Vidya Lakshmi Education Loan: Check Eligibility , Processing fees and apply.

The Vidya Lakshmi’s education loan portal was initiated into the year 2015 by the government in association with the Ministry of Finance, The Indian Banks Association (IBA), and The Ministry of Education. It works as the medium between the banks and students which helps the people access, apply, and track their education loan application through the various platforms which the NSDL facilitates.

Into this scheme, the students can select to apply upto the 3 banks from the 41 registered banks for the loan of the education.

Vidya Lakshmi Education Loan: Benefits 

The main aim of the Vidya Lakshmi Portal is to make the process of the loan easy for students. The portal holds the various features and benefits to get the student loan very easily.

• It is a common application to apply for the various loans of the education given by the various banks.
• The students will get the details about the loan of the education given by any of the banks.
• The students are not required to go to any branch of the bank physically by the use of this portal.
• By the use of the single window portal, the students can upload the docs easily.
• The bank will easily download the loan application and update the loan status.
• For any kind of query, the students can mail to the bank.
• The students can easily apply for the 3 different banks at the same time.
• This eliminates the extra fees of the processing and the other hidden charges.
• This portal mainly helps students who are going to study abroad.
• There are about 38 banks which are registered on the portal of the Vidyalakshmi loan portal to give the 89 education loan scheme.
• The students can easily access the National scholarship portal.
• If the students are not in the condition to pay the loan then the govt will repay it.
• The government will repay the loan amount if any student is unable to repay.

Vidya Lakshmi Scheme: Eligibility

The eligibility for admission is not similar to the eligibility of the loan for the education. Before giving the loan application, the bank checks the student’s profile. The given below is the requirements for eligibility to apply for education loans through the Vidya Lakshmi portal:

• The student must be an Indian national.
• The students must have to pass the 10+2 board exam
• The students must have to pass the merit entrance exam to be admitted into the college.
• Students who want to study in India or a foreign nation can apply for a loan.
• The Vidya Lakshmi plan only needs these basic qualifying standards; if a bank requests it, you may also have to fulfill the additional requirements or give the documentation to obtain an education loan.

Process to Apply for Vidya Lakshmi Education Loan?

The students must have to do the registration on the Vidyalaxmi portal and create a new user profile before starting the process of application. To make the new profile on the partial, kindly follow all these steps:

Step 1 of Vidya Lakshmi Scheme Application Process

• Go to the official portal of the Vidya Lakshmi Portal’s @https://www.vidyalakshmi.co.in.
• Then tap on the “New User? Register Now”
• Then fill in all the necessary information like name, email address, phone number, etc. to create a new account.
• At the email ID, the verification link will be sent. Now you can verify the account by clicking the activation link that was supplied.

Step 2 of the Vidyalaxmi Scheme Application Process

The next step is to complete the initial registration process to apply for the Vidhya Laxmi education loan. To access the account of the portal, do the use of the login credentials. The details steps to find the Vidya Lakshmi application process are provided below.

• Go to the “Search and Apply for Loan” and then touch on it.
• Then decide if you want to study abroad or India.
• Then select the course of your wish.
• Then decide how much finance you need for further education.
• Choose the recommended banks and appropriate terms and conditions for repayment when applying for a Vidya Lakshmi education loan.
• Then upload all the necessary docs you need.
• Then check all the information you plan to give
• Tap on the submit option after the completion of all the steps.
• The banks are updating all the status, you can easily check the status of the loan on the platform. In addition, if you have any kind of doubt about the school loan, you can ask banks.

Registration Process of Vidya Lakshmi Education Loan?

Guidelines for your registration process

• Please ensure that all the details you are given for the registration are correct. Once the form is submitted, you can’t make any kind of changes to it.
• Then ensure that you type the password into the right format which includes numerical, special, and capital letters.
• Write the “Name” form with the student’s name as it appears on the mark sheet for the 10th grade or on the mark sheet that is linked to your loan application.
• Ensure that the mobile number you filled in is correct. The students who are in need to utilize their parent or guardian’s mobile number can also do this.
• Kindly give the working email address in the “Email ID” column. Kindly keep in mind that once the email addresses are filled they can’t be changed at any cost. All the important details will be send by the email address.

