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Here are Some Key Features of The Vidya Lakshmi Portal

by antil.alisha
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The hefty college fees and tedious education loan process are the primary challenges that students usually face. To alleviate these issues and help students complete higher studies (both in-country and abroad), the Government of India launched the Vidya Lakshmi portal in August 2015. This online portal allows students can compare and apply for Vidya Lakshmi education loans and scholarships. Read on to learn about the features and benefits of the Vidya Lakshmi portal.   

Features of Vidya Lakshmi Portal

Vidya Lakshmi is the brainchild of the Department of Financial Services, Department of Higher Education, and Indian Banks Association. NSDL e-Governance Infrastructure Limited is responsible for the successful operation of the Vidya Lakshmi portal. 

Below are discussed advantageous features of the Vidya Lakshmi portal,

  • Easy online application and faster loan disbursal: One of the prime features of the Vidya Lakshmi portal is that it allows students to apply for education loans online. Thus, students can easily avoid the initial loan application hassles by visiting from one financial institution to another. However, once the loan application is accepted, individuals have to visit a registered financial institution to complete document submission and verification. The Vidya Lakshmi scheme process takes 15 days to get disbursed. This quick financial assistance helps students complete visas (for abroad) and other processes easily.
  • Multiple loan application options: Currently, there are 37 registered financial institutions and 126 education loan schemes available on the Vidya Lakshmi portal. Therefore, applicants can easily dig out information regarding these education loan schemes from the registered financial institutions. Further, this online portal allows individuals to apply to a maximum of 3 financial institutions for education loans and scholarship programmes. Thus, applicants get the facility to apply for education loans at competitive interest rates. In addition, if one financial institution rejects applications, students will still have two options in hand. To avoid rejection, students must know the Vidya Lakshmi education loan eligibility criteria set by the higher authority.    
  • One application form for multiple applications: Even though students enjoy the benefit of applying for the highest 3 financial institutions at a time, they need not fill out separate application forms for the same. This is one of the biggest advantages of applying for an education loan through the Vidya Lakshmi portal. Here, applicants have to fill out the CELAF (Common Education Loan Application Form). It is a single form to apply for education loans at multiple financial institutions or schemes. This form is prescribed by Indian Banks Association (IBA) and accepted by all banks.
  • Seamless comparison of different loan schemes : On the Vidya Lakshmi portal, applicants can easily navigate to different education loan schemes offered by registered financial institutions and compare rates. By doing this, students can learn different rates offered by registered financial institutions and shortlist three of these institutions and apply accordingly. Thus, within a few clicks, students can compare different loan schemes without physically visiting financial institutions and knowing about their scheme offers or doing separate research for every education scheme.
  • Hassle-free loan tracking process: After placing an education loan application, students can easily track their loan application status. Registered financial institutions update the status of a loan application on the Vidya Lakshmi portal. Here, applicants can view the status of their loan application on their dashboard. These registered financial institutions can even mark the loan application status on hold when these entities need additional information or documents from students. The requirement will be updated on the Remark column, and students can check these from their dashboard.

Apart from these, the Vidya Lakshmi portal enables students to raise queries and grievances via email. After receiving mail, the registered financial institutions contact the concerned applicants to address their grievances or solve queries. 

Thus it is clear that students can get numerous benefits by applying for education loans through the Vidya Lakshmi portal. However, the loan amount sanctioned initially is low compared to the total expenses (accommodation cost, college fees) and cannot cover it entirely. 

To increase the loan amount, students have to pledge property, after which they can avail Vidya Lakshmi loan on propertyA loan on property or a loan against property is a better way to finance your child’s education. Parents can leverage their immovable asset and invest in their child’s future.   

To ensure faster loan approval, individuals have to prepare the list of documents needed to apply for a loan against property and ensure the property in question is free of disputes. 

Reputed financial institutions offer loan against property with minimal documentation and relaxed eligibility criteria. 

These financial institutions also extend pre-approved offers that quicken the loan approval process. Individuals can find these offers on other financial products such as home loans as well. Individuals can check their pre-approved offers by entering names and contact details.

With complete knowledge of the features of the portal, students can easily compare and apply for a Vidya Lakshmi education loan.     

 

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