The 21st century surely needs to be dedicated to the evolution and progression of women into being dynamic and productive by way of getting educated and aspiring to be professionally and financially independent. Being largely overlooked and underestimated about her capabilities, the new age woman has arrived with a bang and this trend of woman power is going to change the landscape of the world including that of the financial services sector.
Perhaps the starting of an exclusive bank for women by way of Bharatiya Mahila Bank is a proof of such future opportunities that is sensed by the government which is in the right direction of tapping this growing segment.
Being independent is being able to earn, spend, save and invest. From the normal practice of making the woman as an owner of a property just for the sake of taxes or for the purpose of maintaining accounts of multiple property ownerships, now the woman has become capable of owning a house or other property with her financial capabilities.
With the increase in the number of women force in formal sectors such as BFSI (banking, financial services and insurance), IT, ITES, retail, and textile, among others, the day is not far when a woman would start independently buying property and taking loans even before she decides to settle down getting married. The number of single woman borrowers is increasing, which is a good sign. In fact, several banks and housing finance institutions have exclusive offers for women on interest rates and also quantum of loan.
India’s largest PSU and private banks, SBI and ICICI Bank respectively, have exclusive offers for women borrowers and the rates are lesser compared to normal loans. The simple condition to avail oneself of this offer is that the property should be in the name of the woman borrower or she should be the first applicant.
Further, being the wife she can assist her husband as a co-borrower and share the financial burden by way of monthly instalments. Another advantage for the family would be that a woman is much wiser with her spending when there is a potential threat of large loans and large EMI outflows. She plays a vital role in making key financial decisions and also ensures that the commitments are met without any delays and the loans are cleared in time or even before time. There have been many instances where she has insisted that the home loan is insured so as to ensure no mishaps would ruin the prospects of owning the property. Indeed a woman can be a fine financial partner both as a family financial manager and, if earning, shouldering the loan burden.
Three cheers to women power.
