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

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

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

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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