Skip to main content

Special Interest Rates for Women

 

If you are looking for a loan, it pays to be a woman. Public and private sector banks as well as NBFCs are vying with one another to attract women customers by offering special schemes and attractive loan terms.

These cover a wide range of secured loan products, such as home or vehicle loans and unsecured loans for education, business and personal spending. Many of these benefits are extended to cases where the woman is a co-borrower.

Home loans

When purchasing a home by taking a loan, if the borrower is a woman, the interest rate is lower. SBI's Her Ghar home loan scheme offers a 5 basis points (bps) lower rate for women borrowers. The current rate of interest for women borrowers is 20 bps above the base rate of 9.3 per cent. Now, 5 bps saving may not seem much, but given that the loan amount is typically high, it can add up over the long tenure of the loan.

For example, you can save ₹40,000 on a loan of ₹50 lakh, over 20 years. Likewise, ICICI Bank also offers women borrowers a 5 bps lower rate.

Motilal Oswal Financial Services has launched a home loan division, called MALA, for women. Salaried and self-employed women can get home loans of ₹2-12 lakh to purchase affordable housing units. Interest rates are in the 10-13 per cent range.

Vehicle loans

If you are thinking of buying a two-wheeler, Andhra Bank may be an option. Interest rates for women are 1 per cent above the base rate for all loan tenures, compared with 1.75-2 per cent above the base rate for other borrowers (based on loan period). Mahindra Finance offers a 0.5 per cent rebate on two-wheeler loans to women customers.

For women buying a car, Bharatiya Mahila Bank's Dream Car Loan may be a good choice.

The loan is offered at the base rate, currently at 9.7 per cent.

SBI offers 25 bps discount on car loans for women borrowers under its 'Her Ghar Her Car' loyalty scheme.

Business and other loans

There are many special loan schemes that cover a broad spectrum of businesses ranging from crèche to setting up industries.

Many of them require that the majority shareholding in the company (over 50 per cent) be held by women. For instance, Bank of India's Star Doctors Plus programme offers a 0.5 per cent lower interest rate for setting up medical pathological/diagnostic services by doctors, if 51 per cent stake in the entity is held by women. Tamilnad Mercantile Bank's Mahalir loan offers working capital and asset purchase funding to women-owned businesses. The interest rate is not lower than general business loans, but the loan tenure is longer, at seven years (compared with five years for most other business loans).

SBI offers many different schemes for women entrepreneurs. For instance, Stree Shakti Package is available for enterprises that are majority women-owned.

These loans offer advantages, such as 5 per cent lower margin requirement, interest rate reduction of 0.5 per cent for loans of over ₹2 lakh and waiver of security for loans up to ₹5 lakh in case of tiny sector units.

The Cent Kalyani scheme from Central Bank of India offers loans of up to ₹1 crore at an interest rate of 0.25 per cent over the base rate to new as well as experienced female business owners, professionals and self-employed. Education loans to girl students are also available at lower interest rates. Bharatiya Mahila Bank's Saraswati education loan offers a 1 per cent interest rate concession to girl students. SBI, Axis Bank and Central Bank of India offer 0.5 per cent interest rate reduction on their education loans to female students.

Women can also get better rates on many personal loan schemes. Syndicate Bank's SyndSaral scheme for women provides personal loan with a 0.25 per cent discount in interest rate. Likewise, Bank of India's Star personal loan offers 0.5 per cent concession on rates, if all the borrowers are women.

Bharatiya Mahila Bank offers a special loan for kitchen renovation and purchase of electronic items, furniture and utensils.

The loan term is seven years and the maximum loan amount is ₹5 lakh. The interest rate is 11.7 per cent based on the current base rate.

Many banks also offer personal loan schemes for women to buy gold and silver. Karur Vysya Bank's Mahila Swarna Loan, for instance, is offered to women employees of the Central or State Governments to purchase jewellery and silverware. Bank of India's Mahila Gold Loan Scheme is offered to women for buying gold ornaments.

The interest rate is 3 per cent over the base rate, compared to other personal loans where the spread is 4-5 per cent.

