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5 Benefits for Women when Availing a Personal Loan in India!
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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.
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Go through a few benefits for women when opting for a personal loan:
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!
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.
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.
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.
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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