India
is the second most populous country in the world, only after China. Thus, the
country boasts of a population of more than a billion people. Hence, providing
education for all of them is quite tough; because India is still a developing
country in itself. And moreover, creating equal chances for the women is
tougher than that- this has caused a major rift in the development of men and
women population of the country. However, this rift can be overcome by
obtaining the right form of education. But the costs of obtaining good education
is higher than what most women can afford; however, now they can do so, by
obtaining an education loan for women.
There are numerous banks and NBFCs (non-banking financial companies) that have
started giving out education loans to cater to the needs of women. The loans
given out by financial institutions are charged at way lower interest rates
than the ones given out by loan traditional financiers. There are a number of
other reasons why education loan for women are trending in India, and a few of
them are here as follows:
- An education loan helps women to fund their own education; thus, ensuring that they don’t have to depend on anyone else for financial assistance. Because more than often, parents exhaust their life worth saving just to fund the education of their child.
- The financial institutions also give out a discount of 0.5% on the interest rates for women; to encourage them to pursue higher education. There are also a number of other promotional offers given out by the banks and NBFCs (non-banking financial companies) for women- mostly during the month of women’s day.
- An education loan for women takes care of all the expenses related to their educational studies. The different expenses covered by an education loan are the cost of college fees, tuition fees, living expenses, travel expenses, etc. These loans also cover the other miscellaneous expenses incurred by the students while completing their higher studies.
- The repayment of these loans is done in the flexible form of
EMIs (equated monthly installments); to help you plan out your repayments in
advance. These EMIs are calculated by the banks and NBFCs (non-banking
financial companies) on the basis of your repayment tenure, principal amount
borrowed and the interest rates charged by them. The financial institutions
even provide you with an EMI calculator to make your loan process easier.
However,
you need to fulfill the required eligibility criteria given out by the banks
and NBFCs (non-banking financial companies) to obtain an Avanse
education loan for women. These eligibility criteria are as follows:
- · You need to be an Indian citizen within the age group of 18 years to 35 years (for a few financial institutions) to be able to borrow money.
- · There must also be an earning family member of yours willing to co-sign the loan amount. The financial institutions also scrutinize his or her credit score, income and credit history.
- · You need to have a letter of confirmation from the university.
- · Make sure that you have fulfilled all the pre-requisite examinations. The financial institutions also check your educational background, documents, etc.
