A new platform is here to help students to acquire education loans. Vidya Lakshmi is a Government of India programme which brings 34 banks under one platform, a website specially curated for applying for student loans.
What is Special?
Apart from being an all-inclusive platform student loans, Vidya Laksmi helps the students in their quest for the perfect education loan. It can solve any queries regarding student loans and guides you to the exact bank. No need to go through the details of different schemes of different banks, as 34 bank loan schemes are here. You can easily compare the bank loan structure and choose the best for you.
Who made this?
‘Vidya Lakshmi’ is a government-run portal which came into existence due to the combined efforts of three departments: Department of Higher Education, Department of Financial Services and Indian Banks Association (IBA).
How will it help you?
With this, getting an education loan becomes much easier as it involves three simple steps. Unlike other forums, here you can apply for student loan even if you are rejected. You can apply 3 times to the listed banks on the website. The first step is to get yourself registered at the portal. Step two is to fill up the Common Education Loan Application Form (CELAF), and the third step is to look for the suitable loan you need to help you out with your education. As many as 34 banks are registered with the portal – ‘Vidya Lakshmi’.
Registering is extremely simple with Vidya Lakshmi. A student needs to provide details such as name, mobile phone number, email address. The interested student will also need to set up a new password for the registration.
After completing the registration process, the student seeking the education loan is supposed to fill a Common Education Loan Application Form (CELAF). This form lets you apply for the loan to any of the banks registered with Vidya Lakshmi. Some of the banks that are a part of Vidya Lakshmi are Indian Overseas Bank Bank of India, Corporation Bank, IDBI Bank, ICICI Bank, Canara Bank, Indian Bank, Karur Vysya Bank, Allahabad Bank, Bank of Baroda, and Dena Bank as well.
The step three is very tricky as it involves you to look for the ideal loan which is offered by the bank. If the loan amount and your matches requirements then you are advised to go ahead with your application. When you send out your CELAF to a particular bank, you can check the status of your application by raising a request to your query to the respective bank via Vidya Lakshmi.
In Case of Rejections
In case your loan is rejected, you can apply to two more banks among the 34 financial institutions registered with Vidya Lakshmi. This means that a student is allowed to apply for a maximum of three banks via Vidya Lakshmi.
Source: The Financial Express