Trending now: The rising popularity of personal loans for women in India

Nandini, a budding fashion designer, decided to open her boutique and turn her entrepreneurial dream into reality. However, there was one small hindrance — getting adequate capital. Since she did not want to dip into her savings, Nandini decided to explore the different types of personal loans for women and chose a suitable option to fund her venture. Today, she is a successful designer with three outlets.

Nandini’s story is not uncommon. According to reports, the number of women borrowers in India has grown at a compounded annual rate of 22% over the five-year period from 2019 to 2024. With demand on the rise, it’s essential to understand the various types of personal loans tailored to women's specific needs, aspirations, and financial objectives.

Reasons behind the growing popularity of personal loans
 

There are various factors contributing to the shift in the borrowing landscape in India. Some of them include:

1. Easy accessibility
 

Availing a personal loan has become quite easy in modern times. Thanks to the growing digital landscape, you can now access loans online within minutes. This makes it easier for women to explore the various types of personal loans available to them and select one that best suits their needs.

For instance, a FIRSTmoney personal loan by IDFC FIRST Bank offers 100% digital onboarding with instant approvals and sanctions.

2. Increased financial independence
 

Women are increasingly becoming financially independent. According to a report by DBS Bank India, in collaboration with CRISIL, around 47% of Indian women were found to be making self-reliant financial decisions.

This self-reliance has affected the borrowing habits among women. Today, women like Nandini prefer to take a loan to meet their needs without being dependent on anyone else.

3. Changing priorities
 

Women today are no longer defined by their conventional roles. They are now breaking the glass ceiling and increasingly having big-ticket expenses. Whether it is financing their education, upgrading their homes, starting a business, or dealing with emergencies, women are taking control of their finances. Personal loans can come in handy where there’s shortage of funds.

Why are more women going for personal loans?
 

1. Instant availability
 

Personal loans are easy financial solutions that can provide instant funds for emergencies and other needs. As such, instead of waiting long sanction times, most women prefer instant solutions that personal loans can offer.

2. Collateral-free
 

One of the salient features of personal loans is that they are collateral-free. This means that they do not require any security, and you can get funds based on your income level and credit profile. This makes it easy for women to get a loan without pledging their assets.

3. Multipurpose funding
 

Personal loans offer no-questions-asked funding, which can be used for any financial need that you have. One loan, multiple uses!

4. Flexible repayments
 

Personal loans offer flexible repayment tenures so that you can find an affordable EMI to pay off the debt without disrupting your budget.

Different types of personal loans for women
 

The role of personal loans has grown in recent times. From being emergency-oriented, personal loans have evolved into a financial solution for different needs. Here are the different options that women have:

1. Home improvement loans
 

These personal loans provide you with the necessary funding to upgrade your home. Whether it is adding a new extension to your space or renovating it in the latest trends, the loan offers a multipurpose financial solution.

2. Travel loans
 

Holiday on your mind? Travel loans can help you fund your trip without hassles. You can use the funds for ticket bookings, hotel accommodation, sightseeing, etc.

3. Marriage loans
 

Personal loans for marriage are used to cover the different types of expenses associated with planning a wedding. Many brides choose these loans to plan a fairytale wedding on their own without financial constraints.

4. Higher education loans
 

Women today are choosing to finance their higher education or upskilling endeavours without relying on any family member’s help. Using a personal loan offers them the financial independence to pursue career-defining opportunities, be it a specialised design course, a tech certification, or something more.

5. Emergency loans
 

The multipurpose use of personal loans makes them perfect for women who need funds on an urgent basis. These loans can fund different types of emergencies, such as a medical crisis, job loss, urgent purchases, etc.

Choosing the right personal loan
 

With the popularity of personal loans, there are ample options available in the market. But how do you pick the right personal loan?

The answer is simple — by considering certain key factors.

1. Your needs
 

Find a loan that fits your needs. Since there are different types of personal loans for women, it’s important to choose one that aligns with your desired terms.

2. Accessibility
 

Check the ease of applying for the loan and the time it takes for the funds to reach your account. A quicker turnaround prevents delays and can be especially useful in emergencies.

3. Interest rates
 

Compare the interest rates offered by different lenders on personal loans for women. Choose a loan offering the most competitive rate to save on equated monthly instalments (EMIs).

4. Flexibility
 

Loans with flexible terms are a better option, as they provide you with leeway to choose repayment terms, prepay, or even foreclose the loan without incurring additional charges.

Why a FIRSTmoney personal loan is a smart move for women
 

When chosen wisely, personal loans can prove to be a strategic tool of financial empowerment for women. Whether you want to meet sudden emergencies or fast-track your life’s goals, they can open doors to innumerable opportunities.

Some of the reasons which make a FIRSTmoney personal loan for women stand out include:

1. Quick, 100% digital process so you can apply and receive funds in your account within minutes
2. No documentation. Just display your physical PAN card during the video KYC
3. Flexible repayment options to pick a tenure that suits your income and lifestyle
4. Competitive interest rates starting from 9.99% p.a.
5. Zero foreclosure charges if you want to close your loan early
6. Real-time tracking so you’re always updated on your application status
7. Trusted by millions and rated among the World’s Best Banks 2025 by Forbes, in partnership with Statista

Assess your needs and choose the right type of personal loan for women, such as FIRSTmoney by IDFC FIRST Bank, to fuel your aspirations and fulfil both planned and unplanned life goals.