Education is the most important tool for any individual to progress in life. It is especially important for girls, as it allows them to be financially independent and live a life of dignity and respect. However, one of the biggest obstacles girls in India face is the need for more access to education due to financial constraints. To bridge this gap, there are several education loan schemes available for girl students in India. If you want to know more about Education loans for girls in India, the benefits of an education loan and much more, then Keep Reading!
This Blog Includes:
- Top Education Loan Schemes for Girls in India
- Benefits of Education Loans for Girls in India
- Apply for an Education Loan for Girls in India
Top Education Loan Schemes for Girls in India
Numerous banks and financial organizations in India offer Education Loan Schemes for girl students willing to pursue higher education in India and Abroad. Some of the top education loan schemes for girls are:
Corp Vidya Scheme – Corporation Bank of India
Corp Vidya Scheme, offered by Corporation Bank of India, is a unique education loan scheme specifically designed for girls who provide educational loans of up to INR 10 lakhs for courses from graduation to post-graduation. The loan covers course fees, hostel fees, and other related expenses. The repayment period is up to seven years, and the interest rate is fixed at 11.5%.
Cent Vidyarthi – Central Bank of India
The Central Bank of India provides another most common education loan for girls scheme in India. Cent Vidyarthi by the Central Bank of India targets girl students from economically weaker sections of society. It provides loans up to INR 10 lakhs to pursue higher education in India or abroad. The repayment period is up to seven years, and the interest rate is fixed at 10%.
Baroda Scholar and Baroda Gyan- Bank of Baroda
Two special loan schemes are available at the Bank of Baroda, namely Baroda Scholar and Baroda Gyan. Bank of Baroda provides girls willing to pursue higher education abroad loans up to INR 10 lakhs for post-graduate and professional courses. The repayment period for Baroda Scholar is up to seven years, and the interest rate is fixed at 12%. However, Baroda Gyan provides educational loans up to INR 7.5 lakhs for graduation and post-graduation. The repayment period is up to seven years, and the interest rate is fixed at 11.5%.
Vidhya Jyoti – Indian Overseas Bank Education Loan
Indian Overseas Bank Education Loan Scheme, also known as Vidhya Jyoti, is an education loan scheme specially designed for girl students. It provides loans up to INR 10 lakhs for higher education in India or abroad. The special feature of this scheme is that the repayment period is up to seven years, and the interest rate is fixed at 11.5%.
Benefits of Education Loans for Girls in India
There are numerous advantages of getting an education loan for girls in India; some of the major benefits include the following;
- One of the most important benefits of getting an education loan for girls is that it does not require collateral. This simply means that girls are not required to use any of their assets as a security to get the loan approved or repay it.
- Another major benefit of education loans for girls in India is easy access to government loans. There are numerous government schemes and programs aimed at providing financial assistance to empower girls and help them in pursuing higher education. Some of the schemes are provided in the form of financial grants, loans and scholarships.
- It is evident that most people drop their dream of pursuing higher education abroad due to financial crises. Through these loans, girls can access quality education without worrying about the financial burden.
Also Read: Everything About Education Loan for MS
Apply for an Education Loan for Girls in India
As mentioned above, education is primarily the key to success, and to pursue higher education, financial support is quite essential. Here are some of the important details about education loans for girls.
Requirements for the Loan
There are a few eligibility requirements that you are required to fulfil in order to get an education loan.
- First, you are required to be a citizen of India and must have secured admission to a college or university in India or Abroad officially recognized by the concerned authorities.
- You must have a valid address proof, ID proof and income proof of the guardian.
How to Apply?
The application process for applying for an education loan for girls to study abroad is quite simple, and all you are required to do is to do thorough research about education loans. Then you are required to fill out an application form and then submit it along with all the documents required. Some of the important documents required for the education loan application process are proof of admission, identity proof, address proof, income proof, and other relevant documents. Once the documents are verified, the loan will be approved and disbursed.
Ans. The maximum amount of loan sanctioned depends on the applicant’s profile, academic performance, and the institution they are applying to. Generally, the loan amount can be up to INR 1 crore, depending on the applicant’s requirements.
Ans. Some banks and financial institutions offer special interest rates for education loans for girls in India. The applicant should check with the bank for the applicable interest rate.
Ans. Some banks and financial institutions offer special repayment options such as moratorium periods, flexible repayment options, and loan restructuring for education loans for girls in India. The applicant should check with the bank for the applicable repayment options.
Education loan for girls in India is a great way to provide them with the financial support they need to pursue their dreams. If you want an education loan, contact Fly. Finance to be better guided for the application! For more study abroad guidance, contact Leverage Edu.