Offered without any collateral or security and packed with additional benefits, personal loans provide the much-needed financial assistance in taking care of planned as well as unplanned expenses along with the consolidation of debts. Whether you are aiming to pursue higher education, getting the home renovated, or trying to cover medical expenses in case of an unforeseen emergency, personal loans are an effective solution for overcoming money-related obstacles.
Depending on the eligibility and requirement, one can apply online for easy personal loans and get them sanctioned within few days upon proper verification. Offered without any end-use condition, minimal personal loan rates also provide an opportunity to emerging entrepreneurs in setting up an office as well as homemakers to follow their passion and start a business for gaining financial independence.
Scroll down to know more about homemakers starting a business with a Fullerton India Personal Loan.
Although the modern homemakers are competent enough to start and run a business while executing their household responsibilities, the major hurdle arises in the form of the initial capital required to kick start the process. And even though personal loans are offered without any collateral, the financial institutions do perform thorough research of the candidate’s background and rely on a fixed source of income to grant loans without any reluctance.
The problem of initial funding for a homemaker can be easily solved with the help of a personal loan. And to overcome the hurdle of showing a regular cash flow for repayment through EMIs, a homemaker could select from several available options which shall help in improving the required eligibility and getting the loan approved by the lender without any hassle.
A homemaker can choose from the following set of options to improve their odds of acquiring a personal loan –
- Applying for a joint loan
A great option to get the loan approved is applying jointly with a co-applicant who has a steady source of income. A co-applicant could be your sibling, parent, child, spouse, or any other relative with a fixed regular salary that clears the lender’s doubt regarding repayment of the loan amount.
Upon proper assessment and document verification, the application of a homemaker who files for a joint personal loan and meets the basic loan-related eligibility criteria would be approved eventually.
- Adding a loan guarantor
If the option of co-applicant is not feasible, the financial institutions also provide a loan to applicants who could convince somebody to become their loan guarantor. However, the loan guarantor needs to show a steady source of income as well as a first-rate credit score to get the personal loan sanctioned.
When a homemaker is confident enough about the business plan and certain of generating substantial revenues in the future, he or she could easily find a loan guarantor who would take full responsibility for repaying the loan amount in case the borrower fails to do so.
- Opting for a secured loan
While the Easy personal loan is offered without any collateral or security, a homemaker could opt for secured loans such as Gold Loans, Loans Against Property, or Security. Offering an item of high value such as gold, property, equity, or bonds as collateral against the loan amount improves the chances of convincing the lender to lock the deal instantly.
- Applying through government schemes
To acquire funding for starting a small business, a homemaker can also apply for easy personal loans under various schemes proposed by the government at an affordable rate of interest such as ‘Pradhan Mantri Mudra Yojana for Women’, ‘Udyogini Scheme’, etc.
More information such as loan security, repayment flexibility, EMI amount, etc. related to government schemes can be obtained from various financial institutions.
By comparing diverse deals and performing an in-depth investigation about numerous personal loans offered by various financial institutions including Fullerton India, homemakers can get easy loans along with additional benefits to fund their start-up and realize their dreams of becoming an entrepreneur.