Whenever we think of a personal loan, we automatically assume that a steady income source will be one of the major eligibility requirements. If you’re a homemaker, you might wonder if you can avail of such a loan in light of no income source. Thankfully, applying for personal finance is not just possible for you but also easily accessible in 2022.
Personal finance for housewife in 2022
You might want to purchase big-ticket items or simply want to invest in a home-based business. For each of these, personal finance can come to your aid. You just need to have a co-applicant aboard with their documented income, and your loan can be sanctioned within a few days.
If you wish to take personal finance as a housewife, you will have to meet some simple personal loan eligibility criteria. Or in your case, the co-applicant should meet the following criteria –
- Their age should range between 22 to 58 years.
- They should have a documented monthly income of at least Rs. 15,000.
- They must possess at least a year-long work experience.
Do note: eligibility conditions usually differ from one lender to another. So before you apply with a financial institution, make sure to understand their criteria to the T.
To avail a personal loan for women as a homemaker, you will need to produce certain document proofs.
If the co-applicant is a salaried individual, you need to furnish the following documents –
- Photo identity proof documents
- Address proof documents
- Salary slips
- Employment certificate and recent bank statements
If the co-applicant is a self-employed individual, you need to furnish the following documents –
- Income proof documents
- Identity proof documents
- Address proof documents
How long will it take to have my loan approved?
Loan approval will depend upon the medium of the loan application. If you’re in urgent need of the money and want to have your loan sanctioned and disbursed within a couple of hours, you should apply for the loan online. If you apply offline by visiting one of the nearest physical branches of the lender, your loan approval and disbursal process might take a few days.
Additional Read: Tips to Get a Personal Loan When You Don’t Have Credit History
Over to you
So you see, even if you’re a housewife who does not have a steady source of income, you can still avail of personal finance by simply adding a co-applicant. Are you currently looking for the best personal finance options? Then apply for one with Tata Capital today!
Just bring in a co-applicant who meets the eligibility criteria and avail a loan principal from Rs. 75,000 to Rs. 25 lakhs. With our personal loan interest rates starting at just 10.99% and flexible EMI options, you can enjoy a smooth repayment experience.
Before applying, you can also use our personal loan EMI calculator and know your EMI in advance. So, why wait? Check out our offerings today.