Student loan: interest rates for girls are lower: check the benefits and rates
The Study Loan is currently essential for ambitious parents and students who wish to opt for graduate studies at top Indian colleges / universities or who wish to go abroad. Tuition fees increase every year as tuition fees increase. However, a graduate study loan should not prevent a student from being admitted to the institutes of their dreams. Of course, student loans make the journey easier when the journey is even easier for a girl. The student loan interest rate for one girl is 0.50% lower than for others.
The Union government has several scholarship programs for female students and many investment programs like Sukanya Samriddhi Yojana for girls, to provide them with a better future, in terms of university career, etc. This lower interest rate on student loans for girls will encourage them more to be ambitious in higher education.
Below, some student loans from public banks have been mentioned along with their interest rates.
|Bank||Interest rate (with reduction)|
|SBI Student Loan Program||8.15%|
|Canara Bank Vidya Sagar Scheme – above Rs. 7.5 lakh)||8.00%|
|Canara Bank Vidya Shakthi Program (Max 7.5 Lakh)||6.40%|
|Bank of India (BOI) Education Loans (above Rs.7.50 lakh)||9.25%|
|PNB Saraswati, PNB Udaan (for outstanding amounts up to Rs. 10.00 lakh)||9.75%|
|PNB Kaushal loan up to Rs. 1.50 lakh||8.50%|
|Bank of Maharashtra Model Education Loan Program (above Rs.7.50 lakh)||7.95%|
A rebate or concession of 0.50% of the interest rate is authorized for women beneficiaries.
The student loan is chosen by many Indian families because these types of loans are easier to obtain and have better and affordable interest rates than others. Gold loans and home loans are here, but the use of education loans has become easier now, with net banking. Typically, any bank offers several student loan options, depending on the loan amount and the institution whether it is in India or abroad.
Bank of Maharashtra would not accept any margin and would give up to 100% funding for some leading institutes in India. The bank will also offer the loan without any collateral in the case of the first institutes.
Guarantee against student loan
Collateral is considered an asset that a lender requires as collateral for a loan. For student loans, the concept of collateral is simpler than for other loans. In many cases, banks, mainly public banks, offer education loans without any collateral. However, this does not apply to all student loans, and many loan applications are turned down for it. Public banks like SBI, PNB, BOI and Bank Of Baroda will offer any unsecured student loans up to Rs. 7.5 lakhs. However, in some cases, students can also avail of Rs. 40 lakhs of unsecured education loans from SBI, for some leading institutes in the country. For private banks, they only have certain selected institutes, for which they approve unsecured student loans.
In addition, banks can also take insurance premiums against life insurance policies, in order to save banks on the amount of the NPA. In the event of the student’s death, it will save both the student’s family and the bank.
To obtain a student loan, a student must also verify the eligibility and benefits of the “Pradhan Mantri Vidya Lakshmi Karyakram” which was introduced to administer and monitor scholarship programs as well as student loans. education, “with a view to enabling all poor and middle-class students to pursue higher education.”
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Article first published: Friday December 10, 2021, 6:38 PM [IST]