Vidya Lakshmi Portal Education Loan Eligibility, Features and Benefits

Vidya Lakshmi Portal, Eligibility Conditions, Features, and Benefits: In view to provide financial aid for poor and middle-class students, The Indian Government has launched a scheme called the “Vidya Lakshmi Education Loan Scheme Apply Vidya Lakshmi Portal”. The main motto behind the launching of this scheme was to open a gateway for the students who desire to pursue the higher education of their preference without any fund constraints through their education loan. Through the Vidya Lakshmi Portal for Education Loan Scheme, students can gain multiple benefits in view of their educational loans.

In the official portal of Vidya Lakshmi, students can find various options like applying for the loan, view and track the status of the loan.

Now, this article gives a clear description of how students can apply for the loan, what is the eligibility criteria, and the features of the Vidya Lakshmi educational scheme.

Vidya Lakshmi Education Loan Eligibility Criteria

In order to gain benefits of the Vidya Lakshmi scheme, below is the eligibility criteria to be met by students

  • Eligibility conditions of salaried people
  • A person should be an Indian citizen
  • The age gap should be between 33 to 58 year

They should earn a salary either in an MNC, private organization, or in the public domain

Vidyalakshmi Portal Eligibility conditions of self-employed people

A person should be an Indian citizen and residing only in specific locations of India. The list of cities are Chennai, Pune, Bangalore, Hyderabad, Ahmedabad, Kolkata, Udaipur, Vizag, Aurangabad, Surat, Mumbai, Thane, Cochin, Delhi, and Indoor

  • The age of the person should be between 25 to 70 year
  • A person should be self-employed with a regular revenue source

Vidyalakshmi Scheme Required Documents

The required documents to apply for the educational loan scheme in Vidya Lakshmi are

  • Address proof
  • IT return statement
  • Bank statements of past 3 month
  • Property related documents is a person is self-employed
  • Feature

The Vidya Lakshmi portal stands as a single platform for students to gain information and apply for educational loans offered by various banks and government scholarships. The features of this scheme are

Student can know detailed and accurate information of educational loan schemes offered by multiple banks

  • It provides a common applications form (CELAF) for various loan
  • Students can have their educational loan queries/grievances resolved by mailing them to the corresponding bank
  • The scheme has a linkage to the national scholarship portal so that they get information and apply for a government-provided scholarship
  • Students have the facility to track their loan processing status uploaded by various bank
  • Application Procedure

Vidya Lakshmi’s online portal shows an easy way of applying for an education loan. As the portal is developed under the management of various departments like the Ministry of Education, Ministry of Finance, and Indian Banks Association, this provides a safe approach for students to avail their loan

  • The application procedure is explained below
  • Open theVidya Lakshmi Portal
  • Initially, students need to register themselves in the portal, and to proceed with the registration process click on “APPLY NOW” on the home page. Which redirects to the “Create Your Account” page
  • Fill in the details and click on ‘Submit. This sends an account activation link to the provided email address. This completes the registration process
  • Now, on the same home page, proceed with the login process after a successful registration
  • After logging in to the portal, click on the ‘Loan Application Form’ tab
  • Now, enter all the required information present in the application form. This step completes the application process for education loan schemes in Vidya Lakshmi

Note: The CLEAF is the common form for all education loan schemes and this form will be accepted by all banks

Vidya Lakshmi Search for Loan Scheme

As there are multiple loan schemes provided by Vidya Lakshmi, students after completing their application process can now search for various kinds of schemes in the portal. The process to search for loan schemes is explained below

  •  Open the official website and login to the portal
  • Click on the “Search for Loan Scheme” tab. Here, students can search for various schemes based on the filters such as Search by Location, Search by Course and Search by Loan Amount
  • Depending on the search criteria, the page displays the list of schemes
  • Now click on the ‘Apply’ button corresponding to a particular loan and enter the details (as mentioned in the above section)

Through this process, students can search various loan schemes and apply in the portal itself

Vidya Lakshmi Scheme Application Status Check

  • Students can also track the status of their loan scheme in the portal. The procedure is
  • Open the official website vidya Lakshmi portal login 
  • Click on the ‘Vidya Lakshmi scheme Application Status’ tab
  • It displays the status of the submitted applications along with the details of the bank, application submission date, bank remarks, channel, disbursement amount, and date
  • Students can download the application by clicking on the application ID
  • They can also get the complete history of the application by clicking on the status of the loan

So, Vidya Lakshmi stands a good initiative in enhancing the career of the student by providing education loans and this financial support allows a student to pursue higher studies. This article has provided good and exact information on Vidya Lakshmi Education Loan Scheme which will be so helpful for students. To know more information related to interest rates, eligible courses, and a list of registered banks and Vidya Lakshmi Portal Details, have a daily visit to our website where we will be updating all the information on a daily basis.

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