History of Loans for Women in India

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The ever evolving financial market is always on the mission of improving itself and updating their products offering by understand the changing demands of their customers. Long back, all what banking was all about was some saving and current account, some basic loan for home, education and same basic cheque, demand draft and locker facility offered by banks. But with evolving customer base and changing requirements of the client due to change in domestic and global economy, banks had to update their offerings.

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women loanNow one major factor which caught their attention was rise in the number of women among their clientele. Rising level of education among females, change in the mindset of families regarding confinement of their daughter to only homes and a strong will among females to conquer every domain of career were few of the factors responsible for their financial Independence and thus making them a prominent customer of financial sectors and made them constitutes a major share in revenue of financial institutions.

After this point was carefully studied and reviewed by top management of such entities, they decided to dedicate a good number of products in their offering catering specifically to women. Women were given leverage in minimum balance required to open and operate bank accounts. They were charged less for using bank services as compared to their male counterpart. Also they were given loans at lower rate of interest and the procedure for availing it was simplified to a great extent. A per decided percentage of the total available funds was set aside to be used for lending to women only. They were provided with all necessary assistance so that they could avail all the services without any hassle.

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Now, loans for women were across all categories. To make realize the dream of owning home, they were offered home loan and car loan respectively. Also to let them go for higher studies wherever they want they were given an option of education loan or overseas education loan. They were also being offered car loan so that they do not think twice before putting an accelerator to their dreams of flying. Lastly business loan was one of the most crucial out of all products categories, it enabled them dream big and took care of the finances while letting them fully focused on their core business.

So, a huge option in loans for women was made a reality by financial sector as a whole joining hands towards this direction and taking the steps to make it a reality. The prime focus on creating a huge option in loan for women has been achieved to a great extent and has been one of the major reasons for the rise in social status of females in today’s society.

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