Why the Rs.1 lakh Personal Loan is popular among working women and how you can get one easily
Indian society is evolving; gone are the days when working women were subject to cultural rejection. Today, they can walk proudly with their heads held high and contribute to the country’s growing GDP. In almost every sense of the word, working women are now experiencing the benefits of equality. However, there is one aspect that still needs to be improved upon when it comes to establishing complete equality for working women in India—the financial offers available to them. The existing financial system still falls woefully short with regard to providing them with financially lucrative offers that will aid them in ensuring a secure future, without having to compromise on quality of life.
Thankfully, there are still some avenues available to working women that can support and strengthen their resolve to achieve financial security and stability. Personal loans, for example, are an extremely appealing option in order to acquire funds in a quick and hassle-free manner.
Another available option is bank loans. Unfortunately, banks have to follow a set protocol which limits the amount of flexibility and rewards they can offer working women. They are usually bound by the strict requirement of ascertaining a loan applicant’s CIBIL Score before moving the application further. In case you have a low CIBIL score due to some issues like mounting credit card debt or skipping due dates, your application is likely to be denied. Before applying for Personal Loan; you need to check Personal Loan Eligibility.
Since they rarely make big investments, working women do not possess a record of good credit history, even if they have never skipped or delayed payments. In this case, personal loans are better than bank loans because the rules and regulations surrounding personal loans are slightly more lenient.
The third option for working women in India is payday loans. These loans have two things in common with personal loans that make them a good option—Instant loan approval and no CIBIL score check. Although these benefits are noteworthy, the disadvantage of payday loans is a high rate of interest.
Finally, bad credit loans are an option that can be considered by working women as well, but they have the same major drawback shared by most other loan facilities for an Indian working woman—very high interest rates.
Personal Loans for the Win
Personal loans are by far the most preferred choice for working women, especially the Rs.1 lakh ones, due to the following reasons:
These days, a considerable number of working women fall under the category of those who earn more than Rs.1 lakh per month, making it very safe to apply for the same loan amount, as the EMI on it hardly puts a dent on their overall finances. The extra amount can then be utilized by them to take care of any additional needs they might wish to fulfil.
Personal Loans are Short-term Loans
As opposed to long-term loans, the short-term personal loans can be easily paid back within a reasonable amount of time, thus limiting your financial burdens and facilitating a more secure portfolio for your future.
Personal Loans are Unsecured Loans
The one great thing about personal loans, even as low as Rs.1 lakh, is that they require no security or mortgage of your property. Essentially, you do not have to put up any collateral for the loan you apply for.
Eligibility is Rarely an Issue
Personal loans require only your basic details, employment and salary details and a confirmation of whether you have a home loan or not. That’s all it takes to avail an instant deposit of Rs.1 lakh in your account!
The Rs. 1 lakh loan is popular among working women as it is a good amount to fund immediate needs and easy to repay. Bajaj Finserv’s personal loans come with online application and instant loan approval.