-----------------------------------------------
Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saving Mutual Funds to invest in India for 2016

Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Leave a missed Call on 94 8300 8300

-----------------------------------------------

Popular posts from this blog

Liquidity Adjustment Facility

Liquidity adjustment facility (LAF) is a money market tool used by the central bank of a country (in India it is the Reserve Bank of India ), to infuse funds into the country's banking system when liquidity dries up. Again, in case there is excess liquidity, the central bank uses some tools to help banks manage their surplus liquidity. Usually the RBI uses the repurchase facility (called Repo ) to give short-term loans to banks to meet their temporary liquidity shortage. On the other, hand RBI uses reverse repo facility to help banks park their excess liquidity with it. Banks usually use various securities, which are approved by the RBI, as collateral when they take money from the RBI to meet their short term liquidity requirement     Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015 1. ICICI Prudential Tax Plan 2. Reliance Tax Saver (ELSS) Fund 3. HDFC TaxSaver 4. DSP BlackRock Tax Saver Fund 5. Religare Tax Plan 6. Franklin India TaxShield 7. Canara...

Jeevan Labh

 The Life Insurance Corporation of India has announced Jeevan Labh , its limited-premium, with-profits endowment plan .   It comes with a premium paying terms of 10, 15 and 16 years for corresponding policy tenures of 16, 21, and 25 years respectively. ----------------------------------------------- Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds Top 10 Tax Saving Mutual Funds to invest in India for 2016 Best 10 ELSS Mutual Funds in india for 2016 1. BNP Paribas Long Term Equity Fund 2. Axis Tax Saver Fund 3. Franklin India TaxShield 4. ICICI Prudential Long Term Equity Fund 5. IDFC Tax Advantage (ELSS) Fund 6. Birla Sun Life Tax Relief 96 7. DSP BlackRock Tax Saver Fund 8. Reliance Tax Saver (ELSS) Fund 9. Religare Tax Plan 10. Birla Sun Life Tax Plan Invest in Best Performing 2016 Tax Saver Mutual Funds Online Invest Online Download Application Forms For further information contact Prajna Capital on 94 83...

NPS for Tax Saving

The NPS is a great way to save tax if you don't mind locking in your money till you retire. Till last year, the taxability of the NPS was a big issue. But last year's Budget changed the rules and made 40% of the corpus tax free. The PFRDA wants that the balance 60% to be exempt from tax as well. The emphasis is on increasing pension coverage. So, allowing EEE status (to NPS ) is our major demand (in the Budget NPS is especially useful for investors who may have exhausted the `1.5 lakh investment limit under Section 80C but want to save more.   Another way the NPS can cut tax is by rejigging the salary.If a company deposits up to 10% of the basic salary of an employee in the NPS under Section 80CCD(2d), the amount will be tax free. Turn to page 28 to see how much tax this can save. However, the take-home pay of the employee will come down. Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds Top 10 Tax...

BHIM App

What is BHIM? BHIM stands for Bharat Interface for Money , which is an easy way of transferring money from one bank account to an other via a smartphone using the Unified Payments Interface (UPI) platform . It is an instant payments application meant for sending money as well as requesting for payments. How is it different from UPI? BHIM is no different than UPI. But in the case of BHIM, customers don't have to download mobile applications of multiple banks, instead a single BHIM app downloaded from Android Play Store is sufficient. Other than that, payments can be made through a virtual payments ID or through account number and IFS code, same as UPI. What you need to use BHIM? BHIM can be used across an droid smartphones with version 4.0 and above, also it will be made available on iPhones and Windows smartphones very soon. Further, for feature phone users they need to use the USSD feature by dial ing *99#. Why was the need for BHIM felt when UPI is already in place? With various...

NRI from Canada and US Invest in Mutual Funds in India

Investing in Indian mutual funds by NRIs from US and Canada As of December 2016, eight Indian fund houses were accepting investments from US/Canada-based NRIs Most of the Indian mutual fund houses have stopped accepting funds from US and Canada based NRIs due to regulatory restrictions. This is because the Foreign Account Tax Compliance Act (FATCA) makes it compulsory for all financial institutions in the world to report comprehensive details of all transactions involving US/Canada residents, (including non-resident Indians) to the US & Canada Government. Top 4 Tax Saver Mutual Funds for 2017 - 2018 Best 4 ELSS Mutual Funds to invest in India for 2017 1. DSP BlackRock Tax Saver Fund 2. Invesco India Tax Plan 3. Tata India Tax Savings Fund 4. BNP Paribas Long Term Equity Fund
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now