Introduction
Students nowadays do not have enough collateral to pledge in order to avail an education loan. For students who struggle to fund their education and are seeking to take an unsecured loan through Government banks, Vidyaloans is the most comprehensive platform connecting education aspirants with potential Government Financial institutions in India. But before that, a student must acquire all the important details before processing their loan application as we believe in providing services with lucidity and transparency combined in our work. We aim to help students across India to avail an unsecured loan. This article will cover all the important features of Vidyaloans, and learn all the benefits of education loans.
Important features of VidyaLoans
Product Details
- Interest rates may lie in the bracket of 8% to 9%
- No repayment moratorium period i.e. course duration + 1 year
- The processing fee is 10k + GST.
- The loan repayment tenure period would be upto 15 years after the course period
- Loan margin for studies in India would range between 5-10% and Loan margin for studies in abroad would range between 10-15%.
No collateral security is required
Who all can be your financial co-applicant
- The loan applicant’s parents/ Siblings/Spouse/Parents-in-law are allowed
- The loan applicant’s Uncle/Aunt/1st cousin/ brother in law/ sister in law
- The financial co-applicant can also be someone who is not a family member
Financial co-applicant eligibility
- If salaried- ITR or Form 16 is mandatory for 2 years
- If self-employed- ITR is mandatory for 3 years
- If pensioner- Pension slips-(Pension above 2 lakhs per annum can be acceptable )
- Should not have any CIBIL issues in the past
Student eligibility
- Student’s academic profile
- No backlogs in Academic Profile
- Gap letter if any
- Work experience if any
- Nature of the course
- University or institution ranking
How VidyaLoans help you in the process
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Vidyalons is known for providing the best service in the market. They assign a dedicated processing officer who will follow up with the student regarding their education loan and will guide them throughout the loan process in India.
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After analyzing the applicant’s profile, they will offer you the best deals available in the market. They will suggest the best Government bank suitable for the applicant according to their profiles.
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Filling up the Vidyalakshmi online application form is an imperative task. Vidyalons are different from others in the market as they will help you fill the Vidyalakshmi online application form. It is important to fill the form correctly in one go, as once submitted students cannot change or edit their application.
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And last, processing officers at Vidyalaons share a professional affinity with sanctioning officers at the bank. They help in faster processing and sanctioning of loans.
Benefits of Education loan in India
- Financial Benefits-
Education loan benefits the students as they can avail Section 80E of the Income Tax Act, 1961. This states that the loan applicants or their co-applicants can avail a certain percentage of exemption on their yearly income tax payment by declaring their education loan repayment details. It would reduce the burden and also eliminates the need to liquidate your investments.
- Pay after education-
Student loan benefits include a moratorium period. The moratorium period is also known as a repayment holiday where the borrower is not obligated to make payment during their studies. Students who are willing to pay EMIs can pay, but banks cannot force students to pay EMIs during their study period. Therefore as students do not have to worry about paying during their study period they get the advantage to complete their studies, get themselves a job, and then repay accordingly.
- A wide range of expenses covered-
The biggest advantage of an education loan is that it covers a wide range of expenses. It includes student’s living expenses, food expenses, institution fees, travel expenses( to and fro), study material, laptop, library fees, and much more.
- Education Loan Subsidy Schemes-
Study loan benefits include education loan subsidy schemes introduced by the Government of India to succour students coming from economically backward sections. Schemes like CSIS, NMDFC, NSCFDC, NSKFDC, NBCFDC etc . Students can read the article on Education Loan Subsidy Schemes in India to gain an insight on all the schemes available in India.
- Build your CIBIL score- As students take the responsibility to repay the loan, they get a great opportunity to build their credit history. If the student maintains uniformity and discipline by paying the EMIs on time, they can generate a good CIBIL report. Banks generally consider CIBIL history and the profile of the applicant before granting a loan. Good CIBIL will help you access low interest rates with higher loan amounts in the future.
These are a few benefits of education loan in India which students can avail of to study in India. Most of the time, branch managers at Government banks fail to explain the benefits of an education loan to the students. For eg: Moratorium period- during this period the borrower is not obligated to make any payments to the lender. But most of the time banks neglect these and students end up arranging funds to pay simple interest during their study period. Therefore it is advised that students apply through Vidyaloans where our team has been continuously working in coordination with multiple prominent Government banks to help students for an easy and hassle free education loan process.
