Generally, to get a loan approved, the loan applicant should meet the eligibility criteria prescribed by the lender; and one of the main criteria is a stable income. Housewives usually don’t apply for a loan because they don’t have a stable income. But, a housewife too can get a loan in spite of not having a stable income. The following ways and means can be used by a housewife to secure a loan;
Get a co-applicant on board
A co-applicant is an instant help when someone is new to the credit or unable to meet the eligibility criteria. The credit health of the co-applicant will be considered, and the person will be held accountable in case the principal applicant defaults. Hence with a help of a co-applicant, a housewife can get a loan successfully.
A gold loan is an instant help when it comes to securing a loan quickly. As it is a secured loan and the lender has the advantage of the collateral in case of defaults, it is easier for anyone including a housewife to get a loan by pledging the gold. You can just walk into any bank or gold loan company and return with cash in an hour.
Mudra Yojana for Women
Launched by the Government of India to empower women financially, Mudra Yojana provides finance to women to start a new venture. Under this scheme, women can get a minimum loan amount of Rs.50,000 to a maximum of Rs. 50 Lakhs. Collateral free loan is provided for up to Rs.10 lakhs and for obtaining more than that limit, security has to be pledged. The loans can be obtained from established public and private banks.
Additional Read: Small Business Loan For Women