the latest interior design, women can fund it with a Personal Loan for home improvement and cover the costs of labor, material, shipping, transportation, and everything involved.
- Wedding: Indian weddings are extravagant, and earning women no longer want to use their life savings on the event. That is why many of them take Personal Loans for the wedding to fund their wedding expenses and relieve their father’s finances. At the same time, a wedding loan helps them fulfil all their desires for the big day.
Why Do Women Prefer Personal Loans?
Many women prefer Personal Loans over other credit options for several reasons, including the following:
- No Collateral Requirement: In India, many do not have significant assets in their name, so availing of a collateral-free Personal Loan is easier for them.
- Competitive Interest Rates: Women are savvy with their money- and do not want to pay additional interest charges and spend their hard-earned money. By availing of a Personal Loan, they can keep the additional loan cost to a minimum and save money.
- Flexible Repayment: The flexible repayment options of Personal Loans make them feasible for salaried women who can chart out repayment plans that suit their income and lifestyle. They can use a Personal Loan EMI calculator to select a loan term with EMIs suitable to their budget and repay on time.
Easy eligibility conditions, minimal documentation requirements, and 100% online loan procedures make Personal Loans much easier to access than other loan types. Consequently, personal loans for women have become a big hit among professional Indian women looking for quick financial assistance.
About the Author
Amaira Sharma is a finance expert and former business growth strategist who has more than 8+ years of experience in the industry, now she helps others to get better financial stability and standards. She loves to write useful tips on personal finance and businesses.