Education Loan for Female Students in India

✓ 0.5 % Interest Concession on Education Loan

✓ Faster Loan Processing Time in Public Banks

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There is a gender disparity when compared to the number of male students to that of the number of female students going abroad for studies. Even the ratio of male students applying for education loans through WeMakeScholars is more than that of female students.

Acknowledging the disparity, the public-sector banks have introduced a 0.50% interest rate reduction for female students, allowing them to get an education loan at a cheaper rate of interest. Aside from that, the education loan scheme offered to a female student is almost the same as it is for a male student. It is just that a female candidate gets an additional 0.50% concession on the interest rate. 

We've compiled the list of top banks offering education loans to female students in this article- Top Indian banks offering an education loan for studying abroad.

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An overview of different Lenders

1. Govt banks/ Public banks - If you have collateral, going with public banks is preferred since you can obtain an additional 0.50 percent discount if you are a female candidate.

  • Amount- You may be eligible for a loan of up to 1.5 crores, depending on the value of your collateral and your loan requirements.
  • Interest rates- Female students have an interest rate starting from 9.50%.
  • Processing fee- You will be charged a processing fee of INR 10,000 plus GST, as well as around INR 7,500 for legal and valuation of the collateral.
  • Repayment Period- You get your course duration+ 6 to 12 months as a payment-free moratorium period. Simple interest will be charged throughout your moratorium period, but you could pay it once your repayment period starts. The loan can be repaid over a period of up to 15 years.

2. Private banks- Private banks in India also do collateral education loans. However, students prefer taking non-collateral education loans from these private lenders. Private banks have a list of universities only for which they approve non-collateral education loans.

  • Amount- You may be eligible for a non-collateral education loan of up to 40 lakhs depending upon your university.
  • Interest rates- The rate of interest ranges between 10-14%.
  • Processing fee- The processing fee is 1% of the loan amount +GST and for some private banks, it is 15k +GST.
  • Repayment Period- The moratorium period is your course duration+6 months. Private banks do not offer a payment-free moratorium. You must pay full or partial interest and have 10 to 15 years to return the loan.

3. NBFCs- NBFCs are Non-Banking Financial companies and there are 4 NBFCs in India that provide non-collateral education loans or partially secured loans to students. Their offers are subject to the choice of your preferred country.

  • Amount- 60 lacs for the US, 45 lacs for the UK, 35 lacs for Canada, 20 lacs for Germany, 20 lacs for Australia, and can also go up to 30 lacs for top universities in other countries. 
  • Interest rates- ROI varies with country, for the US- 11% to 12%, Canada- 12% to 13%, and others- 12% to 13.5%
  • Processing fee- The processing fee can be 0.95% to 1.5% of the loan amount.
  • Repayment Period- The moratorium period is the course period + 1 year and you will get up to 10 years to repay the loan amount. NBFCs also don't provide a payment-free moratorium period.
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Why you should apply for your education loan through WeMakeScholars?

  1. The faster loan processing time with public banks- If applied via WeMakeScholars, the time taken for the education loan to get sanctioned at public banks is just 15 to 20 working days, as opposed to the normal 2-3 months.
  2. Get immediate 0.5% concession in NBFCs- The NBFCs, unlike public-sector banks, do not have any concession on the interest rate of education loans for girls. Since WeMakeScholars is associated directly with the head office of these lenders, you get at least a 0.5% reduced interest rate on education loans, as a result, you get the best rate in the market.
  3. Partially secured education loan- If you don't qualify for a non-collateral education loan, you may be able to receive a partially secured loan by pledging collateral. The value of this security can be less than the loan amount you're looking for. This is a little-known technique that can considerably improve your chances of securing a loan.

You may not be able to determine whether or not you are eligible for a partly secured loan from NBFCs on your own. Plus, NBFC loan terms are mostly flexible, so if you don't know how to negotiate, you may miss out on a better bargain. So, when you apply through WeMakeScholars, all of this is handled by our financial officials on your behalf. They will talk with the lender and get you the best deal possible. 

If you have any other questions regarding an abroad education loan or any other related topic, feel free to request a call back from the WeMakeScholars support team for clarifications. We are very active online and would love to answer your comments.

Education Loan FAQs

  • What are the benefits of education loans specifically designed for female students in India?

    Education loans designed for female students in India have certain benefits that make them a preferred choice for many. Some of the benefits include lower interest rates, longer repayment periods, flexible repayment options, no collateral required for loan amounts, and specialised schemes and discounts for female students.

  • How long is the repayment period for education loans for female students in India, and are there any penalty charges for early repayment?

    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, while others may not like most of the Indian lenders don't charge any penalty for prepayment

  • What are the maximum loan amounts that can be availed by female students for pursuing higher education in India or abroad?

    The maximum loan amounts that can be availed by female students for pursuing higher education in India or abroad depends on the bank or financial institution providing the loan. Generally, the maximum amount ranges from Rs. 7.5 lakhs to Rs. 1.5 crore, depending on the institution, course, and other factors.

  • What are the common documents required to apply for an education loan for female students in India?

    The common documents required to apply for an education loan for female students in India include an admission letter from the institution, mark sheets of the last qualifying exam, proof of identity, proof of residence, income proof of parents or guardians, and a copy of the fee structure.

  • How long does it take for the education loan to be disbursed after the application is approved?

    The time taken for education loan disbursement can vary depending on the bank or financial institution. In general, it can take anywhere from a few days to a few weeks for the loan to be disbursed after the application is approved. If you apply through WeMakeScholars, our financial officers will make your application process smooth, fast, and hassle-free.


Surge in Female Students Applying for Education Abroad by 100 to 150 percent: Report

A recent report reveals a remarkable increase in the number of female students applying for international education in 2022, compared to pre-pandemic years, with a growth rate ranging from 100 to 150 percent. This shift is expected to continue, driven by evolving aspirations and greater financial accessibility.

Notably, gender balance in overseas admissions has improved, with a 50:50 male-to-female ratio in 2022, compared to 70:30 in 2019. In Tier 2 and 3 towns, the ratio is now 55:45, up from 80:20 in 2019.

Amit Gainda, CEO of Avanse Financial Services, points out that over 60% of funded students in FY22-23 hail from Tier II & III cities, indicating growing independent aspirations among women in smaller towns.

This surge in female applicants is particularly noticeable in countries like the US, UK, and Europe. India also shines in the field of STEM, with women constituting 43 percent of the global STEM student cohort, as per the World Bank. This reflects an increasing interest among Indian women in traditionally male-dominated fields.

Amit Gainda suggests this trend showcases a growing desire for quality education and better career prospects among women, supported by evolving mindsets and increased family encouragement.

Last Updated - 28/08/2023