Vidyalakshmi Loan Scheme

 Vidyalakshmi Loan Scheme

Hello everyone, today in this article information about Vidyalakshmi Education Loan is given.  How to apply for this loan?, required documents, in which banks can get loan?, and other information will be given.

Vidyalakshmi Education Loan 2023:

Vidyalakshmi is a portal launched by the Government of India to provide information and facilitate the application process for education loans offered by various banks in India.  The portal serves as a single-window platform for students seeking financial assistance to pursue higher education.

 Students can explore and compare education loan schemes offered by various banks through the Vidyalakshmi portal.  The portal provides detailed information about eligibility criteria, interest rates, repayment options and other terms and conditions of loans.  Students can use the portal to apply for loans directly to their respective banks.

Who can avail loan?:

 Passed CET /NEET examination for professional courses like Bsc – Agriculture, Horticulture, Forestry, Fisheries, BVSc, BE, B- Tech, MBBS, BAMS, BHMS, BDS, Nursing, Dipolma, NTTF, Journalism, LLB, BBA, MBA and many other professional courses.  Students who want to get admission in the courses will have the opportunity to get education loan.

From which banks can get loan?:

 National and government banks such as Canara Bank, SBI Bank, Bank of Baroda, PNB, Union Bank of India and rural banks such as KVGB and KGB and HDFC, Axis, ICIC, Karntaka Bank, Federal Bank, any private banks can also avail this loan facility.

To apply for education loan through Vidyalakshmi portal, you need to follow these steps:

Step 1: Visit Vidyalakshmi Portal website (https://www.vidyalakshmi.co.in/).

Step 2: Register on the portal by creating an account using your e-mail address.

 Step 3: Fill the required information including personal details, educational background, course details and required loan amount.

 Step 4: Explore the list of banks and loan schemes available on the portal.

 Step 5: Choose the bank and loan plan that best suits your requirements.

Step 6: Complete the loan application form providing all necessary details and supporting documents as requested by the bank.

Step 7: Submit the application online through the portal.

 Step 8: The bank will review your application and may request additional documents if required.

After your application is approved, the bank disburses the loan amount directly to your educational institution.

 It is important to note that educational loan approval and specific terms and conditions vary from bank to bank.

 The Vidyalakshmi portal simplifies the application process by providing a centralized platform, while the final decision and loan disbursement is handled by the respective banks.

Here are the documents required to avail the loan:

 10th/ 12th Marks

 Certificate of Ranking in NEET / CET

 NEET/CET Allotment letter

 Aadhaar Card, PAN Card

 Bonafide certificate from the Principal/Dean of the admitted college.

How much can be borrowed and what is the interest rate?:

 The interest on this loan ranges from 12% – 14%.  Also, this loan can be repaid in installments after 6 months of getting a job or 1 year after completion of education.  If you want to get a loan between 4 lakhs to 7.5 lakhs, there is no need for any kind of bail and security, but if you want to get a loan more than 7.5 lakhs, you have to attach bail and property mortgage.

 Students with financial difficulties can take advantage of this loan to get admission in the college of their choice and the course of their choice and complete your education.  Please immediately share this temple with such good information to all your friends, relatives and parents, thank you.

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