Apply for Education Loan on Vidya Lakshmi Portal
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Applying for loans has been always a tedious, but now you can apply for multiple education loans using a single window platform.
Department of Financial Services, (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA) has now developed Vijaya Lakshmi Portal – a single window portal to apply for multiple education loans using a single application form.
Now with a single application form, you can apply for education loans with multiple banks, check the loan status, and receive a direct credit of funds. The portal also provides linkages to National Scholarship Portal.
The Vidya Lakshmi portal is a flagship scheme that aims to offer all education and scholarship related answers under a single roof. Some highlights of the scheme follow:
- The portal has all information you may need for educational loans from all leading banks, including new schemes and interest rates. You can check educational loan schemes of various banks and apply for multiple schemes using a single form.
- Once the loan is approved or rejected, the bank updates the status of the application on the Vidya Lakshmi portal. Students can view the status of their application on the dashboard on the portal, without visiting the bank branch.
- The approved educational loan will be disbursed directly by the bank to you with a cheque or DD favoring the education institute.
- So far, 13 banks have registered 22 educational loan schemes on the Vidya Lakshmi Portal and five banks have integrated their system with the portal.
How to apply for an education loan through the Vidya Lakshmi portal
Here is a breakdown of how you can apply for an education loan with a common application form at Vidya Lakshmi.
- Step 1: Login to the Vidya Lakshmi portal and sign up to create your user account. The link for signing up is: https://www.vidyalakshmi.co.in/Students/signup.
- Step 2: Once you have created your user account with your details, you will have to fill up the common education loan application form, also known as the CELAF. Make sure you provide all required details in the form as incomplete forms are liable to be rejected by the banks.
- Step 3: Once you have filled the CELAF, you can choose the banks you want to apply. The interest rate varies from bank to bank and from scheme to scheme. Therefore, check the interest rates and schemes of various banks on the portal. Currently, the portal allows you to apply to a maximum of three banks through Vidya Lakshmi portal.
- Step 4: Once you submit your loan application, you can check the status of the application in real time. The portal updates the status of loan application as loan approved, rejected, or loan on hold.
- Step 5: Once the bank approves your loan application, you will receive the funds directly from the bank concerned based on your loan amount and the terms and conditions of the loan.
The Vidya Lakshmi initiative is expected to make the process of applying for and securing an education loan much easier.
Vidya Lakshmi Loan Scheme
Quantum of Finance
- For studies in India: Maximum Rs. 10 lacs
- For studies Abroad: Maximum Rs. 20 lacs
- Upto Rs. 7.5 Lacs – 10.00% p.a. as on 01.01.2017*
- Above Rs. 7.5 lacs – 10.75% p.a. as on 01.01.2017*
- Upto Rs. 7.5 Lacs – 9.50% p.a. as on 01.01.2017*
- Above Rs. 7.5 lacs – 10.25% p.a. as on 01.01.2017*
- Concession: 1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration
- No security
- Co-obligation of parents
- Co-obligation of parents together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of instalments
- The co-obligator should be parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/parents-in-law
For any query, candidates are requested to check the official website
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