Top education loans for girl students in India serve as a vital financial resource, helping young women pursue higher education without financial barriers. To promote women’s education, the Indian government has introduced various financial assistance schemes, while several banks offer specialized education loans for girl students in India with lower interest rates and exclusive benefits.
The education loans for girl students in India by top banks are provided under the IBA Model Education Loan Scheme. In this blog, we will be covering the top education loans for girl students in India with their features and benefits. Also, check out the application procedure and the documents required for the same.
Table of contents
- List of Education Loans for Girl Students in India
- Overview of Top Education Loans for Girl Students in India
- Cent Vidyarthi Loan Scheme
- Baroda Scholar and Baroda Gyan Loan
- Education Loan – State Bank of India (SBI)
- Vidhya Jyoti – Indian Overseas Bank
- Corp Vidya Scheme – Corporation Bank of India
- Beti Bachao Beti Padhao (BBBP)
- Sukanya Samriddhi Yojana (SSY)
- Balika Samridhi Yojana (BSY)
- Savitribai Jyotirao Phule Fellowship for Single Girl Child
- Post Graduate Indira Gandhi Scholarship for Single Girl Child
- Scholarship Scheme for Girl Children of Jute Mill & MSME Workers
- Eligibility Criteria for Education Loan for Female Students in India
- Documents Required for Education Loan for Girl Students in India
- Application Procedure Through Vidya Lakshmi Portal
- FAQs on Education Loans for Girl Students in India
List of Education Loans for Girl Students in India
There are several banks and financial institutions that provide education loans for girl students in India. The terms and conditions for providing the education loans in India may vary from bank to bank. Some of the banks also have specifically designed education loan schemes for the girl child. Check out the top education loans for girl students in India provided by banks and the Government of India.
List Education Loans Schemes for Girl Students in India by Indian Banks
The list below provides details of education loan schemes for girl students in India offered by various Indian banks. Take a look to find the one that best suits your needs.
| Education Loan Scheme | Bank | Loan Amount | Interest Rate | Special Benefits for Women |
|---|---|---|---|---|
| Cent Vidyarthi Loan Scheme | Central Bank of India | INR 10 lakh (India) INR 20 lakh (Abroad) | 8.10% – 10.60% p.a. | 0.5% interest concession for female students |
| Baroda Scholar & Baroda Gyan Loan | Bank of Baroda | INR 7.5 lakh (India) INR 80 lakh (Abroad) | 9.70% – 13.70% p.a. | 0.5% interest concession for female students |
| Education Loan – SBI | State Bank of India | Up to INR 1.50 crore | From 8.25% p.a. | 0.5% interest concession for female students |
| Vidya Jyoti Loan Scheme | Indian Overseas Bank | INR 7.5 lakh – INR 50 lakh | 9.75% – 11% p.a. | 15% margin money for studying abroad |
| Corp Vidya Scheme | Corporation Bank of India | Up to INR 10 lakh | 11.5% p.a. (fixed) | Designed specifically for female students |
List Education Loans Schemes for Girl Students in India by Indian Government
The Indian government offers various education loan schemes for girl students in India to promote women’s education and financial independence. These schemes provide affordable loans with lower interest rates and flexible repayment options, ensuring that financial constraints do not hinder academic aspirations.
The list below provides details of education loans for girl students in India offered by Indian government. Take a look to find the one that best suits your needs.
| Scheme Name | Key Benefits | Eligibility |
|---|---|---|
| Beti Bachao Beti Padhao (BBBP) | Promotes gender equality & education for girls | Open to all girl children in India |
| Sukanya Samriddhi Yojana (SSY) | Savings scheme with tax-free interest for girls’ education & marriage | Open until the girl turns 10 years old |
| Balika Samridhi Yojana (BSY) | INR 500 at birth + INR 2,000 per year for schooling till Class 10 | For girls born on or after Aug 15, 1997 |
| Savitribai Jyotirao Phule Fellowship | INR 31,000/month for Ph.D. students (INR 35,000 later) | Single girl child pursuing Ph.D. |
| Post Graduate Indira Gandhi Scholarship | INR 36,000 per year for PG education | Single girl child in first-year PG courses |
| Scholarship for Girl Children of Jute Mill & MSME Workers | INR 31,000/month for PhD students (INR 35,000 later) | Daughters of Jute Mill & MSME workers |
Also Read: Bank of Baroda also provides forex cards for students who are
planning to study abroad. To know about the benefits and uses read Bank of Baroda Forex Card: Benefits, Uses, Charges.
Overview of Top Education Loans for Girl Students in India
To promote higher education among women, several public and private banks have introduced specialized of top education loans for girl students in India with exclusive benefits for female students. Below is the overview of some of the top education loan schemes designed specifically for female students in India-
Cent Vidyarthi Loan Scheme
Cent Vidyarthi loan scheme is offered by the Central Bank of India to provide financial assistance to eligible students for higher education. A loan amount of INR 10 Lakh is given to students who want to study in India whereas an amount of INR 20 Lakh is given to students planning to study abroad.
