Can A Housewife Get A Personal Loan?

A personal loan can be one of the easiest ways of getting some quick cash. Read on to know how a housewife can get a personal loan only at IIFL Finance.

14 Nov,2022 10:54 IST 1403
Can A Housewife Get A Personal Loan?

A personal loan can be one of the easiest ways of getting some quick cash when one is in a spot of financial bother.

Not only is a personal loan collateral-free, most good lenders also offer a hassle-free process that can be completed online and from the comfort of one’s home.

The money from a personal loan can be used for almost anything—from paying off medical bills to urgent home repairs and even to pay for a kid’s school or college fees.

Since personal loans are non-collateralised, lenders gauge the borrower’s creditworthiness by looking at their credit history. This is often done by looking at their CIBIL score, which is a three-digit number from 300 to 900 that denotes how fiscally prudent the borrower has been with past debt repayments.

A housewife who may have worked in the past and left her job for some reason may still have a credit score. But a housewife who has not had any prior work experience may not have much of a credit history to show. However, that does not mean she cannot get a personal loan.

Oftentimes people assume that for a personal loan a steady source of income is a prerequisite and that not having a steady income would mean that the person cannot get a loan without collateral.

All a housewife needs to apply for a personal loan is a co-applicant who has a steady income, and can take the liability of repaying the loan if she cannot do it.

This co-applicant can be her husband, daughter or son who are of working age and earning a steady income or for that matter any one of her in-laws or parents.
Zaroorat aapki. Personal Loan Humara
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To apply for a personal loan, a housewife’s co-applicant needs to meet certain parameters.

• The co-applicant should ideally be in the age group of 22-58 years
• The co-applicant should have proof of regular income
• The co-applicant should have work experience of at least one year.

The co-applicant will need to furnish the following documents:

• Photo ID proof
• Address proof
• PAN card or Aadhaar card
• Bank account statements
• Salary slips and employment certificates

Co-applicants who are self-employed may furnish the following documents:

• Income proof
• Address proof
• Identity proof

The personal loan can be applied for either online or offline. Doing so online will not only save the borrower time and the bother of going to the lender’s branch or office, it would also quicken the process and the application will be approved much faster as long as all the documents have been uploaded.


Personal loans can help people deal with many circumstances when they are short of cash. While lenders typically check for income proofs while scrutinising a personal loan application, even housewives with no income can get a personal loan, provided they have a co-applicant who has a steady income and a good CIBIL score.

Borrowers should, however, make sure to approach a reputed lender like IIFL Finance, as doing so will mean they not only get the best possible interest rates in the market but also get several value-added services, free of cost.

IIFL Finance also offers flexible repayment options that can help a housewife pay back the loan in easy monthly instalments that suit the cash flows of the co-applicant, so as to avoid any unnecessary financial stress.
Zaroorat aapki. Personal Loan Humara
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Disclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.

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