Generally, to get a loan approved, the loan applicant should meet the eligibility criteria prescribed by the lender. A house wife too can get a loan is she is eligible for it. Though a home maker may not have a steady source of income, a following ways and means can be used 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 principle applicant defaults. Hence with a help of a co-applicant, a house wife can get a loan successfully.
A gold 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 house wife to get a loan by pledging the gold. You can just walk in to any bank 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 INR 50,000 to a maximum of INR 50 Lakhs. Collateral free loan is provided for up to INR 10 lakhs and for obtaining more than that limit, a security has to be pledged. The loans can be obtained to established public and private banks.