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Know about Vidya Lakshmi portal, a government education loan service. GyanDhan brings a complete guide on Vidya Lakshmi portal registration, documents required, eligibility & more.
Education is a transformative tool that has the power to unlock opportunities, empower individuals, and shape a brighter future. However, the cost of education can often act as a barrier for many aspiring students. Recognizing this challenge, the Indian government has taken significant strides to facilitate access to education loans and scholarships through initiatives like the Vidya Lakshmi portal.
Established in August 2015, under the Pradhan Mantri Vidya Lakshmi Karyakram, the Vidya Lakshmi Portal is an online portal for students to explore, compare, and apply for educational loans and scholarships.
The Vidya Lakshmi platform was launched by the Indian government to simplify the process of availing educational loans and scholarships. It serves as a one-stop solution for students seeking financial assistance to pursue higher education in India or abroad. The portal provides a user-friendly interface, enabling students to browse through various loan schemes and scholarships offered by different banks and government bodies.
To answer what is Vidya Lakshmi education loan, it encompasses financial support provided to students for covering various educational expenses, including tuition fees, books, accommodation, and other necessary costs associated with pursuing higher education. This initiative ensures that financial constraints do not hinder a student's educational aspirations.
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The eligibility criteria for education loans from the Vidya Lakshmi portal is as follows:
The Vidya Lakshmi portal provides students with a one-stop platform to access extensive information about different education loan schemes and government scholarships and subsidy schemes. It serves as a centralized hub for education loans and scholarships, offering a single window for students to explore their options. With the Vidya Lakshmi portal, students have the convenience of tracking their education loans anytime and anywhere, ensuring easy accessibility and monitoring.
For students wondering which bank is best for Vidya Lakshmi loan, the answer lies in the portal's ability to compare different banks' offerings. This feature ensures that students can identify the bank that best suits their needs in terms of interest rates, loan terms, and repayment schedules.
To use the Vidya Lakshmi portal, students need to follow the following steps to outline how to log in:
The Vidya Lakshmi dashboard consists of six orange tabs that serve different purposes:
By understanding the functionality of each tab on the dashboard, you can effectively navigate the Vidya Lakshmi portal for your education loan-related activities.
Get the Funds you need to Study Abroad
To search and apply for education loans on the Vidya Lakshmi portal dashboard, follow these steps:
Step 1: Start by filling out the Common Education Loan Application Form (CELAF). This is a crucial initial step for your loan application. Access the dashboard and click on the 'Loan Application Form' tab.
Step 2: Next, click on the orange tab labeled 'Search and Apply for Loan Scheme' on the dashboard. This will allow you to explore and apply for various education loan schemes available.
Step 3: Use the provided filters to refine the search results according to your specific requirements. You can filter the schemes based on factors such as whether it is for domestic or international study, the level of the course, and the desired loan amount.
Step 4: Once you have applied the filters, a list of suitable loan schemes will be displayed. Each scheme will have an option to apply for it.
Step 5: Click on a particular scheme that interests you, and you will be redirected to a page providing detailed information about that specific scheme. Review the details carefully to ensure it aligns with your needs.
Important Note: Keep in mind that you can apply for a loan from a maximum of three banks, and only one scheme per bank can be selected for the application.
As mentioned, you must first fill out the Common Education Loan Application Form (CELAF) to apply for education loans on the Vidya Lakshmi portal. There are 6 sections you must fill in to complete an education loan application. They are:
This section includes three questions: are you pursuing higher studies in India or not; is your parental income more than INR 4,50,000; have you been admitted to a NAAC/NBA accredited university or not? If you are applying for education abroad, the questions regarding your parental income limit and NAAC/NBA accreditation are not applicable.
This section asks for the applicant’s and his/her parent’s details. You must submit the details, including basic personal data of you and your parent/husband, contact details, parental income, PAN number, and your academic score in the last qualifying exam.
