Many banks and non-banking financial companies (NBFCs) in India provide specialised schemes for women, with the aim of promoting empowerment. These schemes offer a range of benefits and incentives to female borrowers, enabling them to achieve their goals and aspirations. However, despite the availability of these schemes, a 2020 report by the World Bank’s International Finance Corporation revealed that only 17% of women entrepreneurs in India were aware of these financial benefits.
In this context, it becomes increasingly important for women to know about the financial benefits they can avail of. Take a look at some of the schemes offered by banks and NBFCs to women.
Leading banks such as State Bank of India and Canara Bank offer lower interest rates on loans to female borrowers as part of their specialised schemes. For example, Canara Bank offers home loans starting at 8.85% interest to women borrowers, compared to 9.25% interest for other borrowers.
Similarly, women opting for home loans from SBI can benefit from a concession of 5 basis points on their interest rates. By providing such incentives, these banks aim to support and encourage women to pursue their financial goals and aspirations.
HDFC also offers a discount of 5 basis points on home loans to women. The interest is dependent on factors like loan amount and credit score. Those who have a higher credit score are more likely to get lower interest rates.
Many NBFCs also offer concessional home loan rates to women. Take the example of Bajaj Finserv, which offers ample funding for Rs 40 lakh to women. There is no collateral required.
The interest rates offered by NBFCs may vary on the basis of loan tenure, income level, credit score, loan amount and other criteria. Some non-banking financial companies also give special schemes for single women borrowers or entrepreneurs, like lower interest rates on business loans. Borrowers should take a detailed look at the terms offered by different banks and NBFCs before deciding on a loan.
Apart from banks and NBFCs, the government also offers some relief to women in terms of tax concessions. In some states, for example, Uttar Pradesh, women have to pay lower stamp duty on property registration. This concession can range from 1 to 2 per cent.
There are many special schemes for women to achieve their financial independence. But, before taking on any loan, borrowers must read the fine print and understand the full range of concessions they can take advantage of.
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