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