Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Personal Use Loan > Personal Loan for Housewives to Start a Business

Personal Use Loan

Personal Loan for Housewives to Start a Business

Personal Loan for Housewives to Start a Business

Being financially independent is important for everyone. And starting a business is the fastest way to acquire that independence. Today, many homemakers are looking to launch their businesses while carrying the household on their backs.

However, in business, one needs ‘to spend money to make money.’ This initial capital requirement is one major hurdle between homemakers and financial independence. Even though the market has plenty of personal loan schemes to procure the necessary funding, these borrowing instruments have strict income requirements, which homemakers might not fulfil.

With that said, there are several workarounds to personal finance that you can explore to fund your venture.

Get a co-applicant on board

If you can’t meet the income criteria, a salaried co-applicant can be an instant help. The co-applicant can either be your spouse or your parents.

The loan amount you receive will depend directly on the salary and repayment capability of the co-applicant. Moreover, after the loan disbursal, the burden of paying off the EMIs falls on the shoulder of the co-borrower. So, it’s best to fine-tune your EMI amount using a personal loan EMI calculator first.

Add a loan guarantor

If you’re confident that your business will take off in the future and generate sufficient revenue, you can take a loan with a guarantor. Essentially, the guarantor promises to pay back the loan if you (the primary borrower) can’t make the repayments.

However, lenders only approve of a guarantor if they have an immaculate credit record, a steady income source, and fulfil all other personal loan eligibility criteria.

Additional Read: What is the highest personal loan amount one can apply for?

Take a secured loan

If the co-applicant or guarantor way doesn’t work out, you also have the option of borrowing a secured personal finance loan. To procure this loan, you essentially need to pledge any valuable or asset as collateral, such as gold, property, vehicle, equity, FDs, etc.

With a secured loan, you can overcome the stringent income requirements and get enough funding to kickstart your business. The best part? Pledging collateral can also get you discounts on personal loan interest ratesdepending on the lender’s policies.

Explore government schemes

The central government has also launched several projects, including the Prime Minister Mudra Yojana, offer financial support to aspiring women entrepreneurs. Under this scheme, women homemakers can get a secured loan amount between Rs. 50,000 to Rs. 50,00,000.

You also have access to unsecured loan options, with the upper limit being Rs. 10,00,000. Both banks and NBFCs offer loans under this scheme.

Additional Read: Things To Do If Your Personal Loan Gets Declined

Final thoughts

By conducting in-depth research of your required finances, comparing multiple loan deals, and exploring various government schemes, homemakers can comfortably get a loan. Once you acquire the funding, you’ll be off to realising your dream business venture in no time.

Looking for a personal loan for housewives? Tata Capital’s personal finance loans can take care of all your business dreams! Competitive interest rates, fast disbursals, and an easy application process – that’s our promise.

Start your entrepreneurial hustle by applying for our loan today!

Apply Now

Get an Instant Personal Loan for all your needs !

Apply now
Popular Searches
loan without cibil personal loan for 15000 salary Loan for ring small cash loan on aadhar card pre approved personal loan What To Buy On Dhanteras Personal loan when self employed how to increase cibil score form 15g for pf withdrawal how to download aadhar card
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.