Taking an instant personal loan? 6 benefits for female applicants to open woman-specific savings account first

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Over the past few decades, one of the critical pillars of increasing financial awareness and inclusion over the entire country has been the rising reach of women. Year by year, we are not just celebrating women’s day for the sake of it, but in fact, taking steps to increase women’s financial inclusion. 

And a big step towards this is that there are various financial products specifically aimed at encouraging women to become financially independent and follow their dreams. One such product is the woman’s savings account offered by many banks. 

So, if you are a female applicant looking to apply for a loan such as an instant personal loan to fulfill monetary needs from fintech lenders like Paysense loan, let us tell you why opening a women’s specific account first would be a prudent move. Then you can apply for the required loan.

What are women’s savings accounts?                      

These are specialized products offered by various banks to encourage women to become financially independent and access simplified banking. Women can open such accounts either individually or as primary holders in jointly held savings accounts. 

Why choose a woman’s savings account?

A woman’s savings account offers many additional features and benefits for the account holder, depending on various banks’ strategies and policies. Below mentioned are some of the expected benefits provided to woman’s savings accounts, which would entice you to quickly open this account digitally before applying for a Paysense loan:

Low minimum balance requirement- One of the biggest reasons that work in favor of these women-specific accounts is soft or sometimes even zero balance. Many banks offer more insufficient or zero balance savings account facilities to women to encourage them to open these savings accounts, avail various benefits, and manage their money independently with utmost convenience, even during the tenure of paying the Cashbean Loan.

Higher Benefits Like Rewards, Cashbacks, etc.- Most banks are offering exclusive cash backs, rewards, discounts, etc., on debit card spending by women, along with higher daily spending limits on their debit cards. These cash-backs, deals, tips, etc., are offered to encourage women to spend through debit cards, either online or to shop at various stores. Such benefits help women get multiple purchases at a lower price or better deals than others, making them use this facility numerous times to avail themselves of the benefit of discounted prices or offers. And who doesn’t want to lower their expenses or get offers, especially when planning to get near-instant credit of funds from Paysense loan?

Customized features- Women’s savings accounts are loaded with attractive features and facilities that aren’t otherwise available for a regular savings account. Such customized features and facilities include an auto-sweep-out facility, discount on locker fees for the first year, accessible add-on facility for family members, doorstep banking, etc. 

Higher ATM withdrawals and spend limit– The majority of banks, fintech, etc., are offering higher daily withdrawal limits and higher shopping/spending limits on debit cards issued under women’s savings accounts. Facilities such as unlimited free transactions at ATMs across the country, lower debit card issuance and annual fee, etc., are available for women. All these will help you not just in the short but long run as well, especially when making big decisions like applying for Cashbean Loan to avail of a personal loan.

Preferential rates-Some banks or even fintech like Paysense loans tend to offer marginally lower interest rates on loans taken by women and higher interest rates on savings accounts held by women. Such preferential rates encourage women to individually open savings accounts or become primary holders in joint accounts. For instance, various lenders offer a lower interest rate for standard home loans, personal loans, etc., having women as the first loan holder.

Insurance cover-Various banks and sometimes fintechs like Cashbean Loan may offer insurance cover on specific debit card transaction limits, along with other benefits such as discounts on healthcare facilities, kid’s education, personal insurance benefits for accidents and hospitalization, etc. to women opening savings accounts in their name, or those women who are primary holders of a joint statement. 

Once the woman opens a savings account, she is entitled to various insurance benefits, including accidental death cover, hospitalization cover, fire and burglary cover for products purchased through debit cards, etc.

Do they outscore regular savings accounts?

Yes, that’s why it becomes prudent for women to open their savings accounts before going for any significant step in financial life, like a Paysense loan. Such statements generally outscore the regular savings account on numerous grounds, especially the wide range of exclusive benefits they offer, as mentioned above. Since these accounts can also be opened jointly with the woman as primary holder, couples can opt for these accounts rather than regular savings accounts. This would provide financial independence to the woman and let the team avail the benefits of this account, especially when joint planning to apply for Cashbean Loan.

Which one to choose-Regular or a woman’s savings account?

Due to many additional features such as discounts, cash backs, insurance cover, etc., it may seem obvious to many that women’s savings accounts are the best option. However, it’s essential to keep in mind that one must compare the features and benefits of other accounts while choosing women-centric accounts because the benefits and features you are looking for may be available with some other type of savings account. Therefore, carefully select the right kind of savings account that caters to the needs, features, and benefits required by you. Only then take your next big step of applying for a Cashbean Loan.

Final Words

Summing it up, there is no doubt that women’s empowerment begins with financial independence. And with financial institutions themselves taking initiatives to increase women’s participation, it becomes prudent for females to step up and maximize the available benefits. From savings accounts to loans, numerous financial benefits are aimed to promote more and more women to avail financial products like these women-specific savings accounts, lower loan rates, women-specific credit cards, etc. 

Read Also: What Exactly Is Credit Analyst & Commercial Banking?

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