If you’re a student looking to finance your education, you’ve probably heard about the Vidya Lakshmi Portal. This government initiative was created to help students apply for education loans from multiple banks through a single online platform. It’s a great way to simplify the process and get the best loan options available.
In this blog post, we’ll guide you through the step-by-step process of applying for an education loan through the Vidya Lakshmi Portal in 2023.
About the Vidya Lakshmi
Shri Arun Jaitley, Distinguished Union Finance Minister, said in his Budget Address for FY 2015-16: “India is one of the youngest countries in the world with over 54% of the total population under the age of 25. Our youth must be educated and employable for 21st-century jobs. The PM explained how Skill India should be closely coordinated with Make in India. But currently, less than 5% of our potential workforce receives formal qualifications for employment. To enable all poor and middle-class students to pursue the higher education of their choice without any funding constraints, I propose to establish an IT-based Student Financial Assistance Authority to administer and oversee scholarships and educational loan programs through Pradhan Mantri Vidya Lakshmi Karyakram. We will ensure that no student misses out on higher education due to a lack of funds. The IT-based mechanism under Pradhan Mantri Vidya Lakshmi Karyakram aims to provide students with a one-stop platform of e-scholarships and educational loans.”
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Vidyalakshmi Key Features of Education Loans
Students can view, submit and track their loan applications through this portal. The main functions of the VidyaLakshmi portal are:
- Candidates registered on the Vidya Lakshmi portal can access educational loan program information from 37 banks registered on the website. By comparing several banks available on the portal, students can make an informed decision.
- To apply for a loan, students must complete the General Education Loan Application Form (CELAF).
- Students can register upto 3 banks of their choice using the Vidya Lakshmi Forms portal application
- Banks can download student loan applications and access student eligibility. Once accessed, they update the loan processing status on the Vidya Lakshmi portal.
- The entire Vidyalakshmi portal loan process is online and students can forward their student loan complaints or inquiries to the bank digitally.
- Students will also receive a link to apply for a government scholarship on the National Scholarship Portal. Convert short to professional paragraphs
View necessary Vidya Lakshmi portal documents for education in property
There are some general Vidya Lakshmi portal documents required for real estate education:
- Your self-completed and self-certified Vidya Lakshmi Portal Application Form
- A passport photo of the loan applicant and additional applicants are required
- ID proof like Voter ID, PAN card, and Aadhar card is required
- The Applicant’s Birth Certificate is the same as the 10th Deed, a Birth Certificate is required
- Proof of residence including Aadhar card, ration card, passport, driver’s license, etc.
- Proof of your academic qualifications (such as X., XII., degree)
- Notification of acceptance from respective universities
The eligibility criteria and general documents may differ from bank to bank. Read our article on Education Loan Eligibility Criteria and Required Documents and contact our team at Vidyaloans for professional assistance with your studies in India.
Why only apply through the Vidya Lakshmi Loan portal?
VidyaLoans Loans is an organization that helps students get unsecured loans from state banks in India up to 7.5 lakhs. Vidyaloans will help you apply to various state banks and support you throughout the credit process. One of the greatest benefits of applying through VidyaLoans is that our team shares a professional affinity with sanctions officers and manages to closely monitor the status of your loan application. Government banks are notorious for their slow processing of loans which is why most students apply through VidyaLoans as our agreements with individual banks allow your loan to be processed within 12 to 15 days. When students apply directly to state banks, most of them are not well-guided, but our team at VidyaLoans will assist you throughout the loan process and remove any doubts that students may have during the student loan process. Your caseworker will also accurately fill in all the required details on the Vidya Lakshmi portal.
About Our Organization: VidyaLoans is an organization that helps Indian students in India to get unsecured loans from state banks up to 7.5 lahks. We have a dedicated team of professionals to assist students with questions and guide them through the entire credit process. Our team at Vidyaloans strives to provide the best loan options that suit the profile and needs of the applicant within a certain period of time.
How to apply for an education loan on the Vidya Lakshmi portal?
- Create a Student Login ID for Vidya Lakshmi Portal and Generate a Password for Vidya Lakshmi Portal
- Check your registered email as you will receive a confirmation link.
- Click the confirmation link from your registered email. The link is only valid for 24 hours.
After verification, the candidate will be redirected to the portal where the candidate has to enter their credentials to log in to their account.
Students can explore the portal based on their needs and qualifications and register on the portal. - To apply, students must complete the General Education Loan Application Form (CELAF). This is a mandatory form that students must fill out in order to apply for an education loan from various banks or programs.
- After you have finished selecting the loan program to apply for, click the general education loan application form to fill in all the required information. The form is further divided into sections containing your personal information, course loan details, total course fees, collateral details, a potential additional income of the registrant after course completion, supporting documents, etc. N. Make sure you save and send each time because the session expires every 15 minutes.
- When you’re done filling in your credentials, select the program you’d like to apply for, then click Submit.
- After a successful loan application, applicants can now check the status of their loan application and track whether their application was rejected or accepted by the bank.
- Your application may be suspended several times and the bank manager may take time to update your information online. This can be avoided if you apply through VidyaLoans because our staff will help you fill out your loan application, track it, and update it within the time specified by the bank
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Note – Please note that once the application is submitted, no changes can be made to the loan application form, therefore there is a high probability that your loan application will be rejected. Hence, it is recommended that students seeking education loans from state banks in India apply through Vidyaloans as it is the best service available in the market and will help you fill out your Vidyalakshmi form on the portal and guide you through all the credit leads. accompanying process. Our processing staff closely monitors the status of your loan application and will update you accordingly. paragraph conversion
