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Vidya Lakshmi Education Loan Portal
Going for higher education is an important milestone, but it often comes with financial challenges. The Vidya Lakshmi portal, an initiative by the Government of India, offers a valuable solution for students looking for education loan options.
This user-friendly platform, supported by the Department of Financial Services, the Department of Higher Education, and the Indian Banks Association, gathers a wide range of loan choices from different banks, hence you can apply to multiple banks with a single application eliminating the need to search across multiple banks/websites.
Benefits of Vidya Lakshmi Education Loan Portal
Vidya Lakshmi allows students to compare and select loans as per their requirement and loan eligibility, enabling them to pursue their academic goals without financial burden.
Here are some major benefits of Vidya Lakshmi Education Loan Portal:
Simplified Application Process
Streamlined steps for effortless loan requests. Apply to multiple banks through a single portal, ensuring ease and eliminating the cumbersome loan processes.
Efficient and Timesaving
The ability to apply to multiple banks through a single application and portal saves a lot of time and effort, thus streamlining the entire process.
Complete Information at One Place
The portal provides comprehensive information about various loan schemes by different banks - students can compare interest rates, and check eligibility to make an informed decision.
Integration with National Scholarship Portal.
The Vidya Lakshmi Education Loan portal has seamless integration with National Scholarship Portal, hence opening doors of scholarship opportunities too for the students apart from/along with education loans.
Convenience for Banks
With streamlined processes, banks benefit with better operational efficiency at all levels, ensuring smooth processing and enhanced customer service.
Direct Transfer
Secure and prompt fund disbursement directly to students’ account, without any intermediary, thus ensuring transparency and eliminating any delays or uncertainties.
Remote Service
Accessible assistance and support from anywhere, without the need to visit any branch, offering convenience regardless of location.
Features of Vidya Lakshmi Education Loan Portal
Vidya Lakshmi Education Loan provides the following striking features:
One-Stop Platform
Rather than running around to different banks, students can find and apply for loans from various banks all in one place. No more visiting multiple agencies or dealing with confusing websites.
Easy to Use
The portal is designed to be straightforward and easy even for the not-so-tech-savvy ones. Everything is laid out easily to avoid any confusion.
Make Smart Choices
With the portal, you can check loan offers from different banks. You can see and compare factors like interest rates, loan tenure, and eligibility requirements. This helps you pick the loan that is best suited to your requirements.
Apply Anytime, Anywhere
You do not have to fill out endless paperwork or stay around long lines. You can get a loan right from your computer or phone. Just complete the forms online and upload the required documents. Its quick and easy.
Explore other government-supported education loans like the scheme by Narendra Modi
Vidya Lakshmi Educational Loan Portal Application Process
Step 1- Sign Up:
Go to the official website for Vidyalakshmi portal registration. Make an account and fill in the necessary information. Just give them your phone number on priority so they can keep in touch with you.
Step 2- Find the appropriate Loan Option:
Check out the different loans from distinct banks. This aids you to see which one works best for you. You can use filters to find what you are looking for. Here, you can even compare interest ratios and EMI plans.
Step 3- Apply Online:
When you find the loan you want, fill out the operation form online and dispatch over any documents they ask for. Make sure everything is correct so there are no delays.
Step 4- Get Checked:
The bank will look over your operation and documents to make certain everything is acceptable. They might also check your credit score to see if you can pay back the loan.
Step 5- Loan Disbursement:
Upon approval, the loan amount will be disbursed directly to your college or university's account to cover your educational expenses.
Step 6- Repayment:
Start repaying the loan as per the repayment schedule provided by the lending institution.
And that is it! You are on your way to getting your education loan with Vidya Lakshmi. Just remember, you can go to Propelld to see if they've better rates or plans that work for you. Pick the one that helps you reach your academic pretensions the best!
Guidelines for Registration on Vidya Lakshmi Portal
- Name - Please enter student name as mentioned on 10th standard mark sheet or the mark sheet attached with your loan application.
