Hello friends, In this article, I will tell you about Vidya Lakshmi Education Loan Portal, Vidya Lakshmi Education Loan, Interest Rate, Features and Process. Read the full article to get complete details.
Education is one of the basic needs of any individual. But due to economic condition some students are not able to complete their education in their desired field. To deal with the problems of such students, the central government launched the Pradhan Mantri Vidya Laxmi Yojana.
With this scheme, the central government brings all the banks on one platform. Now, all you need to do is apply on the Vidya Lakshmi Education Loan portal and your application for education loan will be forwarded to multiple banks. After which, you can choose the best bank for yourself to finance your education by providing loan.
From the Vidya Lakshmi education loan portal, you can choose from 40 registered banks for 133 loan schemes for education loan provided by these banks. The portal has been developed under the guidance of Department of Financial Services, Department of Higher Education and Indian Banks’ Association.
What is Vidya Lakshmi Education Loan Portal (Vidya Lakshmi Portal)
Vidya Lakshmi Portal is an initiative launched by the Government of India under the guidance of Department of Financial Services, Department of Higher Education and Indian Banks’ Association. This is a scheme launched in the financial week to fund the students or students who want to take loan for higher studies.
Through Vidya Lakshmi Portal, you can apply online for loan under the scheme from 40 registered banks. It is a single window electronic platform for education loan and scholarship. This portal is the first of its kind to provide Education Loan to the students.
The portal is maintained by Protean eGov Technologies Limited (Formerly NSDL eGovernance Infrastructure Limited).
Features of Vidya Lakshmi Education Loan Portal
Apply Online: Through this portal you can apply for Education Loan online.
Loans and Scholarships: Through this platform, you get the facility to apply for scholarships and loans on one platform.
Apply across multiple banks: This platform lets you apply for loans from 40 registered banks across 133 loan schemes.
Single Form for Loan: There is a single form to apply for Education Loan. All you have to do is fill this form and your application will be forwarded to all the registered banks.
Details of various education schemes: 133 schemes of Education Loan from various banks have been included in this portal. For which you can look to apply.
Check Loan Application Status: You can easily check the status of your loan application through the portal.
Send Complaints and Queries: You can send your queries regarding the problems faced while applying for loan or scholarship through the portal.
How to Register for Vidya Lakshmi Education Loan
Visit the official website of Vidya Lakshmi Education Loan.
Now click on the Register Option given on the top of the website page.
Now this form will open.
Fill in your first, middle and last name.
Enter your mobile number, e-mail ID.
Type in the password and confirm it again on the next box.
Type Captcha in the box.
Click on I Agree Box and Submit.
Now you will get a Confirmation Link on your E-mail Address.
After clicking on the link, your account will be activated.
How to login to Vidya Lakshmi Education Loan (How to Login)
To log in to Vidya Lakshmi Education Portal, you will find a Log In option on the top of your page.
Click on Login.
Now 3 options will appear in front of you. Click on Student Login.
Now you will get a Log in Screen on your screen.
Enter your Email ID and Password.
Type Captcha and click on Log in.
How to take Vidya Lakshmi Education Loan?
First of all, log in to your account on the official website of Vidya Lakshmi.
After logging in, click on Apply Now.
Then you will see the Common Education Loan Application Form on your screen.
Fill the form completely. Fill your father’s name, college information, if you have any scholarship, loan amount, and all other details are given in the form.
Submit your application after filling the form.
Your application will be sent for approval.
After your application is approved. You can apply for Education Loan from any registered bank.
Enter your bank name and city to apply for the loan.
Choose your bank branch.
Click on Apply Now. Your application will be submitted.
Vidya Lakshmi Education Loan Eligibility
The annual income of the parents of the applicant should not be more than 4.5 lakhs to avail the loan.
The course for which the applicant wants to take the loan should be taken under the IBA Model Education Loan Scheme.
Admission of the students should be in NAAC and NBA accredited institutes and institutes of national importance or central technical institutes. Professional Institutions which do not come under NAAC or NBA will need to get approval from the regulatory body.
Applicant should be an Indian citizen.
The applicant must have passed Higher Secondary Examination (HSC) or its equivalent degree.
You should get admission in the course in which you want to take admission through Entrance Test in a recognized university.
The Income Criteria set by the banks giving you the loan should be fulfilled by your Guardian.
Vidyalakshmi Yojana has not set any minimum score for education loan, so this loan depends on how eligible you are.
The applicant has to pledge the asset as collateral against the loan amount.
Vidya Lakshmi Education Loan Documents Required
application.
ID proof
Aadhar card
PAN card
Voter ID Card.
Address proof-
electricity bill
Passport
driving license.
Passport size photo.
Applicant Income Details (Mother and Father).
Bank Statement of last 3 months.
Board exam mark sheet.
Admit card and other college documents and expense details.
Student visa and travel document (for overseas studies).
Interest Rates on Vidya Lakshmi Education Loan
There are 40 banks registered on Vidya Lakshmi Portal to take loan. You can register for the loan from any of the 40 banks.
Details of a total of 133 loan schemes have been given on the portal. The interest rates of each bank differ from each other. You can check the interest rate of each bank while choosing the best education loan scheme for you.
Security Guarantor for Vidya Lakshmi Education Loan
If you take Vidya Lakshmi Education Loan up to 4 lakhs then you do not need a guarantor but you will get this loan jointly with your parents. But if you take more than 4 lakhs or between 4,00,000 to 7,50,000. Then you were required to have a guarantor (third person) and submit its documents as well.
If you take loan more than 7,50,000 then you need to add one more thing as security for the loan. After completing your studies, you will get 5-7 years to repay the loan.
Vidya Lakshmi Portal Contact Details
Email: [email protected]
Toll-Free Number: 020-2567 8300
Address Head Office: Mumbai Address – Times Tower, 1st Floor, Kamala Mills Compound, Lower Parel, Mumbai – 400 013. Fax – (022) 2491 5217
Working hours: Monday to Friday from 9:30 am to 6:00 pm.
conclusion
This post contains the information about Vidya Lakshmi Education Loan How to apply. Vidya Lakshmi Education Loan is an initiative of the Central Government to provide education loan to the economically weak students. I hope you have got complete information in this article. Friends, we all know that all children have the right to get higher education.
So in such a situation, if the parents of a child are not able to bear the cost of education, then all the facilities of education will be fulfilled under this loan. If you are proved eligible for Vidya Lakshmi Education Loan then you will get this loan very quickly. If you have any queries or suggestions then do mention them in the Comment Box.
FAQ’s
Whenever we read about something or search for something, there are many types of questions in our mind. Here are some frequently asked questions by users and their answers. read them below.
Q. How to apply for Vidya Lakshmi Education Loan?
A. Register yourself on the portal to apply for Vidya Lakshmi Education Loan Login to your account and fill the Common Education Loan Application Form (CELF) by providing all the required details. After filling the form, search for education loan and apply as per your requirement.
Q. What is Common Educational Loan Application Form (CELAF)?
A. It is a single form that students can fill to apply for education loans from multiple banks or schemes.
Disclaimer:- This article is for information purposes only. Before taking any further action verify the information from the official website.
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