Education Loan for Girl Students in India - How to apply | Propelld

Education Loan for Girl Students in India

Education brings with it the opportunity to grow and rise above the hurdles of society. It has no bias for people coming from different socio-economic backgrounds, gender, caste, creed, or race. Anyone getting an education gets a stand in society for their knowledge. India is focusing on educating girls to empower the current generation and entrust in the nurturers of the future. Government loan for girl education and various other schemes is the direct initiative in investing in education. It relieves families from different backgrounds of financial burdens and lets girls take the course in their hands. Learn all about it and play a role in enriching the future!

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Education loan for girls and its impact

Education is a fundamental right of every citizen residing in India. The Indian government is implementing norms to ensure every girl gets an education. From the Right to Education Act 2009 to various schemes, subsidies, schemes, initiatives, and education loan for girls - several steps are in form to ensure no girl goes without education. Being a powerful catalyst for positive change, it transforms their lives and has a ripple effect. It empowers women to make their own decisions without any hesitation. It lets them process every aspect individually and with their capacity and mind. It ensures they feel valued and cared for. The impact of educating girls goes a long way, not just for the present scenarios but also for the generations to come.

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Role of education loans

Education in itself comes with multiple benefits. Education loan contributes to several perks. The following are the influences of Vidhyalakshmi loan for girl students and other schemes:

• Women empowerment: Education offers the tool of wisdom, skills, and confidence to girls. It helps them be independent and make informed decisions about various aspects of their lives. 
• Economic development: Educated women participate better in various industries as a workforce and contribute to the country's economy. It helps them access job opportunities better.
• Community development: With girls active in community initiatives, they offer a positive change. They become the change and advocate for the betterment of the society as a whole. 
• Health and well-being: Education offers women a different perspective. Education loan for girl students in India is a way for better access to improved life for them and their families.
• Gender equality: Increasing female participation in society paves the way for gender equality. Education is the fundamental tool for its promotion and women's participation to their fullest potential.
• Political participation: Education also enables women to get into politics. It promotes healthy thinking and lets them take a stand and collectively represent the needs and wants of females.
• Global competitiveness: Education helps women represent their country. Education loan for girl students in India offers opportunities and let them contribute to the workforce, economy, and innovation.

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Education Loan for Girl Students in India - The government's initiatives

The government gives loans to its citizens on various aspects, and these mainly include the SEDGs. The socio-economic groups have different classifications, including gender identities (women and third gender), socio-cultural (SC, ST, OBC, and minorities), geographical identities, and disabilities. These groups also include many more groups of the societies who get chances on education. It not only promotes their upliftment but also grants them the opportunity to walk equally. Loan offers make them take a dignified stand and plan a future they dream about. The government and other institutions give educational loan for SC students, women, and many others under various schemes. 

The National Education Policy of 2020, NEP2020, is a system the Union approved for transforming education in India. It aims to offer Early childhood care and education to all the children, including the deprived classes. It focuses on the disadvantaged and marginalized sectors, especially young girls, for the maximum benefit. With no bias, it plans to bridge the gap and bring people closer and together with knowledge. Along with this, government has also been encouraging fintech lenders like Propelld to expand the access to education loans

To ensure every family gets it, various schemes and loans from financial institutes, Non-profit organizations, and the government come up. The Vidhya Lakshmi loan for girl students is one of the top schemed loan opportunities that offers every girl a fair chance to grow!

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Vidyalakshmi Loan for Girls

The Vidya Lakshmi loan is one-of-a-kind and helps young Indian minds grow. It is a collaborative effort by the Ministry of Finance, Education, and the Indian Banks Association (IBA). It focuses on rendering opportunities to students, especially girls. It is for students coming from weaker socio-economic backgrounds to get access to quality education. With its portal that allows students to look up their applications and track their loans, it grants a smoother way. It has a three-step process for government loan for girl education, which includes registration, filling up the form, and applying to the banks. Vidya Lakshmi Loan offers:

Fundings up to 10.5 Cr

From higher education to tech education in national and international institutes, the loan offers girls every possible way to fulfil their dreams in reality.

