Education Loan Schemes for Women
Many Indian girl students are excluded from receiving a quality education. The majority of girls are compelled to drop out of school for a variety of reasons, despite the fact that boys and girls enroll in primary school in equal numbers. There are also a lot of women who put in a lot of effort in school and are competing with men in a variety of fields at all levels.
To empower women and to encourage women to study, private and public banks in India have introduced various education loan schemes that are designed especially for women.
List of Women Education Loan Schemes
Some of the Education Loan Schemes that are offered by banks in India for women are as follows:
Cent Vidyarthi Scheme – Central Bank of India
This education loan is a term loan with maximum amounts of Rs.10 lakh for in-country education and Rs.20 lakh for out-of-country education. If the borrower offers security in exchange for the loan, there is no upper restriction on the loan amount.
The rate of interest for Female, Scheduled Castes (SC), Scheduled Tribes (ST), Indian Institute of Technology (IIT) students range between 8.10% p.a. and 10.60% p.a.
This loan covers many expenses such as:
- College, School or Hostel fee.
- Laboratory, library or exam fee.
- Travel expenses for education abroad.
- Purchase of equipment, books, instruments and uniforms.
- Insurance premium of the student borrower.
- Any expenses related to the course.
Indian Overseas Bank Education Loan
Vidya Jyoti - A 0.5% interest rate decrease on this education loan is available to all female students. It offers a maximum of Rs.1.5 crore for in-country courses and Rs.3 crore for out-of-country courses. Students may repay the loan's interest over the course of their studies or in addition to the principal.
With a flexible payback period is up to 15 years, this loan is available to students. The rate of interest for this education loan scheme is between 9.75% p.a. and 11.00% p.a.
State Bank of India Education Loan
The State Bank of India offers loans to women who want to attend college abroad. The bank provides a repayment period of 15 years while there is no collateral required for loan amount of up to Rs.7.5 lakh. The maximum loan amount offered by the bank is up to Rs.50 lakh.
Women are eligible for a 0.50% rebate on their student loan debt. The interest rate offered for this loan is up to 11.15% p.a.
IDBI Bank Education Loan for Women Students
IDBI Bank offers a concession of 50 bps for female applicants. The rate of interest ranges between 8.50% and 11.10% p.a. The process to apply for an education loan from the IDBI Bank is easy and can be done online.
Baroda Scholar Scheme – Education Loan for Women
Bank of Baroda offers the Baroda Scholar Loan where there is no processing fee or security fee for a loan amount of up to Rs.7.5 lakh. The interest rate offered is between 9.70% and 13.70% p.a.
Axis Bank Shakti Education Loan for Women
Women who wish to pursue higher education can avail an education loan from Axis Bank to meet the cost. The interest rate offered ranges between 13.70% and 15.20% p.a.
HDFC Credila Education Loan for Female Students
HDFC Credila offers specialized loan products tailored for different countries like the USA, Canada, and Germany. We recognize that students heading to destinations such as Germany may need a portion of their education loan disbursed prior to the visa application process.
Unlike many other lenders, HDFC Credila accommodates this requirement. A woman student can avail loan of up to Rs.75 lakh with repayment tenure of up to 15 years.
FAQs on Women Education Loan Schemes
- What are the requirements for women to be eligible for education loans?
Different lenders may have different eligibility requirements. The candidates' age and academic performance are frequently verified by the suppliers. Additionally, they make sure that they are admitted to reputable Indian or foreign universities.
- Are there any benefits for women's applying for education loans?
For female borrowers, many banks provide reduced interest rates and other benefits. It includes tax advantages, a 0.5% reduction in processing expenses, and more.
- What is the maximum amount of an education loan that a female student can apply for?
Women's and SC students' educational loans differ depending on the course location, educational level, and collateral provided. Also, it varies depending on the loan institution.
- Is collateral required for education loans for women?
For smaller amounts, certain loans might not demand collateral, but larger loans might need security. The loan rate can also be lowered by providing collateral, particularly property.
- Are there any scholarships that are only offered to female students?
Yes, there are several scholarships available, including the Pragati Scholarship Scheme for female students pursuing careers in technical education.
- What costs are covered by women's education loan programmes?
Tuition, examination, library/laboratory fees, purchase of books/equipment/instruments, hostel costs, travel expenses for study abroad, and other relevant expenses are typically covered by women education loan schemes.
- Are these education loans for women available with subsidised interest rates?
Yes, some women education loan schemes in India may provide subsidised interest rates, especially for certain types of students or courses. Interest rates, however, can vary based on the lending institution and the individual arrangement. When applying for a loan, it is advisable to inquire about the interest rates and any available incentives.
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