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.
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.
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.
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.
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.
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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Vidyalakshmi’s application portal brings together information about educational loan schemes of banks in one place.
You have to fill a common educational loan application form to avail the loan from the concerned bank.
You can apply to three different banks for an education loan through the portal and a single application form.
Banks can download the student application form directly from the portal.
Banks can upload students’ loan processing status directly to the portal. This is both convenient and saves time.
You can email your queries and grievances directly to the bank through this common portal.
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.
You have to be a citizen of India to avail the loan to avail Axis Bank Education Loan for abroad.
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.
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.
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.
Mentioned below are the documents required for hassle-free disbursal of Education loan.
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.