Education Loan Schemes for Women

🏦 Government-Backed Schemes

1. Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) Scheme

1. Purpose: Provides financial support to meritorious students, including women, to pursue higher education in India.
2. Loan Amount: Up to ₹10 lakh for domestic courses.
3. Interest Subvention: 3% annual interest subsidy for eligible students.
4. Eligibility: Meritorious students who have not benefited from other government schemes.

2. Interest Subsidy Scheme for Education Loans

1. Target Group: Students from economically weaker sections.
2. Loan Amount: Up to ₹10 lakh for studies in India.
3. Interest Subsidy: 3% annual interest subsidy for eligible students.
4. Eligibility: Students with an annual family income up to ₹8 lakh

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🏦 Bank-Specific Schemes

3. State Bank of India (SBI) Education Loan for Women

The State Bank of India offers loans to women who want to attend college abroad. The bank provides a repayment period of 15 years while there is no collateral required for loan amount of up to Rs.7.5 lakh. The maximum loan amount offered by the bank is up to Rs.50 lakh.

Women are eligible for a 0.50%  rebate on their student loan debt. The interest rate offered for this loan is up to 11.15% p.a. 

4. HDFC Credila Education Loan for Women

HDFC Credila offers specialized loan products tailored for different countries like the USA, Canada, and Germany. We recognize that students heading to destinations such as Germany may need a portion of their education loan disbursed prior to the visa application process.

Unlike many other lenders, HDFC Credila accommodates this requirement. A woman student can avail loan of up to Rs.75 lakh with repayment tenure of up to 15 years.

5. IDBI Bank Education Loan for Women

IDBI Bank offers a concession of 50 bps for female applicants. The rate of interest ranges between 8.50% and 11.10% p.a. The process to apply for an education loan from the IDBI Bank is easy and can be done online.

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FAQs on Women Education Loan Schemes

• What are the requirements for women to be eligible for education loans?

  Different lenders may have different eligibility requirements. The candidates' age and academic performance are frequently verified by the suppliers. Additionally, they make sure that they are admitted to reputable Indian or foreign universities. 

• Are there any benefits for women's applying for education loans?

  For female borrowers, many banks provide reduced interest rates and other benefits. It includes tax advantages, a 0.5% reduction in processing expenses, and more.  

• What is the maximum amount of an education loan that a female student can apply for?

  Women's and SC students' educational loans differ depending on the course location, educational level, and collateral provided. Also, it varies depending on the loan institution. 

• Is collateral required for education loans for women?

  For smaller amounts, certain loans might not demand collateral, but larger loans might need security. The loan rate can also be lowered by providing collateral, particularly property. 

• Are there any scholarships that are only offered to female students?

  Yes, there are several scholarships available, including the Pragati Scholarship Scheme for female students pursuing careers in technical education. 

• What costs are covered by women's education loan programmes?

  Tuition, examination, library/laboratory fees, purchase of books/equipment/instruments, hostel costs, travel expenses for study abroad, and other relevant expenses are typically covered by women education loan schemes. 

• Are these education loans for women available with subsidised interest rates?

  Yes, some women education loan schemes in India may provide subsidised interest rates, especially for certain types of students or courses. Interest rates, however, can vary based on the lending institution and the individual arrangement. When applying for a loan, it is advisable to inquire about the interest rates and any available incentives.