Education loans: Importance of education loans for girls

No one can deny the importance of education. Education is of equal importance to all, whether boys or girls. Currently, the number of boys and girls attending primary schools is almost the same. But as girls get older and enter the higher classes, their numbers begin to decline. If girls want to make their future bright, they will have to get quality and higher education. But girls are often deprived of good and higher education due to various reasons. The first hindrance in the education of girls is lack of money. So through this article, we are going to give you information about education loans for girls.

Why education loan is important for girls?

  • Through loans, girls can get quality and higher education without incurring financial burden on parents.
  • There is no tuition fee only during education. This includes other expenses such as college deposits, uniforms, travel fare, library and examination fees. Through education loan, you can bear all these expenses while maintaining savings.
  • Banks only ask for collateral for loans above Rs 7.5 lakh. At the same time, women applicants get concession in education loan interest.
  • You can get tax rebate on interest paid under Section 80E for taking an education loan. There is no tax benefit on repayment of the principal amount of education loan.
  • The interest rates on education loans are 9-15% per annum.

Vidya Lakshmi Yojana

  • Students can apply to many financial institutions through the Vidya Lakshmi Yojana portal.
  • Here you can apply for education loan through a single application form. You can check the status of the application online on the portal of Vidya Lakshmi Yojana.
  • If you want to take a loan through Vidya Laxmi Yojana, login to Vidya Laxmi portal and fill the application form.
  • You can apply to a maximum of 3 financial institutions through a single application form.
  • The interest rates of loans taken through Vidya Lakshmi Yojana depend on the guidelines of RBI and IBA.

How to register on Vidya Lakshmi Education Loan Portal?

  • Log on to the Vidya Lakshmi website.
  • On the website, you will see the ‘Register’ option, click on it.
  • Fill in the required details like Name, Age, Email ID, Date of Birth and Mobile Number.
  • Read the official terms and conditions and click ‘Agree to the terms and conditions’.
  • Then click on submit.
  • Even after this the registration process is not complete. This is completed when the confirmation link is sent to the email address.

How to fill Vidya Lakshmi loan application form?

  • For this, you have to first go to Vidya Lakshmi Education Loan Portal.
  • Then select ‘Login’ and ‘Student Login’.
  • Enter the registered email ID and password.
  • After this enter the captcha code. You will see this in the text box.
  • Then click on the login button and fill your application form.

How to search for education loan on Vidya Lakshmi portal?

  • First of all, you have to login to Vidya Lakshmi student panel.
  • Look for the ‘Search for loan scheme’ option on the student home page.
  • After going to the Education Loan Search Panel, click on the Education Loan Category option.
  • Next, select the study loan category. It is selected on the basis of place of education, type of course and loan amount.
  • Then click on the search button. You will see a list of banks. You can choose the bank as per your convenience.
Education loan based on place of study Education loan based on syllabus Education loan based on loan amount
India Undergraduate Less than 4 lakhs
foreign post graduate Between 4 Lakh and 7.5 Lakh
Both Professional course More than 7.5 lakhs
Vocational course All prices

How to check the status of the Vidya Lakshmi Education Loan Application?

  • Go to Vidya Lakshmi Student Login.
  • Look for the ‘Application Status’ option.
  • Click on ‘Get Loan Application Status’ option.
  • After this, you will be able to know the status of your application.

Important Points of Vidya Lakshmi Education Loan Scheme

  • Under this scheme, financially previous boys and girls can avail education loans for a certain time period without the pressure of interest repayment.
  • The Vidya Lakshmi subsidy scheme provides cover against the interest of education loan during the duration of the course.
  • Students with an annual family income of Rs 4.5 lakh can apply for the Vidya Lakshmi subsidy scheme.
  • This scheme is availed only once.
  • The interest subsidy is for the duration of the course only.
  • If the student leaves the educational institution, the interest subsidy stops.