Girls have been making their mark everywhere in the 21st century. Education plays an indispensable role in their success and bolsters their empowerment and achievements. Yet, there are many girls who discontinue their education immediately after school. There are various reasons responsible for this, penury being one of them.
To eradicate this ordeal, many private and public banking institutions in India proffer various instrumental Education Loan Schemes for both India and Abroad, which aid girls and their families to pursue career aims.
This education loan scheme comes under the State Bank of India. It offers a maximum loan of INR 10 Lakh to students studying in India and INR 20 Lakh to students wishing to study abroad. There is no processing fee on taking a loan up to INR 40 Lakh.
Female students can enjoy a concession of 0.50% in the interest rate and 1% if the interest is paid during the moratorium period including course period.
This loan scheme covers expenses such as:-
Purchase of Books, Equipment, Uniform or Computer
Travel Expenses for abroad studies
Cost of Two-wheelers (Maximum of INR 50,000)
Cost of other activities like study tours, project work, etc.
Central Bank of India offers Cent Vidyarthi Loan Scheme for students pursuing higher studies in India. This scheme offers education loan up to INR 10 Lakh to students studying in India and up to INR 20 Lakh to students wishing to study abroad. For female students, the bank offers a minimal rate of interest at just 1-year MCLR+1.50%.
The repayment period is 15 years. This loan includes many expenses such as:-
Cost of books, equipment's, instruments and uniform
Cost of a computer (if required)
Caution deposit/ Building fund/ Refundable deposit
An insurance premium of the student (if applicable)
This education loan scheme is offered by the Corporation Bank of India. It provides an education loan up to INR 10 Lakh to students studying in India and INR 20 Lakh to students wishing to study abroad. There is no security needed for a loan up to INR 7.5 Lakh. Female borrowers can benefit by availing the 0.5% concession rate.
This scheme covers many expenses such as:-
Cost of equipment, books, uniform, and instruments.
Cost of a computer (should be purchased at a reasonable price)
Tuition/ Examination/ Laboratory/ Hostel/ Library Fee
Miscellaneous expenses under the maximum limit permitted by the loan scheme
Travel expenses when studying abroad
This education loan scheme comes under the Indian Overseas Bank. It provides a maximum loan of INR 30 Lakh to students studying in India and INR 40 Lakh to students willing to study abroad. The repayment period is flexible for students as they can choose between 5-7 years.
There is no processing fee as well. This loan scheme offers a concession of 0.50% to all girls students. This covers expenses such as:-
Tuition/ Hostel Fee
Examination/ Lab/ Library Fee
Books/ Uniform/ Instruments
Passage money for Studies Abroad
PNB Saraswat Loan Scheme offers an education loan up to INR 10 Lakh to students studying in India and up to INR 20 Lakh to students wishing to study abroad. The applicable interest rate is MCLR + 2.00% for a loan taken up to INR 7.5 Lakh and 2.60% if the loan taken is above INR 7.5 Lakhs.
There is a concession of 0.5% on the interest rate for girls students. This scheme covers expenses such as:-
Hostel Fee/College Fee/School Fee
Examination/ Library/ Laboratory Fee
Insurance premium for student borrower (if applicable)
Caution Deposit, Building Fund/Refundable deposit supported by Institution Bills/Receipts
Purchase of books/ equipment/ instruments/ uniforms
Cost of computers
So, if you are a girl student and wish to study in India or Abroad, you can contact any of the banks mentioned above and avail the scheme propounded by them.