Introduction
In 2015, on the occasion of Independence Day, the Union Government launched a web portal named as Vidyalakshmi Portal for the benefit of students who are seeking Education loans. This portal allows a single window for the students to create a loan application provided with all the required information and then access information given by multiple banks on education loans. Students can also apply for various Government Scholarships through the link to the National Scholarship Portal on the website. The Vidyalakshmi Portal initiative was considered by the Government of India keeping in mind the struggle and fund constraints faced by students across India to pursue their education. As this portal is developed under the guidance of Development of Financial Services, Ministry of Finance, Department of Higher Education, Ministry of Human Resource Development, and Indian Banks Association (IBA), students can explore, view, compare various lenders, apply online and track their application for educational loans and scholarships. Read this article till the end to gain a clear insight on Vidyalakshmi education loan.
Vidyalakshmi Education loan key features
Students through this portal can view, apply and track their loan application. The key features of the VidyaLakshmi portal are:
1. Applicants who have registered themselves on the Vidyalakshmi portal can access information about Education Loan schemes from 37 registered banks on the website. By comparing multiple banks available on the portal students get to take an informed decision.
2. In order to apply for the loan, students are required to fill Common Educational Loan Application Form (CELAF)
3. With the Vidya lakshmi portal application Form students can apply for up to 3 banks of their choice
4. Banks get to download Student Loan Applications and access the eligibility of the student. After accessing, they update the loan processing status on the Vidyalakshmi portal.
5. The entire loan process on the Vidyalakshmi portal is online and students get to air their grievances or queries digitally to the banks regarding education loans.
6. Students also get a link to apply for Government Scholarships on National Scholarship Portal
How to apply for an education loan on Vidyalakshmi Portal?
- Create vidya lakshmi portal student login ID and generate a password on the Vidyalakshmi portal
- Check your registered mail ID as you will receive a verification link.
- Click on the verification link from your registered mail ID. The link is valid only for 24 hours.
- Once verified, the applicant will be redirected to a portal where the applicant is required to enter their credentials to log in to their account.
- Students can explore the portal according to their needs and eligibility and apply for the same on the portal.
- To apply, students have to fill the Common Education Loan Application Form (CELAF). This is a mandatory form that a student has to fill in order to apply for an education loan to multiple banks or schemes.
- Once you are done selecting the loan scheme you want to apply for, click on the “Common Education Loan Application Form” to fill in all the required details. The form would be further divided into a few sections which include your personal information, course details for which the loan is required, total expenses of the course, details of the collateral, further earning potential of the candidate after completion of the course, supporting documents, etc. Remember to save and submit every time as the session times out after every 15 minutes.
- Once you are done filling up your credentials, select the schemes you want to apply for and then click on submit.
- On a successful loan application, applicants can now check their loan application status and can track their application whether it has been rejected or accepted by the bank/s.
- Few times, your application may be put on hold and bank managers may take time to update your information online. This can be avoided if you apply through VidyaLoans as our processing officer will help you fill in your loan application, track and will get it updated by the banks in the stipulated time frame.
Note- Kindly understand that once the application is submitted, no changes can be made in the loan application form, due to which the chances of getting your loan application rejected is high. Therefore, it is advised that students who are looking for an education loan in India from Government banks should apply through Vidyaloans as they are the best service available in the market and will help you fill in your Vidyalakshmi form on the portal and will guide you throughout the loan process. Our processing officers keep a close eye on your loan application status and will update you the same accordingly.
Vidyalakshmi Portal Banks list
Currently, there are 36+ Indian banks listed on the Vidyalakshmi portal. Banks which are associated with the Indian Banking Association (IBA) which includes Government Private banks, and even NBFC (Non-Banking Financial Institutions), and other entities are required to provide education loans to the students.
Banks enlisted on the Vidya Lakshmi Portal banks lists are:
- Abhyudaya Cooperative Bank Limited
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank Of India
- Corporation Bank
- Dena Bank
- Dombivli Nagari Sahakari Bank Limited
- Federal Bank
- GP Parsik Bank Ltd
- HDFC Bank
- ICICI Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank
- Karnataka Bank Limited
- Karur Vysya Bank
- Kotak Mahindra Bank Limited
- New India Cooperative Bank Limited
- Oriental Bank Of Commerce
- Pragathi Krishna Gramin Bank
- Punjab And Sind Bank
- Punjab National Bank
- RBL Bank Limited
- State Bank of India
- Syndicate Bank
- Tamilnad Mercantile Bank Limited
- UCO Bank
- Union Bank Of India
- United Bank Of India
- Vijaya Bank
- Yes Bank
Vidyalakshmi education loan interest rates?
Reserve Bank of India and Indian Banking Association has set basic standard lending rates which have to be followed by all the Indian banks providing education loans to the students across India. These rates are termed as Marginal cost of Credit based lending rates. Banks cannot lend loans below the mentioned MCLR as they might face strict regulatory action in the future. The rate of interest commonly known as ROI is based on a percentage to these basic rates where banks add a range of 2% to 6% higher than their actual MCLR. MCLR changes on a monthly basis. To know the latest updates on the bank’s interest rate and to process your education loan application in India connect with our team at Vidyaloans who will monitor your loan application until sanction.
Vidyalakshmi Portal: Education Loan Interest Subsidy
With the help of Vidyalakshmi portal, students who come from economically backward sections can avail education loan benefits. Students willing to opt for abroad studies can also apply for these subsidies provided if they fulfill the eligibility criteria required. This scheme has exceptionally helped students as the subsidy schemes covers the interest paid by the students during their course duration. These schemes will give students a much-needed break in the time period between finishing their education and getting a job. To know more read Education loan subsidy schemes in India(2021). If you are facing any trouble in availing an education loan in India, connect with our team at VidyaLoans, and they will guide you through the entire process.
Vidya lakshmi portal documents required for education on property
There are some common Vidya lakshmi portal documents required for education on the property which are:
1. Your duly filled and self-attested vidya lakshmi portal application form
2. Passport size photographs of the loan applicant and the co-applicant is required
3. Proof of identity like voter ID card, PAN card, Aadhar card is required
4. Birth proof of the applicant like 10th certificate, birth certificate is required
5. Proof of residence including your Aadhar card, ration card, passport, driving license etc
6. Record of your academic qualifications (such as Xth, XIIth, Degree)
7. Letter of admission from the concerned university
The eligibility criteria and common documents may vary from bank to bank for which you can read our article on Education loan eligibility criteria and Documents Required and connect with our team at Vidyaloans to seek assistance from professionals for your studies in India.
Why apply only through Vidya Loans?
VidyaLoans loans is an organization that helps students 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. One of the biggest advantages of applying through VidyaLoans is that our team shares a professional affinity with sanctioning officers and manages to keep a close check on your loan application status. Government banks are infamous for the slow processing of loans because of which most students apply through VidyaLoans as our rapport with the concerned banks makes it possible to process your loan in 12 to 15 days. When students directly apply to Government banks, most of them are not guided properly but our team at VidyaLoans will help you throughout the loan process and will clear all the doubts a student may have during the education loan process. Your processing officer will also fill in all the required details in the Vidyalakshmi portal accurately.
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.