Here you have to give details of the bank which facilitates your current transactions. In this section, you will see questions for the IFSC code, account details, whether you have any liability with the bank, and whether you are related to the present bank’s or any other bank’s chairman/ director/ employee.
In this section, you must include whether you are admitted in the merit quota or in the management quota, the name of the course and institution, and starting and ending dates of the course.
In the cost of finance section, you must give details including the tuition fees, exam fees, books, stationery, equipment or computer, hostel expenses, sundries or travel, total amount needed, own source or scholarship, and loan required every year. You also have to fill in the details of the security that you pledge and a proposed repayment period.
This is the final section of the application form where you upload all the mandatory Vidya Laksmi portal documents required. You must upload the following documents in this section: mark sheet, proof of admission to the course, proof of income, schedule of expenses for the course as given by the institution, form 16 (latest), IT returns (latest), copy of land records, undertaking letter if no PAN and Aadhar, and photos of the applicant, parent, and co-borrower. After uploading all these documents you submit the declaration, and your application is completed.
Check Your Education Loan Eligibility
As of 04 February 2023, there are 32 banks registered on the portal. Here is the complete list of banks with their education loan schemes:
Abhyudaya Cooperative Bank Limited |
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Dombivli Nagari Sahakari Bank Limited |
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Federal Bank |
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GP Parsik Bank Ltd |
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HDFC Bank |
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Karnataka Bank Limited |
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Kotak Mahindra Bank Limited |
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New India Cooperative Bank Limited |
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RBL Bank Limited |
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Tamilnad Mercantile Bank Limited |
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Yes Bank |
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Students often encounter issues with the Vidya Lakshmi portal, such as inadequate updates on their loan application status. This can occur when banks fail to provide timely updates or fail to respond within the designated 15-day period. However, it's important to note that this problem is not attributed to the portal itself but rather lies with the banks.
Another challenge students face on the Vidya Lakshmi portal is the requirement to submit collateral documents for loan amounts exceeding INR 7.5 lakhs. This may pose difficulties for students studying abroad, as INR 7.5 lakhs might not be sufficient for their educational expenses. Additionally, students who lack the necessary collateral security or mandatory documents have limited options for negotiation on the portal.
To address these challenges, GyanDhan offers assistance in securing education loans for studying abroad, with or without collateral. GyanDhan assesses your profile and connects you with suitable lenders while negotiating on your behalf to obtain the best education loan product. You can check your education loan eligibility and reach out to them for any inquiries related to studying abroad.
In summary, the Vidya Lakshmi portal's limitations in providing comprehensive loan updates and restrictions on collateral requirements and negotiation options can be overcome by seeking assistance from platforms like GyanDhan.
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To select a loan scheme on the Vidya Lakshmi portal, register an account, log in, explore the available loan schemes, compare their features, select the desired scheme, and proceed with the application process. Follow the instructions provided by the respective bank, submit the required documents, and track your application through the portal. If you have any questions, contact the bank directly using the provided contact information. Remember to review the terms and conditions before applying.
To cancel loan applications on the Vidya Lakshmi portal, follow these steps:
To edit loan application form in Vidya Lakshmi portal, follow these steps:
Yes, you can apply for multiple education loan schemes available on the Vidya Lakshmi portal. However, you can only apply for a loan from a maximum of three banks, and only one scheme per bank can be selected.
You can track the status of your education loan application by logging into your account on the Vidya Lakshmi portal and clicking on the 'Application Status' tab. It will provide real-time updates on the progress of your application at various stages.
No, the Vidya Lakshmi portal is not limited to specific courses or institutions. Students can apply for education loans for a wide range of courses and institutions within India and abroad through the portal.
If you encounter any issues or have queries related to the Vidya Lakshmi portal, you can reach out to their support team for assistance. Contact information and support options can usually be found on the portal's website.
No, there is no fee or charge for using the Vidya Lakshmi portal. It is a free platform provided by the government to simplify the process of applying for education loans.
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