Steps for the registration process

• Step 1: Go to the official portal of the Vidya Lakshmi
• Step 2: Then tap on the “Register” option given in the upper right corner of the portal.
• Step 3: Fill in all the important details like name, age, birthdate, email address, and mobile number. Ensure that Official Terms and Conditions should not be overlooked. On the registration page, the students must have to locate them by selecting the “website (clickwrap) agreement terms & conditions” paragraph.
• Step 4: Then tap on the Submit button after entering all the details.
• Step 5: Tap on the link in your email to confirm your registration. Note that the link is only open for 24 hours.

If your registration process is complete.

By following the completion of the registration process, the students will be taken to the Vidya Lakshmi portal’s home page. The next step is to log in to your account by the use of the “Vidya Lakshmi Portal Student Login.”

• Step 1: At first, tap on the “Login” choices in the upper right corner of the page.
• Step 2: Then select the “Student Login” option from the three available Vidya Lakshmi site options.
• Step 3: Type the “Password” and “Login Email ID”  you will see at the time of the registration process as well as the captcha code given into the text field below, and then tap on the “Login Button.”

What to do if you are Unable to log in your account

One can reactivate their account by following all the easy steps if it is not been activated.

• Step 1: Open the Student Login Page.
• Step 2: Then  Select the “Resend Activation Link” link given below the “Login” button.
• Step 3: Then Fill in the “User ID” field with your registration email ID.
• Step 4: Select the “Send Activation Link” button.
• Step 5: Then the email will be delivered to the email address of the Vidya Lakshmi Portal.

Documents Required for Vidya Lakshmi Education Loan

The given below is the list of the docs that the students must have to carry when they have to apply.

• Two passport-size photographs of the student
• photo ID cards which have been authorized by the govt.
• A valid passport, study visa approval, and other needed paperwork.
• Birth certificates of the students
• Passing certificates of the class 10th and 12th.
• university’s admissions letter
• Schedule of the course cost

List of Banks Registered on Vidya Lakshmi Portal

The Vidya Lakshmi portal’s official website shows that the 38 banks are mainly registered. The list of the banks included in the Vidya Laxmi portal is as follows.

1. Abhyudaya Cooperative Bank Limited
2. AXIS BANK
3. Bank of Baroda
4. Bank of India
5. Bank of Maharashtra
6. Canara Bank
7. Central Bank of India
8. Chhattisgarh Rajya Gramin Bank
9. Andhra Pragathi Grameena Bank
10. CITY UNION BANK LIMITED
11. Dombivli Nagari Sahakari Bank Limited
12. Federal Bank
13. GP PARSIK BANK LTD
14. Punjab National Bank
15. HDFC Bank
16. IDBI Bank
17. IDFC First Bank
18. Indian Bank
19. Indian Overseas Bank
20. Jammu and Kashmir Bank Limited
21. ICICI Bank
22. Karnataka Bank Limited
23. Karnataka Gramin Bank
24. Karnataka Vikas Grameena Bank
25. Kotak Mahindra Bank
26. Karur Vysya Bank
27. Kerala Gramin Bank
28. New Indian Cooperative Bank Limited
29. UCO Bank
30. Punjab and Sindh Bank
31. Rajasthan Marudhara Gramin Bank
32. RBL Bank Limited
33. State Bank of India
34. Tamilnad Mercantile Bank Limited
35. The Kalupur Commercial Co Op Bank LTD
36. The South Indian Bank LTD
37. Union Bank of India
38. Yes Bank

FAQ:

Q: How will the students do the registration on the Vidya Lakshmi portal many times?

Ans: The students can apply for various education loans by a single account and track the application status.