Sukanya Samaridhi Yojana

The Sukanya Samaridhi Yojana scheme is started for the betterment of the girl child. This scheme aims to promote the means of saving the girl child's future in each of the family. The tenure of Sukanya Samaridhi Yojana is 21 years from the date account has been opened or if the girl gets married after completing the age of 18 years.

Main features of Sukanya Samaridhi Scheme

Interest rate: The interest rate that applies to this scheme is 7.6%. It changes each year

Account operation: The guardian or parents can operate the account until the girl reaches the age of 10 years. The girl must operate the account once she attains the age of 18 years.

Investment amount: Minimum amount invested is Rs 250 and the maximum is 1.5 Lakh in a year.

Maturity amount: Based on the amount invested by a person

Maturity period: Deposits towards the scheme should be made for 15 years. However, the scheme matures after 21 years.

Account Transfer process: One can easily transfer the SSY account from post offices to banks and vice versa anywhere within India. There are no charges levied by the government to transfer the account. However, proof for change in residence must be produced. In case no proof is produced, an Rs.100 charge will be levied.

This scheme was launched by Prime Minister Narendra Modi under the campaign Beti Bachao Beti Padhao to save the future of girl child. You can use the investment done in Sukanya Samaridhi Yojana for your daughter’s higher education or her marriage. One can open an SSY account in banks or post offices at its convenience. According to Section 80C of the Income Tax Act, 1961, one can get a tax benefit of Rs 1.5 Lakh for the contribution made toward this scheme.

What happens when a lesser or excess amount is paid towards the Sukanya Samaridhi Yojana scheme?

Lesser amount: In case the minimum amount of 500 is not deposited in the financial year, it is considered as a default account. In that case, to make the account active again, one is required to pay the fine of Rs 50.

Excess amount: When you are investing more than 1.5 Lakh, in that case, no interest is given on the deposited amount.

What are the withdrawal rules of Sukanya Samaridhi Yojana?

Once the duration of the account is completed, the entire amount available at present with interest can be withdrawn by the girl child. One is required to submit the below-mentioned list of documents:

Application form for the withdrawal of the amount.

ID proof
Address proof
Citizenship documents

The reasons for which withdrawal is allowed are higher education of girl child or if the girl child has attained the age of 18 years and has completed 10th standard. However, the money must be used for the fee or any other charges that are levied at the time of admission.

Documents such as admission to the university or college as well as the fee receipt must be submitted when applying for the withdrawal.

The maximum amount that can be withdrawn is 50% of the amount that is available in the previous year. The amount can be withdrawn in 5 installments or a lump sum.

What are the rules for premature withdrawal of an SSY account?

When the girl becomes 18 years old or getting married, then only SSY premature withdrawal is allowed. At that time, an application is required to be submitted one month before the marriage and 3 months after the marriage to avail of the benefit of the SSY account. Along with the application, the girl is required to give income proof also.
In case the girl becomes a non-resident or non-citizen, the account will be deemed as closed. Any such change in SSY status must be informed by the girl or guardian within one month from the date change in status has taken place.
In case, the girl child dies, then the balance amount available in the account is allowed to be withdrawn by the guardian. However, the death certificate must be submitted.
If the account has been opened for 5 years and more, and the bank or post office feels that the continuation of the account is creating difficulties for the girl child, the guardian of a girl child can choose pre-mature closure.
Permission to close the account will be permitted for other reasons as well, but the interest that is earned from the contributions will be the same as the interest rates that are provided by post offices.

Know about the tax benefits on Sukanya Samaridhi Yojana

According to Section 80C of the Income Tax Act, 1961, tax benefits up to the limit of 1.5 Lakh are provided for the contribution made towards the SSY scheme.
The interest amount generated is also exempted from tax.
Tax benefits are also provided for the maturity amount or the withdrawal amount.

What are the eligibility criteria for opening an SSY account?

The parent or legal guardian must be a citizen of India. They are allowed to open the account of a girl child until she reaches the age of 10.
In a family, up to two accounts can be opened for two girls
The girl must resident of India
A third SSY account can be opened in the case of twin girls

What are the documents required to open an SSY account?

SSY account opening form.
The birth certificate of the girl's child to be submitted at the time of opening the account.
The ID proof and address proof of the depositor to be submitted at the time of opening the account.
A medical certificate submission in case multiple children were born under one order of birth.
Any other documents that are requested by the bank or post office.

The below-mentioned banks offer SSY scheme:

State Bank of India
United Bank of India
UCO Bank
Punjab National Bank
Oriental Bank of Commerce
Indian Bank
ICICI Bank
Corporation Bank
Canara Bank
Bank of India
Axis Bank
Allahabad Bank
Vijaya Bank
Union Bank of India
Syndicate Bank
Punjab & Sind Bank
Indian Overseas Bank
IDBI Bank
Dena Bank
Central Bank of India
Bank of Maharashtra
Bank of Baroda
Andhra Bank

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Certain NBFCs offer customers the flexibility to fully repay the loan amount or make partial pre-payments towards the principal. However, specific terms and conditions are typically associated with such pre-payments. For instance, pre-payment is usually allowed after 12 months, and a pre-payment fee may be levied on the repaid amount. Nevertheless, these terms may vary depending on the product, so it is essential to seek clarification from your lender regarding pre-payment policies before the loan disbursal.

