(Sanjit Davar)
Women are getting empowered with the changing times. They are now reaching high-level positions in large enterprises and corporate organizations. Women play a major role in financial planning and ensuring the financial strength of the household. If women are assured of easy access to credit, they will not only be financially empowered, but it will also help in financial inclusion. Loans have helped women entrepreneurship to flourish in a big way over the years.
The number of women who are taking loans to achieve their goals in life is on the rise. Crif Hy Mark had published a report on the occasion of International Women’s Day, it is clearly visible in it. The share of women in the retail loan outstanding portfolio has come down to 25 per cent. This figure has increased from Rs 20.7 lakh crore by December 2021 to Rs 26 lakh crore by December 2022. The share of young women who are 35 years or less taking loans has increased from 38.3 per cent in the last 3 calendar years to 43.4 per cent in 2022.
Let us know what matters to women needs to be addressed, so that they can get easy access to credit in the future and truly enjoy the benefits of empowerment…
Prioritize your goals, budget and save< /h3>
Start by setting financial goals. However, the timelines may vary and can be tweaked based on your preferences for short term, medium term and long term. Short-term goals can include setting a budget, saving for an emergency fund, paying rent, buying insurance, paying off student loans or credit cards, traveling, getting married, etc. Medium term goals include buying a home, saving for the down payment on a car and paying off loans. Saving for retirement, paying off mortgages, starting a business and saving for a child’s education would all fall under the category of long-term goals.
Wealth through diversification of investments across debt and equity Create
Based on age and risk appetite, consider diversifying investments across different asset classes to minimize the risk of loss and maximize returns. You should also look for investment avenues designed for women that offer higher interest rates to the female segment, such as FDs and government schemes for women.
Institutional access to credit
Today women entrepreneurs have easy and quick access to formal credit due to government initiatives, which has increased access and affordability of credit. These schemes are specially targeted for women, with benefits like low interest rates, security-free loans, credit-linked capital subsidy and flexibility in repayment.
Maintain a good credit score
h3>
Some things need to be done to maintain a good credit score, such as maintaining a good credit mix, which includes both secured and unsecured loans. Maintain a ratio between the credit limit and your credit spend. Make sure that you do not max out your credit card. Pay the dues on time. Do not make repeated inquiries for loans or cards.
Protect your assets by getting them insured
It is mandatory to have your assets covered by insurance. This can include buying health insurance, life insurance, vehicle insurance and property insurance to protect against unforeseen events that can have a significant financial impact. By safeguarding assets with insurance, women can ensure that their financial portfolio remains secure despite unforeseen challenges. are.)
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