The Government of India introduced several schemes/initiatives for higher education, of which the Vidya Lakshmi educational scheme deserves considerable attention. Under this scheme, students can apply for education loans at multiple financial institutions through a common application portal. Additionally, students can track their application status online.
To maximise the benefits offered under this scheme, interested students must know specific facts about Vidya Lakshmi education loan before applying for it. Read on to learn about important facts about the Vidya Lakshmi education loan and portal.
Mandatory Registration
The Vidya Lakshmi portal features several educational loans and national scholarship schemes, which help students to cover expenses related to higher studies. The Vidya Lakshmi scheme process mandates students to register and login to this portal to initiate the loan availing task.
Here, students need to fill up the Common Education Loan Application Form (CELAF) and provide all essential information. CELAF is accepted by all financial institutions in India. Once students have filled up the application form, they can search for an education loan as per their requirements and convenience.
About Interest Rate
The interest rate of Vidya Lakshmi education loan varies from one financial institution to another. Hence, students or applicants must tally the different interest rates offered by various financial institutions and select one that suits them the best.
Students or applicants can complete this interest rate evaluation process on the Loan Search page. This will help them to bring down the total borrowing cost and reduce the financial burden. Applicants will start to repay loan amounts usually after one year of completing their studies.
Easy tracking of application status
After fulfilling the Vidya Lakshmi education loan eligibility and successfully applying for it, students can track their application status through this portal. Financial institutions with which students or applicants have requested the loan will update the status of applications on the portal.
In case they fail to qualify the eligibility norms of financial institutions, they can view the status of the same on the applicant’s dashboard on the portal.
Note: A student can apply to a maximum of three banks through this portal using the Common Education Loan Application Form (CELAF).
Fast loan sanction
Vidya Lakshmi education loan ensures quick loan processing. As per the rules set by the governing authorities, students will get the loan sanctioned within 15 days of the submission of application form and other documents.
Faster education loan processing allows individuals to submit university admission related fees quickly. Quick disbursal helps in visa processing for those who are seeking higher studies abroad.
Apart from the facts (about loan) mentioned above, applicants must know that the portal offers a facility to raise education loan-related queries or grievances to lenders on this platform.
The cost related to higher studies is immense. Further, the expenses become much higher when one chooses to study abroad. There are numerous associated fees like accommodation cost, living expenses, travel expenditure and many other expenses. For this, students need big-ticket loans such as Vidya Lakshmi education loan on property. Therefore, a little research on education loan against property vs. education loan will help students to make an informed decision.
Must Read: Know About Mortgage Loan in India
Currently, several notable lending institutions offer high-value education loan against property at a competitive interest rate.
These housing finance companies provide pre-approved offers to make the loan availing process hassle-free. These offers are also available on other financial products such as home loans and loan against property. Individuals can check their pre-approved offers by entering their names and contact details. Candidates with a higher demand for money can finance their education with a loan against property. With comprehensive knowledge of Vidya Lakshmi education loan, students can register and apply for same on portal.
