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.
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
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.
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:
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.
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.
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.
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.