Today, higher education is an expensive affair. Consider the fact that fees for MBA courses in India range between Rs.7.5 lakh and Rs.25 lakh and 1-year tuition fees at colleges in the US tend to be upwards of Rs.25 lakh. Hence, to make higher education a possibility, be it in India or abroad, an education loan can provide the necessary financing. Nevertheless, identifying the right loan is not easy. Thankfully, there is an answer to the problem of finding the most apt education loan: the VidyaLakshmi Scheme.
The Vidyalakhsmi portal is a first-of-its kind initiative, rolled out to aid students seeking education financing. This portal acts as a single-window electronic platform, helping you access education loans and scholarships offered via various institutions. Developed in collaboration with the Ministry of Finance, Department of Higher Education and Indian Banks Association, the Vidyalakhsmi portal is maintained by NSDL e-Governance Infrastructure Limited. The beauty of the VidyaLakshmi scheme is that it not only provides easy access to education loan offerings, but also allows you to apply for one through 3 simple steps.
Read on to know how you can apply and track your application.
3 simple steps to obtaining an education loan through the Vidya Lakshmi portal
As per guidelines from the Centre, banks offer education loans through the Vidya Lakshmi portal and so, you can access financing online, without having to make a physical visit. Moreover, you can apply with 3 banks at once and hence, enjoy a quick and hassle-free loan application process. Currently, there are 36 registered banks and 112 loan schemes you can apply with and benefit from through the Vidyalakshmi portal.
To avail financing, you need to follow these 3 simple steps:
- Register an account
- Fill out a single form
- Apply to banks of your choosing
How to register on the Vidya Lakshmi portal?
To register an account on the Vidya Lakshmi scheme portal follow the steps listed out below.
- Visit the official website: https://www.vidyalakshmi.co.in/
- Click on the button that says ‘Register’, at the top right-hand portion of the page
- Enter, in the ensuing form, details such as your name and email ID, and set a password
- Your name must be as per 10th standard marksheet or the marksheet attached with the loan application
- Note that your email ID cannot be changed once given
- Key in the CAPTCHA code
- Tick ‘I agree’, on reading the terms and conditions
- Hit ‘Submit’
An activation link will be sent to your email ID and on opening the link, your account will be successfully created.
How to login to the Vidya Lakshmi portal?
On creating an account on the Vidyalakshmi portal, your next step would be to login. As a registered user, here are the steps you need to follow.
- Visit the official website: https://www.vidyalakshmi.co.in/
- Hover over the button that reads ‘Login’, at the top right-hand portion of the page
- Click on ‘Student Login’
- Enter the email ID used to register, password set, and the CAPTCHA code
- Hit ‘Login’
On logging in, you will get access to your dashboard through which you can view and sort through the education loan scheme available. You can click on the ‘Search for Loan Scheme’ tab and use the filters available to zero-in on a suitable finance solution. Then, you can make an application by filling out the Common Education Loan Application Form (CELAF) or Vidyalakshmi loan application form.
What is the Common Education Loan Application?
The Common Education Loan or Vidyalakshmi loan application form is a form that you must fill out to get approved for an education loan. The benefit here is that this single form gives you access to loans from multiple banks and moreover, you can apply with up to 3 banks at a time.
The CELAF form has 7 sections, segregated through tabs, and you must fill details in each tab and click on ‘Submit’ and ‘Save’ to proceed. The last tab reads as ‘Upload documents’ and so, its best that you keep handy the documents required for a Vidyalakshmi Loan as you fill the CELAF form.
How to apply for an education loan through the Vidya Lakshmi portal?
You can apply for an education loan here through two methods.
- Register, login, fill up the CELAF form, search for education loans and then apply
- Register, login, search for education loans and apply by filling the CELAF form
How to check your education loan application status?
To know your loan application status via the Vidyalakshmi portal, follow these steps.
- Visit the official site: https://www.vidyalakshmi.co.in/
- Login using your email ID and password
- Click on ‘Application status’ on getting access to the dashboard
On being approved, the bank disburses the amount to your account.
Now that you know how the VidyaLakshmi scheme benefits Indian students, make your higher education dreams a reality by keeping the documents required for Vidyalakshmi loan ready and applying online.