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