Education Loan for Girl Students in India | GyanDhan
Updated on: 10 May 2021
Gender equality continues to remain a distant dream even in the fast-growing, modern world that we live in today. Equal opportunities and access to resources are yet to be achieved, especially in countries like India that are vehemently patriarchal. But slowly, yet certain people are putting conscious efforts to change the status quo and are collectively working towards women empowerment.
To help Indian women gain the education and qualifications required to fit in the various professions of the modern world, many private and government banks have curated education loan schemes, specifically for them to come forward and achieve their goals.
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What are the best education loan schemes for girls in India?
Mentioned below are the top 7 education loan schemes offered by various Indian banks for girl students in India -
Corp Vidya Scheme - Corporation Bank of India: The Corp Vidya Scheme is rolled out by the Corporation Bank of India which offers a concession as much as 50bps below interest rates on education loans to female students. This scheme can also be availed by aspirants interested in studying abroad. The loan covers education-related expenses to a great extent which includes college fees, examination fees, and library fees. It also covers the cost of books, uniforms, education-related technology/instruments, and other course-related expenses. The travel and accommodation expenses are also taken care of.
Cent Vidyarthi - Central Bank of India: The Cent Vidyarthi scheme is rolled out by the Central Bank of India which offers unsecured education loans up to INR 10L for students interested in continuing their studies in India. The bank offers unsecured education loans up to INR 20L for students interested in studying abroad. Additionally, the interest rate offered by the Cent Vidyarthi Loan for women belonging to ST/SC (Scheduled Caste/Tribe) is MCLR = 1.5%. However, there is no upper limit on the loan amounts sanctioned for loans with collateral. Most education-related expenses are covered within the scheme from the purchase of books, to college fees, laboratory fees, examinations fees, and accommodation as well as travel expenses.
Vidhya Jyoti - Indian Overseas Bank Education Loan: The Vidya Jyoti scheme is rolled out by the Indian Overseas Bank which offers a concession of 0.5% on loan interests. A sum of INR 30L is offered for students interested in pursuing their higher education in India while an amount as much as INR 40L is offered for those interested in studying abroad. Additionally, a flexible repayment tenure ranging between 5-7 years is offered along with the option of repaying loan interest either during the student’s education tenure or upon completion of the student’s education, i.e along with the principal amount.
Besides the Indian Overseas Bank, other banks such as Punjab National Bank, Bank of Baroda, SBI, etc offer a concession on loan interest rates for female students. In most cases, the concession given to female applicants for education loans is 0.50%.
For instance, The State Bank of India offers a loan interest rate of 8.8% to female students and an interest of 9.3% to male students for studying abroad.
Mentioned below are some other institutions that offer overseas education loans for female students interested in studying abroad.
Baroda Scholar Loan Scheme - Bank of Baroda: Bank of Baroda offers education loans for female students interested in pursuing graduate, postgraduate/ doctorate courses overseas. The loan offered covers basic education expenses and also takes care of one-way travel costs of the student. Additionally, the interest calculated on the moratorium period is the simple interest that favors students.
Education loan - Axis Bank: Axis Bank offers education loans for female students interested in pursuing graduate/postgraduate courses overseas. The loan offered covers tuition fees, the cost of books, and accommodation costs.
Education loan - HDFC Credila: Credila offers education loans for female students interested in pursuing higher education overseas. There is no upper limit to the amount offered for education abroad.
Education loan - IDBI Bank: IDBI Bank offers education loans for female students interested in pursuing specialized professional courses such as aeronautics, shipping, pilot training, etc, overseas.
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How can GyanDhan help in getting an abroad education loan?
If you are also searching for an abroad education loan to turn your study overseas dreams into reality, you must contact GyanDhan. It is India’s first education financing marketplace that helps students in getting foreign education loans at the best possible interest rates and in the minimum duration possible. It has partnered with leading financial lenders in India including government banks, private banks, and NBFCs.
You can check your loan eligibility to know your chances of getting an abroad education loan via GyanDhan and get free help in availing of the abroad education financing.
This is a companion discussion topic for the original entry at https://www.gyandhan.com/blogs/loan-for-girl-students