How to apply for an education loan?
VidyaLakshmi portal was started through the Pradhan Mantri VidyaLakshmi Karyakram and has been further developed under the guidance of the Ministry of Finance (Department of Financial Services), Ministry of Human Resource Development (Department of Higher education), and Indian Banks Association (IBA). Students seeking an education loan can apply through this portal where they can view their loan application, apply and track the status of the loan application digitally.
To apply:
Step 1: Visit the Vidyalakshmi Portal Online Portal
Step 2: Create a Login ID and password. Remember the details you might require to fill in your login details every time on the portal to track your loan application
Step 3: Fill in all the required details such as your name, your date of birth, age, current phone number, and Email ID accurately.
Step 4: Submit the form. An automated generated confirmation link will be sent to your registered email ID.
Step 5: Open your registered mail ID and click on that confirmation link.
Tada!!! You have just got yourself registered on the VidyaLakshmi portal.
Further steps:
Once your registration on Vidyalakshmi Portal is finished, you are further required to submit your login details to continue looking for an education loan.
Step 1: After logging in, hunt for the appropriate education loan or for reliable lenders based on your requirements and eligibility.
Step 2: Then fill in the Common Education Loan Application Form with the required details and click on submit button.
Step 3: Now you can track your online education loan application on the Vidyalakshmi portal.
For the convenience of the students, our processing officers at VidyaLoans help in filling up the online application form for students as once the form is submitted, it becomes uneditable. Most of the students end up providing one or the other information incorrectly because of which students face rejection of the loan applications. Therefore, connect with our processing officers as they will help you fill in all the required details accurately and avoid filling the form without any guidance as these forms are uneditable.
How to apply for an education loan through VidyaLoans?
- Visit the official website of VidyaLoans.
- Click on the Apply Now button and it will take you to speak to the loan officer section.
- Fill in all the required details such as Student Name, Student email address, Student current mobile number, City of the student, loan amount required, and the name of the desired college or university name.
- You are done! Hurray!
- Your processing officer from Vidyaloans will connect with you soon.
Why should you apply through VidyaLoans?
VidyaLoans loans is an organization that helps students to secure non-collateral loans from government banks up to 7.5 lakhs in India. Vidyaloans will help you apply through various Government banks and will assist you throughout the loan process.
- Lower interest rates
Students who opt for Govt education loans to fund their education, this would possibly be the best choice as the education loan interest rates offered by the Government banks are less as compared to other lenders in the market. They usually do not cross the bar of more than 10%. Therefore, Government student loans are affordable and student friendly in nature.
- Faster processing of loans
Government banks provide education loans to students, but at a very slow pace. But if you apply through VidyaLoans, our rapport with the concerned banks makes it possible to process your loan in 12 to 15 days.
- Professional assistance throughout the loan process
There are multiple education loan providers in India. Students who are directly processing for an education loan by Government banks, they are often not assisted and guided properly. If students process through VidyaLoans, from filling up all the required details on Vidyalakshmi portal to your education loan sanction, the processing officer will help you throughout the loan process. Our team will guide through the entire loan process and will assist you to cross each and every step under professional expertise.
Our team at VidyaLoans is known as the experts of resolving issues of the students which most of the banks fail to do. Our team bridges the gap between the student and the bank as they closely check with multiple Government banks and will keep a close check on your loan application status. Vidyaloans will come to your rescue if you are facing any trouble with your education loan process. Connect with our team to know all the available services and experience a hassle-free experience with Vidyaloans. VidyaLoans is an organization which helps students to secure non-collateral loans from government banks in India. Vidyaloans will help you apply through various Government banks and will assist you throughout the loan process.
About our organization: VidyaLoans is an organization which helps Indian students in India to secure a non-collateral loan from Government banks up to 7.5 Lakhs. We have a dedicated team of professionals who assist students with queries and guide them throughout the loan process. Our Team at Vidyaloans is committed to sanction the best loan option suiting the applicant's profile and needs, in a stipulated time frame.