In India where education is a pathway to empowerment, women have increasingly taken higher education to build successful careers and achieve financial independence. However, at times the rising cost of education can be a barrier. But, with an Education Loan in India, women can now achieve all their educational dreams without any financial worry. In this blog, let us explore the benefits and the type of loans a woman can avail of for higher education. Read on!
Benefits of an Education Loan for Women
Education loans for women come with several benefits designed to support their academic aspirations and financial independence. Here are some key advantages:
1. Lower Interest Rates: Many financial institutions provide education loans for women at attractive interest rates to encourage higher education.
2. Flexible Repayment Options: Education loans often come with flexible repayment plans, including a moratorium period (grace period) that allows students to start repaying the loan after completing their studies and securing employment.
3. No Collateral Requirement for Small Loans: Most financial institutions provide a loan for education without collateral for amounts up to a certain limit, making it accessible for everyone.
Types of Student Loan for Women
India offers a range of Education Loan schemes specifically designed to support women in pursuing higher education. Here are some schemes, provided by both government and private financial institutions, aim to empower women by making education more accessible and affordable:
1. Pragati Scholarship Scheme
Launched by the All India Council for Technical Education (AICTE) to support girls pursuing technical education. It provides financial assistance to women to cover tuition fees and other educational expenses.
2. Cent Vidyarthi – Central Bank of India
The Cent Vidyarthi scheme provides financial assistance to female students who wish to pursue higher education in India and abroad. It offers loans up to ₹10 Lakhs for studies within India and ₹20 Lakhs for international education. The loan covers tuition fees, hostel charges, books, equipment, and other study-related expenses.
3. Corp Vidya Scheme – Corporation Bank
Corp Vidya is a specialised Education Loan scheme designed for students pursuing professional and technical courses. Women students benefit from flexible repayment options and competitive interest rates. The loan covers tuition fees, library fees, laboratory charges, and personal expenses related to education.
4. Vidya Jyoti – Indian Overseas Bank
Vidya Jyoti is an education loan scheme offered by Indian Overseas Bank with special benefits for female students. Borrowers enjoy a 0.5% concession in interest rates, making repayment easier. Women can avail of loans up to ₹1.5 crore for domestic studies and ₹3 crore for international studies, covering expenses like tuition fees, accommodation, travel, books, and study equipment. The repayment tenure is flexible, and the moratorium period extends until course completion, ensuring financial relief during studies.
5. Education Loan – Poonawalla Fincorp
Poonawalla Fincorp's Education Loan empowers women students by providing financial assistance for higher studies in India and abroad. With competitive interest rates, flexible repayment options, and minimal documentation, it ensures hassle-free access to funds. Loan amounts up to ₹3 Crore help cover tuition fees, living expenses, and academic-related costs, fostering financial independence.
How to Apply for an Education Loan
Different lenders have different loan application process. If you are looking for a lender with easy application process, you can apply for Poonawalla Fincorp. Apply with these simple steps:
Step 1: Click on “Apply Now”
Visit Poonawalla Fincorp’s official website and click on the “Apply Now” button to initiate your application.
Step 2: Enter Your Details
Enter your DOB, PAN card number, monthly income, and residential details.
Step 3: Upload Your Documents
Upload the necessary or required documents for quicker approval.
Once your verification is successful, the loan amount will be disbursed into your bank account instantly.
To Conclude
Education loans are a crucial financial support system for women aspiring to pursue higher education in India. By exploring various schemes provided by government and private financial institutions, individuals can choose the most suitable option based on their needs. With benefits such as low interest rates, flexible repayment plans, and collateral-free access for smaller amounts, securing an Education Loan becomes a more accessible and hassle-free process.
However, if you are looking for a financial institution with instant application and quick disbursement apply for Poonawalla Fincorp and take a step forward to achieve your dream.
Frequently Asked Questions
1. What is an Education Loan for women?
A women education loan is a financial aid program designed to support female students in pursuing higher education by covering tuition fees, accommodation, and other related expenses.
2. What expenses are covered under a women Education Loan?
The loan typically covers tuition fees, hostel charges, library fees, travel expenses (for studying abroad), books, equipment, and other academic-related costs.
3. Can I get a women education loan for studying abroad?
Yes, with an Education Loan from Poonawalla Fincorp, you can avail of a loan for international studies, covering tuition, travel, and living expenses.
About the Author
We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply