Personal Loan

Can a housewife get a personal loan?


Housewives in current times have given a new concept to the balancing act by combining home chores and having a career simultaneously. Women are not simply homemakers but also career-driven or eager to create their businesses.

Most women who want to establish their firm or brand confront the challenge of getting finances or raising cash. This problem is now solved since housewives may also apply for personal loans. Today, all you have to do is enter how to obtain a loan for a housewife. This will give results of many banks and other money firms providing this service. 

Perks of Personal Loans for Housewives

Check out some of the perks available when you apply for loans for housewives:

  • Several uses

Personal loans are multi-purpose, so you don’t have to indicate why you want the loan. These loans may be used as per your needs.

  • Easy

Women often lack a credit record and a consistent source of income. Hence, by joining a co-applicant, they may easily get such a loan.

  • Flexibility

Personal loans, like any other bank loan, offer flexibility. Housewives may choose their loan payback time and can use the funds as per their need, as there is no limit on end use of these loans.

  • No assets are required

Unsecured personal loans enable you to borrow more money without security. You will not risk losing a vital asset with such a loan.

  • Lower EMIs

Housewives may also pick a longer term, which reduces the strain on their monthly EMIs. The payback terms are variable and based on the lender’s comfort since they may set the payback time.

Personal Loan Options for Housewives

Personal loans for homemakers are provided in the following forms:

  1. Unsecured vs Secured LoansWomen have two options for personal loans: secured and unsecured. Secured loan: A secured bank loan for housewives needs them to put up assets against the loan amount, such as property, a car, jewellery, etc.Unsecured loan: An unsecured bank loan may be obtained without collateral. This loan kind is one of the greatest and most easily accessible.
  2. Co-applicant Personal LoanA housewife might also get a loan with the help of a paid co-applicant. The co-wage will decide the overall loan amount. This person would be equally liable for repaying your monthly loan EMIs. As a result, the housewife must have a payback plan to prevent money pressure on her husband. If the wife does not have a working spouse willing to sign as a co-applicant for the loan, she might seek the help of a person who has agreed to serve as her guarantor. When applying for a loan facility, the guarantor must provide written assurance that they would return the loan if the wife fails to do so.
  3. Government Schemes
    Nowadays, the government facilitates women’s access to personal loans via several programmes. Furthermore, these schemes only need a small set of papers for forms. However, such financing plans need the presence of a guarantor. You may apply for these courses via the Pradhan Mantri Mudra Yojna for Women or the Udyogini Scheme.
  4. Gold LoanMost Indian wives have gold passed down from generation to generation or given to them when they marry. This gold is seldom worn and is stored in bank lockers. It may be used to get a loan for a housewife. Many lenders on the market provide simple personal loans on gold jewellery. If a wife cannot find a co-applicant or guarantor, she may always depend on her gold holdings to authorise her loan.

Eligibility Criteria for a Co-Applicants of a Personal Loan for Housewives 

To take out a personal loan for a housewife, you must fulfil basic loan eligibility needs. The co-applicant must meet the following needs –

  • The age range is 22 to 58 years.
  • Papers proving a monthly income of Rs. 15,000 are required.
  • At least one year of work experience is needed.
  • A decent CIBIL score, i.e., above 700, is also needed.

It should be noted that the qualifying needs vary from lender to lender. So, before applying for a personal loan from any bank, ensure you understand their qualifying needs.

Papers Needed For A Loan For A Housewife 

You must provide specific papers and evidence to get a loan for a woman working as a homemaker. If the co-applicant is a salaried person, the following papers must be submitted:

  • Photo ID
  • Address verification papers
  • Employment certificate, pay stubs, and current bank proof

If the co-applicant is self-employed, you must provide the following papers:

  • Proof of income
  • Identity verification
  • Address verification

How To Apply For a Personal Loan For A Housewife 

Applying for a loan for a housewife is no longer complex since you can complete the process online. It only takes a few clicks. Follow these steps to learn how to receive a personal loan for a housewife:

  • Visit the lending institution’s website and choose your preferred loan type.
  • To access the form, click ‘Apply Online’.
  • Fill in the form and enter the OTP sent to your registered phone number.
  • Enter your KYC information and income information, if required.
  • Choose the loan amount you want to borrow.
  • Submit the loan form and wait for a call from a bank representative.

Housewives may also apply for secured or unsecured loans and get funding to start their businesses today. By contacting banks or using government women empowerment plans, it has become simple to apply for a loan for housewives and assist them in realising their ambition. 


When individuals are short on funds, personal loans may assist them in coping with many situations. While lenders normally look for evidence of income when reviewing a loan request, women with no income may receive one if they have a co-applicant with a constant salary and a decent CIBIL score.

Housewives should be sure to contact a reputable lender. Doing so will ensure they obtain the best possible interest rates in the market and several value-added services for free.

If you want more information about personal loans, check out similar blogs on Piramal Finance and explore their products and services.