“When money flows into the hands of women, who have the authority to use it, everything changes — for women, their families, and their communities,” - Melinda Gates.
One must possess the skills and knowledge to be an independent woman for effective money management, financial freedom and to contribute to nation-building. Financial independence for women is of utmost importance, and to attain it, you must understand financial literacy. Financial freedom and financial literacy depend on quality education. Do you want to know why? Let’s decode all these aspects this International Women’s Day 2023 and understand the role of education loans.

Key Highlights

• Financially independent: Meaning
• What is financial literacy
• Dangers of lack of financial literacy  
• Let’s understand how you can become financially literate and independent.
• Ready to take the first step to be a strong and independent woman on this Mahila Diwas?

Financially independent: Meaning
We can explain the importance of financial independence in women’s lives with a simple example. So, let’s say Usha completed her MS in Computer Science from one of the well-ranked universities by opting for a loan for education. Soon after completing her study program, she found a lucrative career opportunity in a leading MNC in the US. Now, she can effectively manage her finances, make purchasing decisions, and plan her investments and retirement without depending on anyone. So, in short, she has become a strong independent woman in the truest sense.

What is financial literacy
Let’s take the same example to understand financial literacy. Usha, who works with a leading MNC and takes home a huge salary, should possess financial skills to make the monthly/yearly budgets, invest in the right financial products to grow her wealth and be immune to finance-related frauds.

Dangers of lack of financial literacy   

• If you don’t plan your finances, you may end up overspending and not keeping aside adequate funds for emergencies.
• You may invest in financial products that don’t attract good returns affecting your overall portfolio.

Let’s understand how you can become financially literate and independent.
Now that we understand the importance of becoming financially independent and financial literacy, let’s learn to attain these tasks.

• We noticed how Usha completed her higher studies in Computer Science, one of the in-demand courses from one of the top varsities. This enabled her to dive deeper into her chosen domain to develop expertise and industry-specific skills to be career-ready.
• Her reputed university provided her with state-of-the-art infrastructure, the latest coursework, and the right tools to be employable. Therefore quality education is crucial.

Ready to take the first step to be a strong and independent woman on this Mahila Diwas?
To independently manage your moolah and your personal and professional life, you need to sow the seeds in your student life. Feels impossible? It is not! You can be an independent woman with goals to build a successful life by choosing an education loan.
Here are some benefits of student loans

• Access quality education

Imagine this – You have always aspired to study abroad at your chosen university. But your dream shattered, and you had to settle for lesser popular varsity simply because of expensive education. The education loan covers the holistic cost of education, including tuition fees, accommodation costs, travelling expenses, learning devices, and other education-related expenses.

• Let savings be savings

If you liquidate your family savings, you can risk losing a safe haven to turn to during emergencies. To avoid this, you can instead opt for an education loan. Furthermore, by opting for a loan for education, you enable your parents to set aside some funds for retirement.

• You don’t have to depend on ANYONE!

You can be truly Atmanirbhar and flaunt your self-made badge by obtaining a student loan to fund your education independently. You can pay off the study loan through Easy Equated Monthly Installments (EMIs). You can also pay simple or partial interest during the moratorium period, as this will instil financially prudent habits early on in your life.

• Build a healthy credit score

Responsibly repaying the student loan will build a strong credit history, enabling you to access enhanced financial solutions in the future. As an independent woman, you will plan to purchase other financial products such as car loans, home loans or credit cards. A positive credit score will unlock multiple benefits while opting for these products.
As a student-centric financial institution, we, at Avanse Financial Services, offer hyper-personalised education loans to ambitious students such as you. We understand the significance of education and hence offer benefits such as 100% finance, quick sanctions, flexible repayment options and more. If you have any queries, please connect with us. Happy Women’s Day!