Spending on children’s education continues to grow. Parents of many children have enough money, so that they teach their children in good institutions, but there are many children who are very intelligent in education, but their family’s financial situation will keep them moving forward. Prohibit from. For this sometimes they have to take scholarship and education loan. Education loans and scholarships are given by various government institutions and banks, but children do not get the information of all and they are not able to take advantage of it. To overcome this problem of children, the Central Government has brought every information related to scholarship and education loan on Vidya Lakshmi portal through Vidya Lakshmi Yojana. This information is being given through this article.
What is Vidya Lakshmi Portal?
Vidya Lakshmi Portal is an online platform launched by the Ministry of Finance of India in association with the Department of Higher Education, Indian Banks Association and Ministry of Human Resource Development. It is a platform through which students can get information about education loans and government scholarships offered by various banks and institutions simultaneously. Through the portal, students can avail various loan schemes of many banks.
How much education loan can be obtained from Vidya Lakshmi portal?
For taking loans above Rs 7.5 lakh from public sector banks, students will have to sign a guarantor and provide collateral. To avail loans through this portal, students have to fulfill the eligibility criteria set by banks. Through the Vidya Lakshmi portal, you can easily get the information of the loan scheme at your convenience, because the loans are classified into various categories. Students who want to avail loans through this portal, have to apply by filling the CELAF form with relevant information. Students can apply for loan schemes of various banks just by filling this one form. On the portal you will find the following types of classification –
|Type of education loan||Education Loan Based on Course||Education loan as per requirement of money|
|India||Undergraduate||Less than 4 lakhs rupees|
|Study abroad||post graduate||Between 4 Lakh and 7.5 Lakh|
|All / both||Vocational course||More than 7.5 lakhs|
|Vocational course||All debts|
Vidya Lakshmi Education Loan Interest Rates
The rate of interest is determined by the banks. It is also up to you which scheme of which bank you choose. According to the rate fixed by the bank, the rate of interest will be in the scheme you choose. Banks listed under this portal offer education loans only on the basis of the lending standards set by RBI and Indian Banking Association. These rates are known as marginal costs of credit-based lending rates. Education loan interest rates are based on a few percent added to the basic lending rates. Banks use the Marginal Cost of Funds based lending rate (MCLR), as well as adding some extras to determine the interest rate. Different banks have different interest rates. Also, it also depends on the loan amount. Almost all banks make an additional increase above 2% to 6% above the MLCR. The MLCR rates are mentioned on Vidya Lakshmi portal and are updated regularly on a monthly basis. Students wishing to avail loans through Vidya Lakshmi portal can visit the website and check the updated MLCR rates of various banks. Interest rates can range from 7% to 18% depending on eligibility criteria and loan amount.
How many applications can a student apply for education loan?
A student can apply for education loan in maximum 3 private sector banks through this portal. For this, the student has to submit the duly filled and signed application form along with the necessary documents. Banks usually take 15 days to process and approve loan applications. Students can choose any of the various loan schemes offered by various nationalized banks. These banks provide loans for both domestic and international courses. The approved education loan is deposited directly into the applicant’s bank account.
How to know the status of education loan application?
To know the status of your education loan application, you have to log in to Vidya Lakshmi portal. After submitting the application form, you will be informed about the status of the application through the portal. The progress report of the application is uploaded by the banks on the portal. By seeing this, the applicants can know the status of their application. If a problem occurs in your application, banks update the Remark column. You can see the details of the Remark column by going to the application status page.