Vidya Lakshmi Education loan

Know how to Get Interest Subsidy on Vidya Lakshmi Education loan

Finance

Vidya Lakshmi portal assists students to apply for education loans online. This portal is launched under the guidance of the Department of Financial Services, Department of Higher Education and Indian Banks Association (IBA). The main intention to launch the Vidya Lakshmi education loan scheme is to boost the literacy rate in the country by giving aspiring students a chance to pursue their dream careers. 

This education loan scheme aims to help students belonging to the economically weaker section of society. This scheme subsidizes the interest amount that students pay during their courses, thereby reducing the students’ monetary burden to a great extent. Therefore, it is important to learn how to apply for this scheme.

Know how to apply for interest subsidy by Vidya Lakshmi Education loan

Here are the steps which will help one to apply for an education loan through this scheme:

Step 1: Firstly, visit the Vidya Lakshmi portal and click the ‘register’ tab

Step 2: Complete its registration procedure with the necessary credentials and captcha code

Step 3: Check the mail ID where the verification link is sent

Step 4: After receiving this link, one can enter necessary details and access this portal as per his/her needs

Step 5: To apply for a loan option, one needs to click on ‘search for loan scheme’

Step 6: Aspirants must fill-up the CELAF (Common Education Loan Application Form) to avail of the loan amount

Step 7: Select the loan scheme one wants to apply for, type of course, total loan amount and then submit it

Once this submission is done, one can check the loan application status via this portal. In addition, students can check all its updates from their lender on this portal.

Vidya Lakshmi education loan eligibility criteria

To reap the innumerable benefits of the Vidya Lakshmi portal, one has to meet specific eligibility criteria:

  1. Individuals must hail from India
  2. Students’ annual parental income should not exceed Rs.4.5 lakh
  3. Education loans should be availed from lenders who follow the IBA Model Education loan scheme
  4. Students should be part of institutions accredited under NAAC and NBA or institutions of national importance or Central Funded Technical Institutions

Key features of Vidya Lakshmi education loan portal

  1. This portal allows students to check application details on its dashboard.
  2. This portal facilitates students to state their grievances and queries related to an education loan. Furthermore, students can check the status of their grievances.
  3. Students can apply for a loan with up to 3 lenders as per their choice by filling out the CELAF.
  4. Students can compare different lenders to avail the best loan offers via this portal.
  5. Furthermore, students can apply for Government scholarships from the National scholarship portal.
  6. The availability of the Common Education Loan Application form makes the Vidya Lakshmi scheme process highly convenient to the students. It reduces the hassles of filling multiple forms while applying for a loan.

Furthermore, lending institutions can easily download loan applications through this portal.

However, the fund obtained under a Vidya Lakshmi education loan scheme is not adequate to cover the additional expenses that higher education incurs on students, especially those willing to pursue their education overseas. The loan amount does not cover costs like travel and accommodation fees, tuition fees, medical expenses etc. In such cases, one can avail of a Vidya Lakshmi education loan on property. 

Education loan on property is one of the multiple types of loan against property. A loan against property helps one gather a high quantum loan amount at affordable interest rates. 

However, borrowers must qualify for a loan against property by meeting the simple eligibility criteria. They also should submit relevant documents to get instant approval.

Furthermore, students must know certain things before applying for a loan against property for education. Therefore, deep insight regarding the application process and eligibility criteria will help aspirants make an informed decision. 

Furthermore, borrowers can check the pre-approved offers extended by lenders on financial products like home loans, loans against property etc. These offers expedite the loan application process and save time. Individuals can check their pre-approved offers by entering their names and contact details.

To sum up, the Vidya Lakshmi education loan scheme is a significant move by the Government of India to help aspiring students acquire funds to pursue their dream careers and achieve academic heights in life.

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