Repayment ease

The loan comes with a smooth repayment duration after a grace period of up to 15 years. It offers you convenience and ensures the loan is never a burden.

Loan against property

Loan against property includes keeping the property as collateral. It allows having a higher value and better Education loan interest rate for girls and other applicants if they take a loan against the property. 

Minimal documentation

Unlike other loan applications and processing, going for a Vidya Lakshmi loan is hassle-free. It involves simple criteria and includes one-time registration and smooth application processing through its portal.

3-day disbursal

If the financial institute approves your application, the loan amount gets transferred to your bank account within 3-days time. This quick and efficient disbursal makes life easier.

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Apply for High Approval Chances and Faster Process than Banks - Propelld Education Loan

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List of Education loan schemes for women

Indian government, non-profit organizations, and financial and education institutes offer several loan options for women. If you plan to take a loan, look up their terms. The following is a List of Women Education Loan Schemes:

Corp Vidya Scheme

Available for education and its expenses, the Corporation Bank of India offers this loan at a nominal interest rate to women. It also confesses 25 basis points for educational opportunities for women in India or abroad.

Cent Vidyarthi

By the Central Bank of India, this scheme offers a loan of 10 Lakhs for in-country and 20 Lakhs abroad education. With no specific higher limit, it guarantees a loan to students at a minimal interest rate of 1.5%.

Vidhya Jyoti

It is an Indian Overseas Bank education loan initiative. It is available to all females at a 0.5% lower Education loan interest rate for girls. With a 30 Lakh limit for India and a 40 Lakh limit for overseas, it has a flexible payback period.

SBI Education Loan

This renowned financial institute offers loans at attractive interest rates. With loans up to Rs. 7.5 Lakhs, they also offer an Education loan for girl students in India with a 0.5% rebate to the female candidates. Eligible for both Indian and abroad opportunities, it ensures every dream fulfils without any compromise. 

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Propelld and their loans for girl students

Propelld Education Loan has the perfect opportunity for women planning to pursue higher education. With  low interest rates and connections with more than 2500 institutions, it renders the finest choice. They extend your loan smartly with easy processing, no collateral required, and semester-wise amount disbursal. With a large customer base and high approval rates, Propelld believes in giving everyone a fair chance. When looking for an education loan for girl students in India, considering them is definitely a strong option.

FAQs on Education loan for girls in India

What are the eligibility criteria for girls to avail of education loans?

Eligibility criteria may vary among lenders. The providers often check for the candidate's age and their academic performance. They also ensure they have admission to secured institutions in India or overseas. 

Are there any benefits or concessions for girls applying for education loans?

Many banks offer lower interest rates and other concessions for female borrowers. It includes a reduction of processing fees and an additional reduction of 0.5%, tax benefits, and others. 

How much amount can a female student apply for under an education loan?

Educational loan for SC students and women vary as per the location of the course, the level of education, and the collateral submission. It also is different for different lending institutes.

Is collateral required for education loans for girls?

Some loans may not require collateral for lower amounts, while larger loans might need security. Putting in collateral, especially a property, also helps to lower the interest rate.

What expenses does an education loan for girls cover?

Tuition fees, examination fees, hostel, book costs, etc., are some expenses that any education loan would cover. The best is to understand the coverage where you apply as they vary in different lending institutions. 

Is there any scheme for girls education loan?

The following is the List of Women Education Loan Schemes available:

• Vidya Laxmi Loan Scheme
• Cent Vidyarthi Scheme
• Corp Vidya Scheme
• Vidya Jyoti Scheme
• Baroda Scholar Scheme
• SBI Education Loan
• IDBI Education Loan

Apart from the available loan options by the central and financial institutes, there are several schemes and subsidies for girl children. The state government also offers financial aid to girls.

Can a girl repay the loan while studying?

Every loan lender offers a grace period. The period varies in different institutions. It allows you to study without burden. Once it is completes, you can start paying. But there is no harm if you wish to pay before the period.

How can a female student apply for an education loan, and what documents are required?

It often involves registration and application filling. It requires a document check for KYC, educational documents, and proof of admission in esteemed institutes. The best course is to know the loan you are applying for and ensure you fit in and have all it needs.