With more and more females turning into entrepreneurs, over the years, has also considerably increased the number of females applying for loans. To encourage female borrowers, the government has proclaimed many special advantages, like low interest rate, easy eligibility and many more. Let us explore various such benefits:
1. LOWER RATE OF INTEREST: It is believed that women are more reliable borrowers as compared to men, this is why financial institutes often offer loans to women at a special interest rate.
2. EASY ELIGIBILITY CRITERIA: Easy qualifying criteria, like, the applicant should be an Indian citizen, their age should be between 23 and 58 years, they should have work experience of 3 years makes it easier for women to borrow.
3. HIGHER LOAN AMOUNT: Another advantage is that the women applicants can apply for a higher amount of loan.
4. EXTENDED TENURE: Other than the subsidy, the women loan applicants also get a longer repayment tenure, which gives the women a reduced monthly EMI and lesser financial load.
5. TAX DEDUCTION AND LOWER STAMP DUTY: Women get the benefit of tax deductions. The stamp duty is also lower than what is applicable to men. Considering the total cost, this is a considerable saving.
So, all the aspiring ladies, cash in the advantages of loans for females and make your dreams a reality.