With the exchange of 100% collateral security, there is no bar for the maximum amount of education loans for girl students in India. The loan covers the course fees and other related expenses like purchasing books and laptops, examination fees, hostel fees, etc. that help in completing the course. The bank offers 0.5% more concession in the interest rates specifically for the girl child.
Did You Know? Major public and private sector banks like the State Bank of India, Bank of Baroda, Punjab National Bank, IDBI Bank, Indian Overseas Bank, Central Bank of India, ICICI Bank, Canara Bank, South Indian Bank, Bank of Maharashtra, UCO Bank, YES Bank are the banks that provide 0.5% concession on interest of education loan for girl students in India.
Baroda Scholar and Baroda Gyan Loan
Baroda Scholar and Baroda Gyan Loan are education loans for female students in India provided by the Bank of Baroda. Under these two loan schemes of the Bank of Baroda, the girl child can avail up to INR 7.5 lakhs for graduation and post-graduation while under the Baroda scholar scheme, the students can avail loan up to 80 lakhs for studies in India or abroad.
In both cases, the additional 0.5% concession is provided in the interest rate and this benefit is only for girl students.
Education Loan – State Bank of India (SBI)
The SBI Education Loan for girl students in India provides financial support to women pursuing higher education abroad. They offer the exclusive benefit of a 0.5% interest rate concession for female applicants. Students can apply for a maximum loan of up to INR 1.50 crores for premier institutes.
No collateral is required for loans up to INR 7.5 lakh and the loans can be repaid in 15 years. The interest rates on SBI female education loans start at 8.25%.
Vidhya Jyoti – Indian Overseas Bank
This education loan for female students in India is provided by the Indian Overseas Bank. This is specifically for aspiring students who want to study abroad at a foreign university.
Students can avail up to 50 lakhs and the minimum amount is INR 7.5 lakhs. The bank also implements 15% margin money for study abroad loans under the Vidyajyothi scheme. The IOB Vidyajyoti Education Loan Interest Rate is between 9.75% to 11%.
Also Read: Applying for a loan from IOB? Check this and know about the IOB Education Loan Documents Required
Corp Vidya Scheme – Corporation Bank of India
This is another education loan for female students in India offered by the Corporation Bank of India. This scheme is specifically tailored and designed for female students in India to provide financial assistance to them for higher education.
Corporation Bank of India provides loans of up to INR 10 lakhs for graduate and post-graduate courses. The repayment period is up to seven years, and the interest rate is fixed at 11.5% p.a.
Also Read: Comparing education loan interest rates is one of the best practices before applying for a loan with any lender. Compare the education loan interest rates of leading banks and NBFCs to find the best-suited lender.
Beti Bachao Beti Padhao (BBBP)
This education loan for girl students in India were launched in 2015, the Beti Bachao Beti Padhao scheme focuses on addressing gender bias and improving welfare services for girls. With the slogan “Save the Girl Child, Educate the Girl Child,” this initiative aims to increase awareness about the importance of girls’ education. The government initially allocated INR 100 crore to support this campaign, reinforcing its commitment to gender equality.
Sukanya Samriddhi Yojana (SSY)
SSY education loan for girl students in India designed as a savings scheme for a girl’s future education and marriage, Sukanya Samriddhi Yojana allows parents to open an account in their daughter’s name until she turns 10. Deposits range from INR 250 to INR 1.5 lakh per year, earning tax-free interest under the Income Tax Act Sections 80C and 10.
Withdrawals can be made for higher education expenses, and early closure is permitted for marriage after the age of 18. The account is transferable across India between banks and post offices.
Balika Samridhi Yojana (BSY)
BSY education loan for girl students in India aimed at promoting education among girls from economically weaker backgrounds, the Balika Samridhi Yojana provides:
- INR 500 at birth as an initial cash benefit.
- INR 2,000 per year until the girl completes Class 10 to support her schooling expenses.
Upon turning 18, the accumulated amount can be withdrawn, encouraging financial independence alongside education. This scheme applies to girls born on or after August 15, 1997.
Savitribai Jyotirao Phule Fellowship for Single Girl Child
This initiative of education loan for girl students in India, launched under the University Grants Commission (UGC), supports single girl children pursuing a Ph.D. It provides:
- INR 31,000 per month for the initial years.
- INR 35,000 per month for the remaining tenure.
- Additional benefits like contingency funds, medical facilities, and academic leave.
With a tenure of five years, this fellowship aims to promote research and higher education among women.
Post Graduate Indira Gandhi Scholarship for Single Girl Child
For single girl children pursuing postgraduate studies, the Indira Gandhi Scholarship provides INR 36,000 per year throughout the PG program. The scholarship is open to students in their first year of postgraduate courses at recognized universities and colleges. Every year, 3,000 new scholarships are awarded through Direct Benefit Transfer (DBT) mode.