- Mobile Number - Enter a valid mobile number. Student can provide mobile number of parent/guardian.
- Email ID - Enter a valid email ID. Email ID is not allowed to be changed later. All necessary communications will be sent on this email ID.
How to Apply for an Education Loan on Vidya Lakshmi Portal?
Lets see the step by step process to apply loan on Vidya Lakshmi Portal:
Here is how the home page of the Vidya Lakshmi Portal looks like:
Steps to register on Vidya Lakshmi Portal
STEP 1 : On the home page, visit the Register Tab. The below screen will appear.
STEP 2 : Register using a login ID & password
STEP 3 : Provide details such as Date of Birth, Age, Name, Phone number & E-mail ID accurately.
STEP 4 : On submitting, a confirmation link will be sent to your registered E-mail ID. The link is valid only for 24 hours.
STEP 5 : Open your mail & click on that confirmation link.
Steps to Apply for Vidya Lakshmi Loan
- Once your registration is complete, login.
- Search for education loan details that suit your needs under the “search for loan” tab.
- A list of banks will be displayed with their respective loan schemes.
- You can choose one of these banks or choose to find the nearest branch.
- Once decided, you will be redirected to fill the CELAF (Common Education Loan Application Form) available on the portal.
CELAF FORM :
- In ELAF form, under the tab instructions, there are seven tabs :Personal Information, Course Details, Cost and Finance Data,Upload Papers and others.
- You must provide the requested information. Once you have finished filling out each tab's details, click "Submit," "Save," and then "Next."
- The form will be used to apply individually to the respective bank and scheme chosen by you
- Alternatively, you can also follow the steps mentioned below :
- Select the “Search and Apply for Loan” option.
- Now, select the country where you want to study (India/Abroad)
- Select the course you want to pursue.
- Select the amount you need to finance your higher studies.
- Select suitable terms and conditions for repayment and select three preferred banks to apply for the Vidya Lakshmi education loan.
- Upload the required documents.
- Do a quick check on the details that you are going to submit.
- After following all the steps mentioned above, click on the “Submit” option.
Now, you can check your loan status on the portal as banks update the status. Also, you can ask banks if you have any queries related to your education loan.
Eligibility Criteria for Vidya Lakshmi Education Loan
To get an academic loan through the Vidya Lakshmi Portal, you need to meet certain eligibility criteria set by the banks involved. These conditions are important to make sure the money is used properly and can be paid back successfully. Then here are the main aspects you need to qualify:
Indian Citizenship
The applicant must be an Indian citizen.
Proof of Admission
You need to have proof that you have been accepted into a recognised educational institute. The academy and program must be approved by the bank.
Age Limit
Some banks might have rules about how old you can be to get the loan, so make sure to check the entry and exit age requirements.
Education
The student must have a completed 10+2 along with the certification to be eligible for loan application.
Financial Papers
Documents showing your financial status, like income, bank statements, etc. must be submitted. This helps the bank check your credit worthiness.
School Records
You will also need to submit your academic records, like grades and past achievements to assess your eligibility for the loan. These documents serve as evidence of your potential as a student and justify your qualification for financial support.
Course Location
Both students applying for a loan for domestic or international education can apply for this loan.
The Vidya Lakshmi education loan scheme offers convenient online access to education loans from multiple providers. Through a single Vidya Lakshmi loan application form (CELAF), students can apply to various lenders.
You can also check out this detailed article on Vidya Lakshmi Portal college
Documents Required for Vidya Lakshmi Education Loan
The following documents are required to get a Vidya lakshmi Education loan:
Bank Records
Document showing your bank transactions for the last 6 months. This can be your bank statement or passbook record.
KYC documents
Your identity proof like PAN, Aadhar, Passport and a valid address proof like Aadhar, Passport or any document accepted by the banks.
Education Records
Marksheets of 10th, 12th and degree courses.
Guarantor Form (Optional)
Guarantor form provides assurance to the lender strengthening the loan approval process. However, it is optional.
Proof of Admission
Copy of the admission letter of the college or university with fee details.