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Personal Loan Interest Rate

The interest rates offered to customers are subject to variation based on their individual profiles. Typically, loan rates begin at approximately 10.25%. To improve the likelihood of obtaining a loan at a lower interest rate, it is advisable to maintain a strong credit history. Ideally, a CIBIL score above 750 is considered favorable.

Personal Loan Tenure

The repayment period for a Personal Loan typically ranges from 3 months to 6 years, allowing borrowers to choose a tenure that aligns with their requirements. Whether one needs a short-term or long-term loan, they have the flexibility to select a suitable repayment duration. However, it is crucial to ensure that the Equated Monthly Installment (EMI) amount is manageable and can be comfortably repaid each month.

Documents required to apply for a Personal loan

Financial institutions typically require certain documents before approving and disbursing a loan. These documents include identification proof, address proof, a copy of the PAN card, salary slips, recent bank statements, photographs, ECS mandates, and post-dated cheques.

Personal Loan With Zero Pre-Payment Fee

Certain NBFCs offer customers the flexibility to fully repay the loan amount or make partial pre-payments towards the principal. However, specific terms and conditions are typically associated with such pre-payments. For instance, pre-payment is usually allowed after 12 months, and a pre-payment fee may be levied on the repaid amount. Nevertheless, these terms may vary depending on the product, so it is essential to seek clarification from your lender regarding pre-payment policies before the loan disbursal.

Low-Interest Personal Loan

As discussed earlier, the interest rates for personal loans can vary based on the customer's profile. IndiaLends employs algorithms to strive to obtain the most competitive interest rate product available for each customer.

Personal Loan From Banks

Banks are financial institutions registered with the Reserve Bank of India (RBI) and engaged in various activities such as accepting deposits and providing loans. In addition to universal banks, the RBI has recently introduced payment banks and small finance banks. However, only universal banks and small finance banks are authorized to lend to individuals. Applying through IndiaLends offers the simplest method to obtain a personal loan from the leading banks in the country. IndiaLends has established collaborations with renowned banks and NBFCs, including HDFC, ICICI, RBL, IndusInd, Kotak, Yes Bank, and more.

Personal Loan From NBFCs

NBFCs are non-banking financial institutions registered with the Reserve Bank of India (RBI), primarily engaged in lending to individuals and businesses. Unlike banks, NBFCs are generally not authorized to accept customer deposits. They rely on borrowing funds from banks for their lending activities, which often results in comparatively higher interest rates on Personal Loans than those offered by banks. Additionally, NBFCs tend to cater to a higher-risk profile segment, leading to higher acceptance rates for loan applications.

New To Credit Loans

Although CIBIL and Experian maintain records for more than 150 million individuals, a significant majority have never borrowed from an RBI-regulated financial institution that is a member of a credit bureau. As a result, these individuals lack a credit bureau record, meaning they have no credit history or credit score. Due to the absence of a credit file, they often encounter difficulties in securing loans from financial institutions. However, IndiaLends has forged special partnerships with various banks, enabling them to assist some individuals who are new to credit (with thin credit files) in accessing low-interest personal loans.

Recently Declined Personal Loan Application

A significant number of consumers face loan application rejections from banks due to factors such as inadequate credit history, limited affordability, insufficient supporting documents, and more. However, IndiaLends can assist some of these customers in obtaining affordable loans through collaborations with specialized NBFCs.

Banks and NBFCs Partners

IndiaLends has established partnerships with a comprehensive range of lending institutions, encompassing both prominent and smaller entities. Our collaborations include renowned banks such as HDFC, ICICI, SBI, Kotak, IndusInd, Tata Capital, Bajaj Finserv, IDFC First, IIFL, IndiaBulls, RBL Bank, DHFL, Aditya Birla Capital, American Express, among others, ensuring a wide array of options for our customers.

Loans For Phones / Desktops / Laptops And Tablets

IndiaLends offers easy installment personal loans starting from as low as Rs. 25,000 for customers who wish to purchase the latest gadgets, whether it's an iPhone 7 or a MacBook Pro. This allows individuals to acquire their desired gadgets through manageable loan amounts and easy repayment options.

EMI Without Credit Cards

While e-commerce marketplaces offer convenient EMI options for significant purchases, these benefits are typically limited to customers who already possess credit cards. Unfortunately, this privilege extends to only a small proportion of the population, approximately 10 million individuals across the country. However, IndiaLends provides an accessible solution through its online personal loan, enabling individuals to swiftly make large-ticket purchases on e-commerce platforms and convert them into affordable EMIs. This expands the opportunity for a broader segment of customers to enjoy the convenience of EMI-based shopping on e-commerce portals.

Credit Report

A credit report serves as a financial report card, encompassing historical data regarding an individual's loans and credit cards. Various types of loan accounts are included, such as Credit Cards, Personal Loans, Home loans, gold loans, Car loans, Two-Wheeler loans, business loans, Loan against Property, Agriculture loans, and more. Each account provides detailed information about repayment history, loan amount, tenure, open and close dates, and other relevant details. Credit Bureaus utilize this information to assess the risk associated with an individual, resulting in a credit score. The credit score ranges from 300 to 900, and a higher score increases the likelihood of loan approval. In India, there are four credit bureaus—CIBIL, Experian, Equifax, and Hi-Mark—providing credit scores to individuals. IndiaLends has partnered with Experian and Hi-Mark credit bureaus to offer its customers free credit reports and analysis. Additionally, IndiaLends customers also receive complimentary credit report refreshments every quarter for the first 12 months.

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