Students who wish to apply for an education loan can now apply online through Vidya Lakshmi portal. Vidya Lakshmi is a government run portal for the students who wish to get an education loan for studies in India and abroad. The government run website is maintained by NSDL e-governance and they are operated by the finance ministry, Indian Banks Association and the Department of Higher Education. The government has started this initiative to release a platform which makes it easier for the students who wish to get an education loan and scholarship.
Students can research about all the other education loans that are offered by different financial institutions and make an informed decision about which loan do they want to choose. This government run website has all the information a student might need about the education loan schemes of the banks that have registered with NSDL e-governance like the education loan interest rate that will be offered, repayment tenure of the loan and the terms and conditions of the loan.
The Vidya Lakshmi portal aims at providing the students with transparency and the efficiency in the education loan process. Through the Vidya Lakshmi portal the students can get the information on the education loan that is offered by different financial institutions. Once they have all the information, they can make an informed decision. The maximum loan amount that the customer can get will depend on the financial institutions policy. The students who wish to apply for the loan may also be required to provide an asset to the financial institution in case of a high loan amount.
Benefits of a Vidya Lakshmi for Education loans-
1. Students can apply to three banks with a single form.
2. 34 public sector and private sector banks are offering over 71 education loan schemes through the portal.
3. Applying through this portal the education loan process is simplified and there is less paperwork.
4. The IBA has instructed that the loans should be processed within 15 days of receiving the filled application form.
Education Loan eligibility criteria for students-
1. The student applicant should be of Indian nationality.
2. They should have completed their higher secondary school.
3. They should have secured admission in to a technical or a professional course through an entrance test.
4. If they are applying to a foreign university, they should have secured their admission.
5. The student’s parent or guardian should meet the income criteria which are set by the financial institution.
Students can research about all the other education loans that are offered by different financial institutions and make an informed decision about which loan do they want to choose. This government run website has all the information a student might need about the education loan schemes of the banks that have registered with NSDL e-governance like the education loan interest rate that will be offered, repayment tenure of the loan and the terms and conditions of the loan.
The Vidya Lakshmi portal aims at providing the students with transparency and the efficiency in the education loan process. Through the Vidya Lakshmi portal the students can get the information on the education loan that is offered by different financial institutions. Once they have all the information, they can make an informed decision. The maximum loan amount that the customer can get will depend on the financial institutions policy. The students who wish to apply for the loan may also be required to provide an asset to the financial institution in case of a high loan amount.
Benefits of a Vidya Lakshmi for Education loans-
1. Students can apply to three banks with a single form.
2. 34 public sector and private sector banks are offering over 71 education loan schemes through the portal.
3. Applying through this portal the education loan process is simplified and there is less paperwork.
4. The IBA has instructed that the loans should be processed within 15 days of receiving the filled application form.
Education Loan eligibility criteria for students-
1. The student applicant should be of Indian nationality.
2. They should have completed their higher secondary school.
3. They should have secured admission in to a technical or a professional course through an entrance test.
4. If they are applying to a foreign university, they should have secured their admission.
5. The student’s parent or guardian should meet the income criteria which are set by the financial institution.
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