Personal loans are one of the easiest ways of getting out of a sudden, unforeseen financial emergency. While lending institutions are working overtime to push personal loans to salaried people, some NBFC (non-banking finance companies) also extend personal loans to homemakers.
Here we list a few major NBFCs that offer personal loans to homemakers. But first let’s see what are the conditions in which there might be a sudden requirement of cash by a homemaker.
Typical situations where such loans might be required include payment of school fees of children. Though this is a predictable and routine financial obligation, other unforeseen situations can lead to sudden shortages when one has to raise debt to pay the kid’s fees. Other situations can be a medical emergency. One might also need to quickly pay off credit card dues to prevent the snowballing of interest. Sometimes a personal loan might also help a homemaker to kick off a tiny business of her own or undertake a quick but emergency repair work at home.
Hero FinCorp
Hero FinCorp is one of NBFCs that provides personal loans to homemakers. It says that a housewife has to be an Indian citizen in order to be eligible for a personal loan. She must also be between 21 and 58 years of age. One also needs to have a small income of Rs 15,000 a month to get a personal loan from this firm.
Shriram Finance
One of the most prominent NBFCs in India, Shriram Finance, also says, “It is possible to get a personal loan for unemployed housewives and students. Make sure you have a good credit score before applying.”
As a golden rule, this NBFC advises that the homemaker should have a co-borrower, or a guarantor, to apply for the loan.
Piramal Finance
Piramal Finance also extends personal loans to housewives. “A homemaker can either approach a bank branch or apply online for a personal loan for a housewife. They can obtain two types of personal loans — secured personal loans and unsecured personal loans,” says Piramal Finance.
This NBFC advises that the homemaker should take a co-applicant with a stable income to apply. Her husband can easily join her if he has a stable income from a job, it points out.
Personal loans are quick and convenient and there are no conditionalities on the end-use of the money. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
