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

Save Tax With Mutual Funds

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300       Mutual funds are ideal as long term investment avenues for retail investors. To encourage investments in this avenue, the Government of India offers investors a spate of tax benefits thus ensuring maximum benefit from mutual funds held beyond a year. Sample some of the key benefits and refer to the table for a detailed list of tax rates for different types of schemes ·        Avail deductions under Sec 80C of the Income Tax Act by investing up to a maximum of Rs. 1 lakh in designated Equity Linked Savings Schemes (ELSS). Such investments have a compulsory lock in period of 3 years. ·        First time retail investors in equity with a gross total income of up to Rs. 12 lakh can invest up to Rs. 50,000 in specific MF schemes un...

Buying a Used Car

Invest in Mutual Funds Online Download Mutual Fund Application Forms   Pre-owned car can make sense in these inflationary times. But buying one can be trickier than getting a new vehicle    If you are thinking of buying a car but are worried about the rising inflation and higher EMIs eating into your budget, you should consider buying a used car. For those learning to drive, the general advice is that they should hone their driving skills in a used car. However, buying a used car is not an easy task. Though a used car costs less, there are a lot of aspects to be considered while buying one. You should do your due diligence before buying such a car. For example, two cars of the same model would carry two different prices. The difference in price could be on account of the age of the car, how many people have driven, etc. First Fix Your Budget Since used cars are available in a wide variety of models and prices, the starting point would be to determine your budget befor...

How much to invest in gold ?

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India) Let your motivation dictate the share of the yellow metal in your portfolio Enough has been said and written about gold as an investment option. The latest argument is that the craze for gold among Indian households is endangering our country's balance of payments. The policymakers are busy trying to find ways of discouraging investment in gold, but if households keep the common good in mind, they would be paying the market price for gas cylinders as they do for, say, their mobile phone bills. After all, private decisions are driven by private motives. So, how should a household look at gold from its own perspective? Gold is primarily acquired for its merit as a store of value. Even if the worst crisis hits a family, the gold that it holds could be put to use anywhere in th...

Debt Mutual Funds Best Fixed Income Investments

Debt Mutual Funds - Invest Online     In the last one year, except for a select few sectoral funds and small cap funds, not many of the equity funds have given great returns. On the other hand, debt funds have done relatively well in terms of returns. So far in the new year too, the stock market has been extremely volatile, pushing investors to look for safer havens. In this context, debt funds are looking safer bets for those investors who do not have the appetite for higher level of volatility. Investors who look for a regular income stream, also look at fixed income products like debt funds, bank fixed deposits and post office monthly income schemes.  Among the fixed income products, debt funds score over others because of chances of higher return, has nearly similar level of risks and liquidity. According to Shah, people looking for regular income could opt for a systematic withdrawal plan (SWP) in debt funds , which, if done judi ciously could also save on taxes. Shah explaine...

Diversification is key to gain more

Even those who prefer debt for its safety are looking at more options    It is not often that you find more than a couple of asset classes producing good returns at the same time. Invariably, assets such as gold and equity don't perform in tandem, and hence it was easier to allocate to them in line with the risk profile of the investors. In the last couple of quarters, however, more than one asset has turned attractive - gold, debt and equity. In line with the trend, you even have monthly income plans with a combination of more than two assets.    In the past, those who stuck to debt were a different class of investors who didn't wish to take risk with their money. The changing lifecycles and the growing integration of investment markets across the globe have pushed even individual investors to embrace the concept of asset allocation. Hence, you have individuals who were using debt to park profits being prepared to take advantage of other assets.    For instance, when the...
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