Save Big with These Money-Saving Bank and NBFC Programs for Women

Financial inclusion and gender empowerment have become a top priority for governments and financial institutions worldwide.

Offering concessions on interest rates to certain categories of borrowers, such as women borrowers, has become a common practice in the banking and financial sector.

SBI, HDFC, Canara Bank, and Union Bank of India are a few of the banks that offer incentives to women looking for home loans.

SBI offers a 5 basis point discount to female applicants for home loans, while HDFC offers a 5 basis point reduction off of interest rates.

Canara Bank offers house loan interest rates starting at 8.85% for women customers

Female applicants who are both owners and co-owners of the proposed housing property and borrowers/co-borrowers on the loan are eligible for a 0.05% interest rate decrease from Union Bank of India.

Some Indian states reduce the stamp duty for female buyers by 1% to 2% to encourage the acquisition of real estate.

NBFCs are allowed to offer differential rates of interest to different categories of borrowers, including women borrowers, as per RBI guidelines.

Many NBFCs offer concessional interest rates, waived or reduced processing fees, longer repayment tenure, and higher loan-to-value (LTV) ratios to women borrowers.

Some NBFCs also offer special schemes for women entrepreneurs or single women borrowers, such as lower interest rates for loans taken for business purposes.