Scholarship Scheme for Girl Children of Jute Mill & MSME Workers
This initiative supports the education of daughters of Jute Mill and MSME workers, ensuring they complete their schooling and become employable. The scheme provides:
- INR 5,000 for secondary education.
- INR 10,000 for higher secondary education.
By focusing on education, the scheme enhances the financial and social security of workers while empowering their daughters.
Eligibility Criteria for Education Loan for Female Students in India
The student must meet certain criteria to avail education loan for girl students in India from any financial institution or bank in India. Always be sure to check out the eligibility criteria before applying for an education loan for girl students in India.
- Generally, a minimum of 16 or 18 years of age(It may vary from bank to bank).
- Residence in India.
- Residential status requirements may vary in the case of some particular schemes. (For example, If you are applying for Kalupur Bank education loans for abroad studies, you must be a resident of Gujarat or Maharashtra.)
- The candidate must have secured a seat in any of the approved foreign universities for education loans.
- Suppose there is no entrance examination or merit-based selection process and the admission is based on qualifying exams. In that case, the student should have scored at least 50% marks in the qualifying examination.
- The student must have a co-applicant
- The applicant must have collateral security.
Note – Please be sure to check the eligibility criteria either with the bank or at Vidya Lakshmi Portal as it may vary from bank to bank and scheme to scheme.
Documents Required for Education Loan for Girl Students in India
The applicant and the co-applicant/ guarantor are required to submit certain documents and bonafide certificates to banks related to personal details, academics, income, and collateral in order to get education loan for girl students in India.
These help banks verify your eligibility and process education loans. Check out the basic list of documents you may be required to submit at the time of application for an education loan for girls students in India.
- KYC of applicant and co-applicant for identification purposes.
- Academic records of students.
- Entrance exam results (if applicable)
- Statement of cost of study/ Schedule of expenses
- Income Proof for Salaried Co-applicant/ Guarantor (if applicable)
- Bank account statement for the last 6 months
- Property Documents (if applicable)
Also Read: Having a gap after higher studies for entrance preparations or career building? Check out the details about obtaining a gap certificate for an education loan.
Application Procedure Through Vidya Lakshmi Portal
Female students can apply for education loans through the Vidya Lakshmi Portal. The application process is straightforward. Here is a step-by-step guide to applying for an education loan for girls in India for studying abroad:
- Visit the official website of the bank or the Vidya Lakshmi Portal.
- Check out the eligibility criteria
- Download the loan application form
- Fill out the application form
- Upload the completed application along with the requisite documents
- Download the application form and visit the nearby SBI branch with a copy of all the required documents.
- Get your collateral evaluated.
- Submit the valuation report to the loan officer
- After getting approval, the loan department will now check all the documents and provide the sanction letter.
FAQs on Education Loans for Girl Students in India
To be eligible, applicants must be Indian citizens, have completed their 10+2 education, and have secured admission to a recognized higher education program in India or abroad. The age limit typically ranges from 18 to 35 years, and a co-applicant (usually a parent or guardian) is required.
The maximum loan amount for girl students in India varies by scheme and lender. For example, some banks offer up to INR 10 lakh for studies in India and INR 20 lakh for studies abroad. Specific schemes like Vidya Lakshmi may provide even higher limits depending on the applicant’s needs and the security offered.
Education loans can cover various expenses including tuition fees, hostel fees, mess charges, library fees, and other related educational costs. Some loans may also include funding for study materials and travel expenses for studying abroad.
Yes, many banks offer a concession of 0.5% on interest rates for female students applying for education loans. This initiative aims to encourage more women to pursue higher education.
The central bank provides education loans at affordable rates. The lowest interest rate provided by the Central Bank of India is 6.85%. It also provides concession on ROI for backward classes SC/ST students and female students.
IOB Education loan interest rates vary between 9% to 13% depending on factors such as credit score, loan amount, and repayment period. The girl child will get a 0.50% concession on interest rates.
Indian Overseas Bank provides a rebate of 0.5% to 1.5% to female students and wards of IOB employees and retired employees.
The repayment period for education loans for female students in India can range from 5 to 15 years, depending on the loan amount and the policies of the lender. Some banks and financial institutions may charge a penalty for early repayment.
Some banks and financial institutions offer special interest rates for education loans for girls in India. State Bank of India, Bank of Baroda, Punjab National Bank, IDBI Bank, Indian Overseas Bank, Central Bank of India, ICICI Bank, Canara Bank, South Indian Bank, Bank of Maharashtra, UCO Bank, YES Bank are the banks that provide 0.5% concession on interest of education loan for girl students in India.
The Indian government has initiated several schemes such as the Beti Bachao Beti Padhao Yojana and the Pragati Scholarship Scheme aimed at promoting women’s education and providing financial assistance specifically for girl students.
The application process generally involves registering on the lender’s portal, filling out the application form, and submitting required documents such as identity proof, address proof, and admission confirmation from the educational institution.
Hope you liked reading our blog about education loan for girl students in India. To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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