Banks offer lower interest rates on girl child's education loan | Fusion - WeRIndia

Banks offer lower interest rates on girl child’s education loan

How girl child benefits from lower education loan interest rates

Empowering education for the girl child has dependably been a need for some in the private segment in India.

The girl child has many advantages from educational loans from banks. The majority of the banks in India offer lower premium rates, to the degree of 0.50 percent for the education of the girl child.

Sometimes the standards are marginally casual, while at times, there are a few gainful plans that are for the sake of girl child education.

Investigate the plans of the banks and their advantage rates, which is generally 0.50 percent lower on educational loans for the girl child, when compared to boys.

Here are the interest rates.

Name of Bank Interest Rate Benefit For Girl Child
Axis Bank Base Rate + 6.50% 0.50% lower
IOB Loans Vidya Jyoti 12.25% 0.50% lower
PNB Saraswati 12.75% 0.50% lower
SBI Education 13.00% 0.50% lower
Syndicate Bank 1.75% above base rate 0.50% lower
Oriental Bank of Commerce 12.25% 0.50% lower
Bank of India 12.70% 0.50% lower
Andhra Bank Base rate +2.25% 0.50% lower
Punjab and Sind Bank 12.25% 0.50% lower
State Bank of Mysore 12.75% 0.50% lower

You can clearly see the difference between the interest rates normally and the advantage for a girl child. Generally, no guarantee is required for the loan amount if it is below Rs. 4 lakhs.

However, if the amount exceeds, most banks would need a third party guarantee. The repayment terms vary with each bank, but it is generally one year after getting the job.

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