Personal Loan For Women

Here’s the formula that is used to calculate your EMI:

E =[P x R x (1+R)^N]/[(1+R)^N-1]

Here in the equation,

• E stands for EMI
• P stands for principal loan amount
• R stands for the monthly rate of interest
• N stands for tenure period.

Example:

• P = ₹5,00,000
• Annual interest rate = 11.99% p.a
• R = 11.99% / 12 / 100 = 0.0099
• Loan tenure in years = 5
• Number of monthly installments (n) = 5 * 12 = 60.

Now, let's substitute these values using the personal loan EMI calculator formula:

EMI = [500000 × 0.0099× (1 + 0.0099)^60] / [(1 +0.0099)^60) - 1]

EMI = ₹10,994

Hence, assuming a personal loan of ₹5 lakhs at an interest rate of 11.99% for a tenure of 5 years, your monthly repayment amount would be up to Rs 10,994

Comparison of Loan Lenders For Women

This comparison guide to discover a curated selection of loan providers dedicated to serving the unique financial needs of women. Delve into the offerings, benefits, and solutions to make an informed choice, ensuring financial growth and empowerment on your terms.

Types of Loans Offered to Women

Below, we have provided a list of types loan offered by government schemes for women entrepreneurs:

Mudra Loan for Women - This is a government loan scheme for ladies that offers loans for aspiring entrepreneurs without requiring collateral. They come in three categories which include:

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1. Shishu Loan: Maximum loan amount of Rs. 50,000 for businesses in their initial stages.
2. Kishor Loan: Loans ranging from Rs. 50,000 to Rs. 5 Lakhs for established businesses aiming for improvements.
3. Tarun Loan: Loan amounts of up to Rs. 10 Lakhs for well-established businesses planning expansion.

Stree Shakti Yojana - This Stree Shakti scheme allows women to avail of an interest concession of 0.05% on loans more than Rs. 2 lakh.

• Targets women with a significant ownership stake in their businesses.
• With reduced interest rates, the equated monthly installment (EMI) is more affordable, facilitating easier repayment for women entrepreneurs.
• This specialized loan scheme is designed for women entrepreneurs.

Dena Shakti Scheme - Loans up to Rs. 20 lakh are provided for women entrepreneurs in agriculture, manufacturing, micro-credit, retail stores, or small enterprises.

• Under the microcredit category, women can avail a loan of up to Rs. 50,000.
• The Dena Shakti Scheme offers a notable concession of 0.25% on the interest rate.
• The scheme provides a flexible tenure period for loan repayment

Bharatiya Mahila Bank Business Loan - Women enterprise can avail up to Rs 20 Lakhs. And here is the Bharatiya Mahila Bank Business loan.

1. Shringaar Loan:
• You can avail loan amount up to Rs. 20 Crores
• Competitive interest rates are offered based on market conditions.
• Flexible tenure based on the borrower's repayment capacity and business requirements.
2. Parvarish Loan:
• You can avail loan amount up to Rs. 1 Crore
• Competitive interest rates based on prevailing market conditions.
• Flexible tenure as per the borrower's financial capacity and business needs.
3. Annapurna Loan:
   • As per the business requirements of food entrepreneurs within the specified range.
   • Attractive interest rates aligned with market dynamics.
   • Flexible tenure options to suit the repayment capacity and expansion plans.

Mahila Udyam Nidhi Yojana -The scheme supports women entrepreneurs by extending loans up to Rs. 10 lakh.

• This govt loan scheme for ladies is offered by Punjab National Bank and Small Industries Development Bank of India
• The tenure period can extend up to 10 years
• The rate of interest charged depends upon the market rates.

Orient Mahila Vikas Yojana Scheme - Women entrepreneurs owning 51% share capital individually or jointly with a proprietary concern.

• This loan provides tenure for 7 years.
• Competitive market-based rates, offers to a 2% interest rate concession
• Collateral required for loans between Rs. 10 lakhs to Rs. 25 lakhs

Cent Kalyani Scheme - This is a government loan scheme for ladies that can be availed by both existing and new entrepreneurs and self-employed women.

• Interest Rate is based on prevailing market rates
• Tenure Period can extend up to maximum repayment tenure of 7 years
• EMI calculation is based on the loan amount, interest rate, and tenure.

Udyogini Scheme - The Women Development Corporation has implemented the Udyogini Scheme under the Government of India.

• Loan quantum as per scheme guidelines
• Interest Rate are based on per scheme provisions and market rates
• Repayment terms is specified under the scheme

Pradhan Mantri Rozgar Yojana - The objective of Pradhan Mantri Rozgar Yojana is to provide opportunities of self-employment for the educated youth .

• Avail loan amount up to Rs. 1 Lakh
• Interest Rate are market-driven interest rates
• Repayment tenure ranging from 3 to 7 years

Synd Mahila Shakti Scheme - Under this plan, the bank offers financial backup to those women entrepreneurs and professionals

• Avail loan Up to Rs. 5 Crores
• Minimum interest rate is 10.25% (concessional rates for specific amounts)
• No specific tenure mentioned

Features and Benefits for Personal loans for women

Experience seamless loan availing journey with these exclusive features and benefits of a personal loan for women:

Steps to Apply Only for a Personal Loan With Buddy Loan

Steps To Apply For a Personal Loan with Buddy Loan

• Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
• Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
• Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
• Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
• Step 5: Enter your work details (Including company name, years of service and Designation)
• Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
• Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.