To ease the process of education financing, the government has introduced various schemes over the years. Vidyalakshmi education loan is one of them. Under this scheme, the Indian Government has set up an IT-based financial aid portal to oversee student scholarship programs and education loan applications.
The aim here is to ensure that no student misses their higher education and skill development due to insufficient funds.
This portal has been developed under the guidance of the Department of Financial Services, the Indian Banks Association, and the Department of Higher Education. Furthermore, this portal is maintained by the NSDL e-Governance Infrastructure Limited.
Vidya Lakshmi loan portal has consolidated the education loan application process. Aspirants can now apply for funds from any financial institution they deem fit through this website. Also, they can check and track their application anytime, anywhere. Additionally, this portal provides links to the National Scholarship Portal as well.
The features of the Vidya Laxmi education loan portal includes:
With the Vidya Lakshmi portal, students now have a single-window system for their education loan purposes. Since this portal provides access to almost every leading financier, it becomes easy for anyone seeking an education loan to find a suitable offer. This portal has more than 50 types of such credit plans to meet various educational purposes.
Vidya Lakshmi education loan portal eliminates the hassle of filling multiple forms while applying for a loan with different lenders. Aspiring borrowers can now fill out one CELAF or Common Education Loan Application Form for this purpose. Students can approach a maximum of 3 lenders via this single loan application form.
Another notable benefit of the Vidyalakshmi education loan scheme is that it allows prospective borrowers to make an informed decision. Since it includes education loan offers from multiple lenders, aspirants can easily perform a comparative study among various loan offers and find the most suitable one.
With this online portal, one can now track their education loan application and its status. Furthermore, financial institutions can also download and update loan applications and their status through this portal to help students.
This portal also presents a chance in front of students to manage their grievances, if there are any. They can convey their issues or queries to their respective financial institutions using this portal. Therefore, it presents a direct communication channel with financiers for applicants.
Furthermore, the loan application process through the Vidya Lakshmi portal does not include any hidden charges. Since every document is available online and there are no intermediaries involved, it also maintains the required transparency.
Eligibility criteria for Vidya Lakshmi education loan subsidy comprise:
Specific Vidya Lakshmi loan terms and conditions also allow eligible students to apply for a second time.
To apply for an educational loan through Vidyalakshmi Scheme, one can follow the below-mentioned steps:
Following a successful activation of the Vidya Lakshmi account, students can log in to their account and find a suitable loan offer. They can click on ‘search for loan scheme’ and enter course details and loan amount. After that, they will receive a list of financial institutions that offer credit according to their needs.
Now, they can fill up the CELAF. Based on this application, selected financial institutions will present loan offers. Candidates can then choose one loan offer among them as per their needs
Apart from these, two points to note about this platform are:
The Vidya Lakshmi education loan has brought a systematic and convenient way of securing funds for higher education that will aid students to meet their requirements and fulfil their dreams.
Loan Against Property
Against Property Interest Rates
Loan Against Property
Property EMI Calculator
Types of Loans
Property Tax Benefits
Property Balance Transfer
Padho Pardesh Scheme
Property Or Personal Loan
Pradhan Mantri Rozgar
Last update on 11-Mar-2021
Hassle free loan without additional documents
Get additional top-up loan with Loan against property balance transfer
Now calculate your monthly instalments, EMI and rate of interest with LAP Calculator
Know about the fee and charges for Loan Against Property