Learn more about list of documents needed for your education loan application
The above guidelines are general and individual banks may have specific requirements. It's important to talk directly to the bank you are interested in to understand precisely what steps you need to take to secure your desired education loan.
You can also check out the instant loan services provided by Propelld which is often considered a favored choice to financing education by students looking for quicker and efficient solutions.
Get upto 100% Education Fees Financed with Propelld.
List of Banks Under Vidya Lakshmi Portal
Vidya Lakshmi collaborates with numerous banks and financial institutions. They collaborate to offer educational loans easily to students. Some of the prominent banks participating in the portal include:
Get your Loan Disbursed 10 times faster than Banks. Apply Now.
This is a brief list of banks in Vidya Lakshmi portal. You can also explore the detailed loan options for Vidya Lakshmi banks and interest rates.
Download List of Banks in PDF
Interest Rate of Educational Loan Under Vidya Lakshmi Portal
Vidya Lakshmi education loan interest rate starts from 8.40%. It allows students to secure up to INR 4 lakh in funding without the need for collateral, with repayment periods extending up to 15 years.
Below are the details and interest rates for Vidya Lakshmi education loans for both male and female students across several leading banks:
The interest rate for a loan you get through the Vidya Lakshmi Portal depends on many effects. Here is a simple breakdown of what affects the Vidyalakshmi education loan interest rate:
The Bank You Choose
Each bank on the Vidya Lakshmi Portal has its own interest rates. It's a good idea to check out what rate the different banks offer so you can pick the best one for you.
Loan Amount
If you are borrowing a lower amount, the interest rate might be a bit higher, compared to if you are taking a larger loan.
Your Credit History
If you've been good at paying back the debt in history and have a good credit score, you might get a lower interest rate. This shows the bank that you are responsible with money.
Collateral
You can offer an asset, like property, as a guarantee for the loan. That is because it makes the loan secured for the bank.
So, when you are thinking about getting a loan through the Vidya Lakshmi Portal, keep these factors in mind to make the best decision for your situation.
Interestingly, NBFCs like Propelld also consider a few more factors in their approval process. One such major factor that distinguishes it from other lenders is the academics of the student. We consider academics of the student as a major factor while approving their loan. Good academics is equal to better chances of approval.
In case you are yet to join a college you can know more about how to finance your college education after 12th grade.
Expenses Covered by Vidya Lakshmi Education Loans
- College/School/Hostel Fees: The money you need to pay for your college or hostel.
- Examination/Library/Laboratory Fees: The fees for exams, using the library, or laboratory facilities.
- Travel Expenses for Studies Abroad: Money for traveling or ticket costs if you're studying abroad.
- Purchase of Books/Equipment/Uniforms/Computer: Buying books, equipment, uniforms, or a computer that is necessary for your course. These expenses should not exceed 20% of the total tuition fees for your course.
- Other Course-Related Expenses: Expenses like study tours, project work, or thesis costs can also be included in the loan. However, they should not surpass 20% of the total tuition fees.
- Caution Deposit/Building Fund/Refundable Deposit: Money you need to deposit as caution or building fund, which should not exceed 10% of the total tuition fees.
- Two-Wheeler Cost: If you need a two-wheeler to travel between your hostel and college, you can include its cost in the loan. However, this cost should not exceed Rs. 50,000 and must be secured by a third-party guarantee or collateral security.
How to Check the Status of Vidya Lakshmi Education Loan?
If you want to see the updates on your Vidya Lakshmi education loan, follow these steps:
- Log in to your Vidyalakshmi Student account
- Look for the "Application Status" option on the Student Home Screen
- Click on it to see where your loan application stands.
- On your dashboard, you'll find more info about your application, like the form you filled out, any issues you've reported, and your profile details
- Don't forget to check your dashboard and the email address you used to register for any updates
You can also check it on this link - Check Status
What is the Processing Time for Vidya Lakshmi Loan?
