Key Features of the Vidyalakshmi Education Loan and Process to Avail It

Vidyalakshmi education loan launched in 2015 is a joint initiative undertaken by the Department of Financial Services, Department of Higher Education, and Indian Banks Association. It provides students with a portal to collect information on educations loans.

What are the features of the Vidyalakshmi education loan?

Besides education loans, students can avail scholarship schemes via the Vidyalakshmi portal. Its notable features are:

1. Applicants can access information about 96 types of education loan schemes.
2. They can conduct a comparative study and choose a financing option per suitability.
3. Through one single application form, applicants can apply for various education loans and scholarships.
4. Students can gain more information about scholarships as it is linked to the National Scholarship Portal.
5. Financial institutions can download student loan applications. Thereafter, they will update the processing status if the students meet the eligibility criteria.
6. Eligible students can reapply under certain terms and conditions.
7. If students face any grievances, they can address the financial institutions through this scheme.
8. Furthermore, they can track the status of the grievances on the dashboard of the website.
9. The whole process is online, and thus, students can avoid the hassle of visiting any branch.
10. Within 15 working days, the loan amount is disbursed.

How to avail of the Vidyalakshmi education loan?

To avail of the Vidyalakshmi education loan, one needs to register on the portal. The steps are mentioned below for easier understanding:

Step 1: Register with a login ID and password on the portal. 

Step 2: Provide details such as name, age, date of birth, phone number, and email ID.

Step 3: Upon submission, a confirmation link will be sent to the applicant’s email.

Step 4: Open the confirmation link sent. This will lead to the Vidyalakshmi login page.

Step 5: Fill the Common Education Loan Application Form to proceed further. It must include an applicant’s financial, personal, and educational details.

Once Vidyalakshmi scheme process is completed, applicants can log in and continue their search for education loans.

How to search for an education loan scheme?

Applicants can access the dashboard and search for the loan schemes available. Multiple tabs will be displayed on the loan search page from the drop-down boxes, such as:

• Select country of study
• Select course
• Select the loan amount

Thereafter, one can choose from the appropriate options from the drop-down box. Based upon different search combinations, the page will display different education loans.

An applicant must keep the following things in mind while applying for a Vidyalakshmi education loan on property - the maximum loan amount, the applicable education loan interest rate, the extent of the moratorium period, and the lowest margin for repaying the loan.

What are Vidyalakshmi education loan eligibility criteria?

A wide range of courses is available that students can pursue by taking this loan. The courses include professional and technical courses affiliated with UFC, AICTE, etc., and Central and Government approved vocational courses. However, applicants must be able to meet the eligibility requirements, which are:

• They must be an Indian citizen
• Securing admission to their preferred course and qualifying for the entrance exam
• No minimum score is required

How to track the Vidyalakshmi loan application?

After submitting the duly filled application form, students can track their application. The process for checking the application form is as follows-

Step 1: Visit the home screen

Step 2: The home screen will display the application status

Step 3: Click on the Application Status button to know about the status of loan application

Students must learn how to manage finance better while studying abroad to ensure timely EMI repayment.

Though one can find multiple benefits from the education loan schemes, most of them come with stringent terms. For instance, most education loans won’t cover the ancillary expenses, such as accommodation, transportation, food, etc.

However, individuals must learn how to apply for a loan against property to streamline the process better. Moreover, they should opt for a reliable lender offering a competitive interest rate and zero hidden charges to make most of this loan.

Furthermore, the availability of pre-approved offers extended by leading financers streamlines the loan process and saves time. Such offers are available on various financial products, such as home loans, loans against property etc. Prospective customers can submit their essential details to check their pre-approved offers online.

These are some crucial information on the Vidyalakshmi education loan that a potential borrower must check before making an application. However, if the credit form doesn’t suffice the requirements, one can look for an alternative such as a LAP.