Personal Loan

Is It Possible for a Housewife to Get a Personal Loan?


Are you a housewife who stayed back home to take care of your family? You have juggled various roles involving childcare, running the home, and finances. However, this doesn’t mean that you cannot upgrade yourself or have a career!

If you have enough time, you can build your career at your own pace. Some of you may be interested in running your businesses.

However, you may be concerned about raising the capital to build a successful business. Some of you may also wish to undergo training or study further. This will also require funding. 

Personal loans for housewives are a great option for you if you wish to pursue your dreams. It is easy to apply for a loan online. Many banks and credit unions offer personal loans to housewives.

Types of Loans for Housewives

You can consider various options to procure a loan. Below are some of the options for housewives to get funding.

1. Secured loans and unsecured loans

Two types of personal loans are available for you: secured and unsecured.

Secured loan: This type of loan requires an asset as security. It could be a house, a car, or even jewellery. You can use any of these as security to procure a loan.

Unsecured loan: You can get an unsecured personal loan without any assets as security. This kind of loan is easy to find on the market. It is one of the best options for housewives.

2. Personal loans through co-applicants

You can apply for a personal loan with a co-applicant. It can be a spouse, parent, or sibling with a regular income. In such cases, the income of the other applicants will determine the personal loan for the housewives.

3. Personal loans through guarantors

You can use a guarantor if you do not have a working spouse. The guarantor must agree to repay the loan if you fail to do so.

4. Loan in exchange for gold

You may have jewellery, which is useful in financial emergencies. Many banks will give loans in exchange for gold. The banks will return your gold when you repay the loan in full.

Perks of Personal Loans for Housewives

You will receive the following benefits when you apply for personal loans:

Multipurpose Loans

You do not have to provide any reasons when you apply for personal loans. You are free to spend the money on anything you deem fit. This is different from other types of loans, which are offered for specific purposes.

Less Paperwork

You can get personal loans online easily. They require less paperwork and are free of hassles. 

No Down Payment

Do not worry if you do not have assets. Personal loans for housewives do not need any collateral. This is especially useful for women who do not own assets.

Manageable EMIs

You can opt for flexible options to repay your loans. You can pay off your loans over a longer period with lower EMIs. This is an affordable option for housewives.

Simple Processes

Online applications are easy to fill out. The loans are also disbursed quickly. You will need to discuss your options in detail with the banks to get the best deals.

Personal loan requirements for housewives

You can get instant loans if you meet a few simple requirements. 

  • The applicant must be between 22 and 58 years old.
  • The applicant or guarantor must have a steady monthly income of at least Rs. 15,000.
  • A self-employed individual should be earning at least Rs. 3 lakh to Rs. 5 lakh.
  • The applicant should have worked for at least a year at the same company.
  • A self-employed applicant must have run a successful business for at least two years.

Documents for Housewives to Get a Personal Loan

You or your guarantor must provide various documents to apply for a personal loan. This includes proof of identity, income, and address. If the other applicant is a salaried person, the below documents are needed:

  • Identity proof: This includes passports, Aadhaar cards, PAN cards, voter’s IDs, and driver’s licences.
  • Address proof: All the above documents can be used as address proof if they have the same address. Rental agreements or bills issued by the government can be used as address proof.
  • Proof of income: This may include payslips for the last three months, bank statements, and income tax returns. If the other applicant is a sole proprietor, you may need to provide additional documents to validate employment. 

How to Get a Personal Loan with Low Interest Rates

  • Interest rates are based on the credit scores of applicants. These scores are based on their credit history. They tell a potential lender how reliable you are. 
  • Keep your credit rating above 750.
  • Maintain a perfect record of payments to keep your credit in good shape.
  • Compare interest rates to find the best loan terms.
  • Use an online interest calculator and compare your options. 

Factors that Influence the Interest Rates of Personal Loans

Interest rates on personal loans are based on many factors. Knowing these factors is key to getting lower interest on personal loans.

  • Income stability: If you or your co-applicant have a steady income, the bank will be more confident about repayment. 
  • History of Repayment: A history of making payments on time will make it easier to get a good personal loan. This shows that you can pay your EMIs on time. 
  • Bank Relationship: The interest rate on a personal loan may also depend on the applicant’s relationship with the lender. Having a bank or credit union savings account with the same bank will be helpful.


Personal loans, both secured and unsecured, make it possible for housewives to upgrade themselves or start their businesses. Banks and government programmes to help homemakers have made it easy for women to procure loans. 

If you are a housewife, you can work towards achieving your dreams without worrying about funding. Visit Piramal Finance to learn more about how you can get a personal loan for housewives. The website also has information about other services that can help you manage your finances.