Well, it can vary. The time taken to process Vidya Lakshmi Education Loan depends on factors like loan amount, eligibility, financials, location of institute etc. However, the processing time is usually defined depending on the two types of college locations:
Processing Time for Study in India
For an education loan taken to study in India, the processing time is usually 15 days for a loan up to 7.5 lakhs. You have to respond to the bank communication and clear your application within 15 days. If not done, the application is marked as rejected by the bank after 15 days and you need to reapply. However, for a loan exceeding 7.5 lacs, this time limit is 30 days.
Processing Time for Study Abroad
Studying abroad requires a higher loan amount, usually more than 7.5 lacs and more documentation. Hence, the time taken for processing of this loan is usually 30 days when applied through the Vidya Lakshmi portal.
Here is what you can do to have your application processed hassle free and on time:
- Keep checking your application status on the Vidya Lakshmi portal
- Contact your bank if you haven't received any correspondence within a few days after applying.
- Keep a check on any communication received from the bank and respond immediately with the details or documents as required.
- In case the application is on hold, clear the requirements immediately.
7 Days Disbursement. Get your Education Loan 10 times Faster than Banks. Apply Now.
Got Rejected for Vidya Lakshmi Education loan?
If your application for an education loan from Vidya Lakshmi didn't go through, don't worry! here is what you can do:
Explore other Banks on the Portal
Check out the loan schemes offered by other banks on the portal. There are as many as 44 other banks and programs you can check out. Check out the complete features, interest rates, repayment terms and other details to find the best suited deal. Submit your application to another bank.
Explore NBFCs
Alternatively, you can also check out the loan schemes offered by NBFCs like Propelld. We have a much higher chance of approval than banks and the disbursal process is also easier.
Get your loan approved in 7 days with Propelld. Not just that, let your academics be your guarantee with Propelld. We consider your academic performance as part of our approval process, thus , better academics earning you better chances of approval.
All these student-first factors make us a great alternative. With Propelld, you can get education financing without any hassle and with clear terms.
Learn more about student loan rejection reasons and improve your financial profile.
Don't let a rejection get you down, come to Propelld for your education needs!
Hassle Free Loans. No Collateral. Up to 100% Fees Financed. Apply Now
How to Reapply for Vidya Lakshmi Education Loan?
There can be numerous reasons that may get your application canceled. But that's not the end of the story, you can always reapply the loan. To do so, follow these steps:
Contact Your Bank
Contact your bank and know the exact reason for loan rejection. This will help you rectify the gaps in the next application. Also, ask your bank to close your existing loan application. You can do this through mail or by visiting the bank in person.
Closure Request
Submit a closure request for your existing loan application to your bank. Once the bank accepts your closure request, it will be updated on the portal. make sure to track this closure because you will not be able to reapply until the existing application gets closed.
Edit the Application Form
Once your previous application is cancelled by the bank, you can reapply on the portal. Visit the portal and go to the “Reapply for Loan Scheme” tab. This will take you to the new application form where you can make the changes if required.
Reapply to New Loan Scheme
Post filling the application form, you can check out the loan schemes offered by all 44 banks on the portal. Check the features, interest rates, eligibility criteria, repayment options and other details. Compare and select an option that suits your requirements. Submit your application to the selected bank.
Higher Approval. Lower Rejection. Check out Hassle Free Loans at Propelld. Apply Now.
In a Nutshell
The blog introduces the Vidya Lakshmi Education Loan Portal, a centralized platform by the Government of India. Here are the main points that we discussed:
- It streamlines access to education loans and simplifies the application process.
- It allows students to apply to multiple banks in one place, saving time and effort.
- The portal provides comprehensive information on loan schemes, empowering students to make informed decisions.
- Integration with the National Scholarship Portal offers additional financial aid opportunities.
- Funds are disbursed directly to students' accounts, ensuring transparency.
- With user-friendly features and online application, it caters to all students.
- Eligibility criteria include Indian citizenship and academic records, with required documents like bank statements and admission proof.
- The portal collaborates with various banks, each offering different interest rates.
Overall, it's a convenient, transparent, and efficient solution for students seeking educational financing.
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