How To Apply For An Education Loan Through Vidya Laxmi?

You want to pursue further education and need to get a loan for it. But with many different schemes available on the market, being uncertain or puzzled is common. In such a scenario, obtaining data about loan programs provided by various lenders, asking questions, and choosing the best one can be a little taxing. The first question you would ask is, where do I start?

To ease this burden, the government of India launched the Vidya Laxmi education loan scheme during the financial year 2015 – 2016. The Vidya Laxmi portal is a unique portal for students who are looking for educational loans. The Department of Higher Education (Ministry of Education), the Ministry of Finance, and the Indian Banks Association (IBA) provided guidance for the creation of this platform.

It allowed students to easily access information about various education loans offered by different banks. The portal also enabled them to compare and apply for educational loans in a breeze. Additionally, the portal also permitted the students to monitor their applications for education loans from several banks that took part in the program.

Let's take a close look at how to register first and apply for education loans through the Vidya Laxmi portal.

The initial step of using the website's loan-related services is to create an account on the Vidya Lakshmi login page. Here’s how –

Step 1: You need to enter the student name as per the marksheet attached with your education loan application.

Step 2: Add the correct mobile number. If you don’t have one, enter your parent’s mobile number.

Step 3: Create your username and password. Please do know that once you enter an email ID you won’t be allowed to change it.

Step 4: Confirm your email ID through the link sent to you on the registered email address.

Step 5: After confirming, you will be redirected to the Vidya Laxmi portal’s login page.

Step 6: Enter your new credentials and your application registration process is complete.

Once you have completed your registration process, you can begin your search for various Vidya Laxmi education loans. You can do that by clicking on the ‘search for loan schemes’ tab. A student may use the Vidya Lakshmi portal to apply to a total of three banks. However, it is necessary to know that Vidya Laxmi education loan interest rates can vary from one bank to another and from one plan to another. Once you have decided which loan scheme you want to go with, you can follow these few simple steps to apply for a loan through the portal. They are as follows:

Step 1: Your first step here will be to apply for the selected loan scheme by clicking on the ‘apply now’ tab. You will find this tab next to the list of loan schemes on the website.

Step 2: Fill out the CELAF or Common Education Loan Application Form on the website. Usually, it is accepted by all the connected banks.

Step 3: When entering your information on the Vidya Lakshmi loan application portal, save your information at each step.

Step 4: You can determine your qualification for the Central Sector Interest Subsidy Scheme (CSIS) while on the loan application page. On the page, you will find a link that will allow you to determine whether you qualify for the loan.

Step 5: After successfully filling out your form, you can easily track the progress of your application by the particular bank on the Vidya Laxmi website.

Step 6: Once you complete the mandates on the application form, remember to keep a copy of the scanned documents on your computer ready.

Step 7: Carefully go through the checklist listed in the documents.

Your worry about pursuing higher education can take a back seat, now that you know how to register and apply for an education loan through the Vidya Laxmi platform.