Personal Loan

Complete guide on how unemployed housewives can avail of personal loans?


Most homemakers today manage their houses and try to meet the demands of the members of the family. However, they, too, have demands that may be best met with a loan. Can a housewife get a loan if she doesn’t have a steady income? She certainly can! Personal loans for housewives can borrow against their assets. They can do so by submitting securities such as gold, real estate, or fixed deposits. These are known as secured loans. Some housewives may be able to make money while working remotely. It will help if they have an apt income and a strong credit history. In such cases, they do not need to offer any security to get an unsecured loan, such as a personal loan.

What are the advantages of getting a personal loan?


A bank loan allows you to repay whenever you choose as long as your payments are regular. Your payments should be on schedule. It has a major difference when compared to an overdraft. In the latter, full credit is taken out in one go. In the case of a credit card with a limit, it cannot be used all at once.


Bank loans are the most lucrative alternative when compared to overdrafts and credit cards in terms of interest rates.

Profit Retention

When you obtain capital through equity, you must distribute earnings to shareholders. However, in the case of a bank loan raised funds, you are not required to share gains with the bank.

Tax Benefit

When a loan is taken out for business resolves, the government considers the interest payments a tax-deductible item.

What do housewives need to get personal loans?

If you want to take out a personal loan as a housewife, you must fulfil certain basic personal loan eligibility criteria. Your co-applicant must meet the below-given requirements – 

  • The age range is 22 to 58 years.
  • Proof of monthly salary of not less than INR 15,000 is required.
  • A full year of working experience is needed.

It should be noted that these criteria vary from lender to loan. So, before applying for a personal loan from any bank, make sure you understand their requirements.

What documents are needed?

You must provide specific documents to obtain a personal loan as a homemaker. You must submit the below-given if the co-applicant is an employed individual – 

  • Photo ID 
  • Address proof 
  • Pay-slip
  • Certificate of employment
  • Latest financial records

If the co-applicant is self-employed, you must submit the following documentation – 

  • Income proof
  • Identity proof
  • Address proof

What are some options for personal loans for housewives?

Check out the following list to know all about personal loan options for housewives.

Personal loan via Co-applicant

Personal loans for housewives can be applied for through a salaried co-applicant. The income of this co-applicant will decide the overall loan money. This co-applicant, like the housewife, would be held equally liable for achieving the loan EMIs. As a result, the homemaker must have a repayment plan in place. This prevents financial burden on the co-applicant. If the housewife lacks a partner to partake as a co-applicant for the loan, she might enlist the help of a guarantor. When applying for a personal loan, the guarantor must provide a written guarantee. They should guarantee they would return the loan if the housewife fails to fulfil her duties.

Secured Loans

An unsecured loan is one in which you are not required to pledge any security in exchange for the loan amount. The major of paid workers may simply obtain an unsecured personal loan. On the other hand, housewives do not have a regular source of income. As a result, they must qualify for a secured loan. A secured loan needs security against the loan amount as security for loan repayment. This security can be an asset such as a vehicle, property, bond, or home equity. If a housewife can provide such security, she can easily obtain a secured personal loan to cover her financial needs. Before filing for a personal loan, it is better to check its eligibility.

Loan against gold

Many Indian housewives get some gold passed down through the generations. It may also have been given to them when they married. This gold is rarely worn and is kept in bank lockers. This gold may be used to obtain a quick personal loan for a housewife. Many lenders in the market provide simple personal loans with gold jewellery as their loan security. Worse comes to worst, and if a homemaker can’t locate a co-applicant or a guarantor, she may always depend on her gold holdings to have her loan sanctioned.

Supplementary Credit Card

Such a credit card be added to your current card. You can transfer such credit to anyone in your relatives over the age of 18. This may include your parents, spouses, or kids. Also, the number of such cards varies per bank. It is limited to 3 to 5. A supplementary card provides the same benefits as a standard credit card.

How long does it take for housewives to get their personal loans approved?

How you make the loan request will decide loan acceptance. If you need money quickly and want your loan authorised and paid within a matter of hours, you could make an application online. If you request manually by visiting any of the lenders’ nearby physical locations, the loan approval and distribution procedure might take a few days.


Even if you are a housewife with no regular income source, you can still apply for a personal loan. You can enlist one co-applicant. Go to the Piramal Finance website, and look into what they have to offer.