The Vidya Lakshmi Portal was introduced by the Indian government to facilitate the education loan application process for students seeking funding to study in India or overseas. The Vidya Laxmi Portal provides information on 84 education loan programs provided by 38 Indian banks through October 1, 2024.
Why would students use the Vidya Lakshmi Portal? Students take out education loans from banks or financial institutions to study in India or overseas. Examining and contrasting the various student loan options available to students can be challenging. A one-stop shop for researching and applying for various education loan programs is the Vidya Lakshmi Portal. By completing a single application, students can apply for up to three separate education loans.
In August 2015, the Indian government launched the Vidya Lakshmi Portal. The Vidyalaxmi portal was created by the Ministry of Finance, the Ministry of Education, and the Indian Banks Association (IBA) to facilitate students' education loan applications. Examining education loans used to be a difficult process. Students can apply for education loans and follow the application process, in addition to using it to research student loans. The eligibility requirements, interest rates, and documentation needed for the Vidya Lakshmi Portal application form will all be covered in this blog.
Vidya Lakshmi Portal: What is it?
The Vidya Lakshmi Portal was established by the Indian government with the goal of ensuring that no student is denied access to higher education due to financial constraints. The first-of-its-kind Vidyalakshmi education loan portal is devoted to students looking for student loans or scholarships. Protean eGov Technologies Limited, formerly known as NSDL eGovernance Infrastructure Limited, is responsible for maintaining this education loan portal.
Students can research, evaluate, and apply for educational loans and scholarships online at any time and from any location using the Vidya Lakshmi Portal. Links to the National Scholarship Portal are also provided by the portal. The Vidya Laxmi portal is unquestionably beneficial for Indian students seeking student loans, whether they are studying in India or abroad.
What are the benefits of the Vidya Lakshmi Education Loan Portal?
The Government of India supports this portal through its guarantee cover program for Indian banks. The government will cover the cost if a student who borrowed 7.5 lakhs to study in India is unable to repay the loan.
It takes a lot of time to compare various student loan options and then use the education loan EMI calculator to determine the total repayment amount. Vidya Lakshmi Portal is a lifesaver for students in this situation. It is a one-window portal with an easy-to-use interface for resolving financial concerns for postsecondary education. The goal of obtaining a higher education can be realized even by students who reside in rural or isolated locations. Let's talk about this portal's benefits.
How Can I Apply for an Education Loan from VidyaLakshmi?
Students must first create a new user profile on the Vidyalaxmi portal in order to start the application process. This is the detailed procedure for making a new portal profile.
Step 1 of the Application Process for the Vidya Lakshmi Scheme
Go to https://www.vidyalakshmi.co.in/, the official Vidya Lakshmi Portal website.
"New User? Register Now" is clicked.
Enter your personal information (name, email, phone number, etc.) to create a new account.
A link for verification will be sent to the email address you registered. To confirm your account, click the activation link that was sent.
Qualifications for the Vidya Lakshmi Program
The requirements for admission are not the same as those for education loans. Before approving a student's loan application, banks review their profile. The following are the prerequisites for applying for education loans through the Vidya Lakshmi portal:
Students must be Indian citizens.
ought to have passed the board exam for 10+2.
For college admission, it is crucial that students pass the necessary merit entrance exam.
To study in India or any other foreign nation, students can apply for a loan.
These are merely prerequisites for the Vidya Lakshmi scheme; if a bank requests it, you might also need to fulfill additional requirements or provide documentation in order to obtain an education loan.
Comments
Post a Comment