Some of the Education Loan Schemes that are offered by banks in India for women are as follows:
- Central Bank of India Cent Vidyarthi – This education loan is a term loan that offers a maximum of Rs.10 lakhs for pursuing an education in India and a maximum of Rs.20 lakhs for pursuing an education abroad. There is no maximum limit on the loan amount if the borrower provides a collateral to take the loan. The rate of interest for Female, SC, ST, IIT students is MCLR + 1.5%. This loan covers many expenses such as:
- College, School or Hostel fee.
- Laboratory, library or exam fee.
- Travel expenses for education abroad.
- Purchase of equipment, books, instruments and uniforms.
- Insurance premium of the student borrower.
- Any expenses related to the course.
- Corp Vidya Scheme – This education term loan is offered by the Corporation Bank of India. The loan offers interest rate concessions to female borrowers. The concession is 50 bps (includes 25 bps available to women borrowers) below the card rate for new loans. Female borrowers can take this loan for studying a course in India or abroad. This loan covers many expenses such as:
- College, School, Hostel, Laboratory, library or exam fee.
- Travel expenses for education abroad.
- Purchase of equipment, books, instruments and uniforms.
- Purchase of computer at a reasonable price.
- Any expenses related to the course.
- Indian Overseas Bank Education Loan – Vidya Jyoti – This education loan offers an interest concession of 0.5% to all the girl students. It offers a maximum of Rs.30 lakhs for pursuing courses in India and a maximum of Rs.40 lakhs for pursuing courses abroad. This loan allows students to repay the interest during the period of study or pay it along with the principal amount. The repayment tenure of this loan is flexible and students can choose to take a loan for a period of 5 years to 7 years.
