4 Things to Know Before Taking an Education Loan for Women

If reports and stats are to be believed, it shows that girls attend primary school in roughly equal numbers as boys, but this gap widens as they get older. Many women are forced to drop out and the primary reason behind this is lack of insufficient fund.  But, we all know that in this cut-throat competitive world, pursuing higher education is considered to be one of the best ways to get ahead in your life. We all know and understand that the cost of education is going up and people fail to keep pace with this inflation despite years of savings and investment. It is becoming extremely difficult for parents to fund their children’s dreams.  There comes an education loans for women. It comes handy not just in catering your admission or tuition fees but also help in meeting other expenses as well likewise your accommodation, travel, books and examination fees, etc. Now, this has led to an exponential increase in the number of women’s seeking education loans for higher studies.

On viewing the potential and increasing number of female applicants, many lenders are currently offering an education loan for women so that they can pursue their postgraduate studies without any worries. And what the best part is that if you apply for an education loan, you will get an additional benefit of a 0.5 percent interest rate in comparison to a male student.

Let’s look at few of the things before opting-

Loan Eligibility

The predominant criteria in order to apply education loan for women is that you need to be an Indian citizen and should have secured admission in a college. Generally, the borrower of an education loan is a student and if you are already doing a job it becomes relatively easy to get your loan amount sanctioned. If not, no worries, there are so many lenders in the market-place who provides 100% financial assistance and at the time of applying for a loan, your parents, or siblings can be your co-applicant while you being the primary borrower.

Courses Covered:

Education loan for women is granted who have got a confirmed admission in a recognized institute. The lenders provide loans for various types of courses which includes engineering, medical, law, and management etc. In order to avoid any future ambiguity, you can do a quick check online on the type of courses covered and the loan amount offered by lenders.

Moratorium Period:

It is a time period during the loan term when you don’t have to make any repayment. It is a waiting period before which repayment begins i.e. EMIs. Generally, the repayment begins from the very next month after the loan amount is disbursed in your bank account. The moratorium period actually helps you and the repayment period starts after 6 to 12 months you complete your course. Or in other terms, it’s a time lag between you complete your studies and before getting a job.  Most of the lenders provide this feature as it becomes easy for you to build your finances for future.

Maximum Loan Amount:

The quantum of loan that any lender would offer to you would highly depend on the type of course and the institute you shortlisted. Some lenders have their own listing of institutes and have graded them on the basis of their reputation. More premier the institute, higher would be the loan amount and lower would be the interest rate on education loan for women.

Hope this information helps!