Top 3 Education Loans for Girls In India

March 30, 20222 Minutes Read
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In India, almost 65% of girls are forced to drop out of school due to various reasons. One of the most common reasons is the lack of monetary funds. If you want to pursue your education but are worried about the fees, the Indian government has your back. Many loan schemes are available, especially for women, to empower and encourage girls to continue studying. :

The first thing to remember is that every bank that provides loans requires collateral for lending above INR 7.5 Lakhs. Collateral is something of value that a lender demands as security. In many cases, most public banks offer education loans without any collateral.

Read on to know more about Education Loans

  1. Central Bank of India Cent Vidyarthi --

    This is one of the best schemes for girls in India. If you are willing to pay collateral, there is no limit on the loan amount. However, suppose you don't wish to pay collateral. In such a situation, you can avail yourself of a maximum of INR 10 lakh to study in India and INR 20 lakh to study abroad. The interest rate for women belonging to the ST (Scheduled Tribe), SC (Scheduled Cast) IIT students is MCLR = 1.5%.

    This loan covers most expenses, including:

  • School and college fees
  • Laboratory, library, exam fees.
  • Funds to buy books, uniforms and equipment
  • Hostel fees, travel expenses for education abroad.
  • Insurance of the student borrower.
  • Any course-related expense
  1. Corp Vidya Scheme -- The Corporation Bank of India offers this loan at interest rate concessions to females. The below the rate card rate concession for new loans is 50 bps (includes 25 bps available to women borrowers). This loan can be used by female students to study in India or abroad. It covers many expenses such as:
  • School and college fees
  • Laboratory, library, exam fees.
  • Funds to buy books, uniforms and equipment
  • Hostel fees, travel expenses
  • Any course-related expense
  • A reasonably priced computer
  1. Indian Overseas Bank Vidhya Jyoti Education Loan-- This loan is available with a concession of 0.5% on interest. For education in India, the maximum loan is INR 30 Lakh, and for courses abroad, it is Rs. 40 Lakh. Students can repay the interest either while completing the course or pay it later, together with the principal amount. The repayment period is flexible and can be paid over a period of 5 years to 7 years.

Banks accept the following as collateral:

  • Property documents of a house/ residential area

  • Non-Agricultural land documents

  • A LIC Policy document of the primary borrower

  • A fixed deposit in favour of the lender/ fixed deposit receipts

    Here's a pro-tip: Before you apply for a loan, check the benefits and eligibility of the 'Pradhan Mantri Vidya Lakshmi Karyakram'. This programme has been introduced to administer and monitor scholarship and educational loan schemes.

    The Glow & Lovely Career Foundation (formerly known as The Fair & Lovely Career Foundation) offers a scholarship for female students pursuing higher education. Apply for it here.

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February 19, 20242 Minutes Read

Social Entrepreneurship: Women Driving Impactful Change in India

A powerful force is reshaping communities and driving positive change -- women-led social entrepreneurship . As the narrative of entrepreneurship evolves, so does the role of women who are not just creating businesses but building ventures with a profound impact on society. Let's explore the realm of women's entrepreneurship and the significant strides in social entrepreneurship .

Social entrepreneurship is about harnessing the power of business to address social and environmental challenges. In India, many women embrace this approach, positioning themselves as business leaders and catalysts for positive change. Their ventures aim not just for profit but also for meaningful impact on the communities they serve.

The landscape of women entrepreneurship in India is growing, with female entrepreneurs actively participating in diverse sectors, including social entrepreneurship. This shift is breaking stereotypes and showcasing the multifaceted roles women can play as business leaders with a mission beyond just financial gains.

One compelling aspect of this transformation is the variety of startup ideas for women in social entrepreneurship. From ventures addressing healthcare disparities to those focused on education, women are bringing innovative solutions to the forefront. These ventures are not just about economic empowerment but about creating sustainable change in the fabric of society.

Social entrepreneurship ideas are often born from a deep understanding of local challenges. As the architects of many of these initiatives, women bring a unique perspective to problem-solving. Whether providing access to clean water, improving healthcare facilities, or promoting sustainable agriculture, these entrepreneurs are at the forefront of impactful change.

The intersection of entrepreneur ideas for women and social entrepreneurship creates a space where purpose-driven businesses thrive. Women are not just looking for financial success; they seek ways to contribute meaningfully to society. The spirit of collaboration and community building is embedded in their ventures, fostering a sense of shared responsibility and collective well-being.

One notable example is Preeti Singh, a social entrepreneur who founded a venture focused on menstrual hygiene in rural India. Her initiative addresses a critical health issue and empowers women by providing them with sustainable and affordable solutions. Preeti's story represents the transformative potential of women's entrepreneurship in tackling societal challenges.

The emphasis on social entrepreneurship among women is also generating a ripple effect regarding mentorship and support networks. Established female entrepreneurs are actively encouraging and guiding the next generation. This mentorship is crucial in nurturing a culture of innovation and resilience among women venturing into social entrepreneurship.

The momentum of women entrepreneurship in social impact ventures is not just a trend; it signifies a paradigm shift in how businesses operate in India. Organisations and institutions recognise women's value in terms of empathy, collaboration, and a deep understanding of community needs.

The rise of social entrepreneurship driven by women in India is a testament to the transformative power of purpose-driven businesses. As more women explore and invest in entrepreneurial ideas for women that focus on social impact, the future promises a more equitable and sustainable society. These women entrepreneurs are not just building businesses but driving impactful change and leaving an indelible mark on the nation's socio-economic fabric.

At Glow & Lovely Careers (formerly known as Fair & Lovely Career Foundation), we believe in empowering women to be independent. We provide online career guidance, existing jobs and other online courses to help them nurture their dream of driving social entrepreneurship in India.