Everything You Need To Know About Vidyalakshmi Education

Vidyalakshmi is a website that saw the light of the day on 15th August 2015 by the Union Government. This scheme is for the benefit of students looking for education loans. 

If you want to know more about Vidyalakshmi education, then it would be good to go through this post. Read on!

What is Vidyalakshmi portal?

Every year, many students apply for the education loan to pursue a course of choice. But for that to do, they need to land on the website of the bank or visit it physically. 

Doing that means wasting too much time. It is where the Vidyalakshmi education portal was invented to help students go through different education loan offers on a single platform. This way, students can go through the offers of different banks and choose the best deal. It is also possible to apply for multiple Government scholarship schemes. 

The Vidyalakshmi education portal is developed and maintained by NSDL under the aegis of the Department of Financial Services. 

The Vidyalakshmi website also works under the guidance of the Ministry of Finance, Human Resource Ministry, Higher Education Department and Indian Banks Association. 

The facility of the education loan calculator is also available on the Vidyalakshmi portal. This way, you can calculate the cost of an ensuing education loan in advance.  

Vidyalaxmi education loan is a government initiative to provide loans for students so they can prepare themselves to earn. You can avail of this loan easily by registration, selecting a loan scheme, and applying for it. Vidyalaxmi scheme process you can avail a loan amount up to Rs.7.5 lakh. Nonetheless, the expense of higher education can be more than this loan amount depending on your desired subject.

 

What are the features of the Vidyalakshmi scheme online?

The Vidyalakshmi education portal comes with different features, such as: 

  • You can access details about various education loan schemes being offered by leading registered banks in India. 
  • There is only the Common Vidyalakshmi Loan Application Form that you can use to apply for different education loans and scholarship programs. 
  • Facility to apply for multiple loan options of leading banks. 
  • Banks upload the loan processing status on the Vidyalakshmi scheme for education loan websites.   
  • Students can log their complaints and track their status easily. 
  • Dashboard availability for students to access their education loan application status. 
  • The Vidyalakshmi scheme for education loan is also linked to the National Scholarship Portal to seek the details and even apply for the same.   

 How to register and apply for an education loan on Vidyalakshmi website?

Registering and applying for various education loans and scholarships is possible on the Vidyalakshmi portal. All that you need to do is follow some steps as mentioned:

  1. Visit the official website of the Vidyalakshmi education loan. 
  2. Click on the ‘Register’ button and follow the instructions to create your Login ID or Account. 
  3. To apply for the Vidyalakshmi education loan scheme, you will need to log in with your ID and Password. 
  4. Fill up the Vidyalakshmi loan application form and enter details as required. It may also ask you to submit documents required for Vidyalakshmi loan. The filling of the form is only a one-time procedure. 
  5. After submitting the Vidyalakshmi loan application form, search for education loan schemes being offered by registered banks on the website. 

How many Vidyalakshmi education loan applications can a student submit?

A student is allowed to submit the Vidyalakshmi education loan of three banks via the portal and using the Vidyalakshmi loan application form. 

What is the loan disbursal procedure of the Vidyalakshmi portal?

If you have the education loan approval, then the sanctioned loan money will be disbursed directly but outside the Vidyalakshmi website. You may have to reach the customer care of your respective banks for more details. 

What about the rate of interest for the Vidyalakshmi education loan?

The education loan interest rate charged by different banks and financial institutions may vary from lenders to lenders. You will be able to know about the exact interest rate on the loan page of respective banks. 

If you were looking to apply for an education loan to pursue your higher studies and confused which bank to do, then you can access the Vidyalakshmi portal. 

Here, you can compare the loan details of all banks and pick the best deal matching your needs.  

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