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Vidyalakshmi Education Loan

Updated on October 2, 2022 , 20460 views

The Vidyalakshmi education loan is a Narendra Modi government initiative scheme. It is one of the most popular education loans available in the country today. The portal is operated under the Department of Higher Education and Indian Banks Association (IBA) along with the Department of Financial Services.

Vidyalakshmi Education Loan

Under this scheme, students can apply for an education loan through a common application portal and can also track their application status online. You can finance your higher education with Vidyalakshmi loan’s convenient financing option. Fund your travel expenses, Tuition Fees, admission fees, living expenses, etc with Vidyalakshmi education loan.

4 Things to know about Vidyalakshmi Education Loan

1. Hassle-Free Process

Vidyalakshmi portal is a place where the students can apply by filling up a single application form. Students can apply to three different banks of choice, thus making the process transparent and hassle-free.

2. Online Management

With the Vidyalakshmi portal, you can apply for an education loan online without having to visit the Bank in person. It involves less paperwork and you can also send grievances directly to the bank through the portal.

3. Interest Rates

The interest rates for Vidyalakshmi education loans vary from bank to bank. You can choose the bank of your choice with the desired interest rate as provided by the concerned bank.

4. Loan Sanction

According to the guidelines from the IBA, the loan takes 15 days to be processed after the date of getting a fully completed application form with required documents.

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Features of Vidyalakshmi Education Portal

1. Bank Information

Vidyalakshmi’s application portal brings together information about educational loan schemes of banks in one place.

2. Common Application Form

You have to fill a common educational loan application form to avail the loan from the concerned bank.

3. Application

You can apply to three different banks for an education loan through the portal and a single application form.

4. Online Process

Banks can download the student application form directly from the portal.

5. Loan Status

Banks can upload students’ loan processing status directly to the portal. This is both convenient and saves time.

6. Queries/Grievances

You can email your queries and grievances directly to the bank through this common portal.

What is CELAF?

CELAF is the abbreviation for Common Educational Loan Application Form on the Vidyalakshmi portal. This has been prescribed by the Indian Banks Association (IBA) and is accepted by all national banks in India.

Steps to Apply for Vijayalakshmi Education Loan

  • Sign Up/ Login to the Portal
  • Register by clicking on the register button
  • Fill details like email ID
  • Click Submit
  • Check mail and click on the activation link. An account will be created successfully.
  • Look through the various schemes.
  • Select banks based on choice and eligibility
  • Fill the CELAF Form
  • Common Eligibility Criteria

Eligibility Criteria for Education Loan

1. Citizenship

You have to be a citizen of India to avail the loan to avail Axis Bank Education Loan for abroad.

2. HSC/ Graduation Score

You should have secured at least 50% in HSC if you are looking for a loan to pursue graduation. If you are looking to pursue post-graduation, you should have at least 50% in graduation.

3. Required Documents

Showing the right documents for the process is mandatory. If you are applying with a co-applicant, the relevant documents are required of the co-applicant as well.

4. Other Requirements

You should have secured admission in India or abroad through the entrance test/merit-based application process post completion of HSC. You should have obtained admission to career-oriented courses either at a graduate or postgraduate level.

Common Documents Required by Banks

Mentioned below are the documents required for hassle-free disbursal of Education loan.

Salaried Individuals

  • Bank statement/ Passbook of last 6 months
  • KYC Documents
  • Optional- Guarantor Form
  • Copy of admission letter of the institute along with fees schedule
  • Mark sheets/ passing certificates of SSC, HSC and degree courses

Others

  • KYC documents
  • bank statement / Pass Book of the last 6 months
  • Optional – Guarantor Form
  • Copy of admission letter of the Institute along with fees schedule
  • Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses

Conclusion

Vijaylakshmi education loan has been a boon to the students in the country. A number of people have been benefited by the loan. Anyone from the remote areas of India can also apply for the loan since its completely online. The highest number of applications for the loan is from TamilNadu, according to a report. Read all Vidyalakshmi terms and conditions carefully on Vidyalakshmi portal and make sure to read all the concerned bank’s loan-related documents carefully before applying.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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