India hosts one of the largest networks in the higher education sector globally. The nation’s present status as one of the best education industries is owing to the boost in its internet penetration and popularisation of e-education and m-education techniques. At present, this evolving sector is worth $101.1 billion, and GER of the nation is expected to reach 30% by 2020. However, this evolving trend of pursuing higher education in top colleges across the globe is hindered by the rising expenses.
Meeting such increased expenses to pursue education often takes a toll on the savings of individuals and leads to dropouts from schools and colleges. Taking into consideration this widening financial gap, multiple government initiatives have been launched.
One of them is the VidyaLakshmi education loan scheme aimed to streamline the application process for availing study loan. Under this scheme, applicants have the benefit to apply with 22 diverse lenders via a unified Vidya Lakshmi loan application form.
What Is Vidya Lakshmi Education Loans Scheme?
Launched in 2015, the Vidya Lakshmi Education Portal serves as a gateway for all students who wish to pursue higher education but face financial constraints while doing so. It enables them to have convenient access to all information regarding the study loans available and the various government scholarships offered.
Launched, developed and maintained in collaboration with NSDL e-Government Infrastructure Limited, the Indian Banks Association, Ministry of Resource Development, Department of Financial Services, and the Department of Higher Education, this portal caters to the convenience of students.
Check out a few highlights of this portal –
- Features and Benefits
Meeting the rising cost of education in India requires availing education loans offered by various financial institutions. However, considering the diverse number of advances available in the market, applying for them is inconvenient and time-consuming. It calls for the need to develop a portal that would strive to make this process comparatively easier. Thanks to this portal, the application process to seek loans have become hassle-free. Additionally, the applicants can also opt for a loan that caters to their financial requirements; view and track their loan application status.
The portal comprises of the following features –
- A Common Education Loan Application Form (CELAF) for the applicants.
- Facility for lenders to upload their loan processing status.
- Linked to national scholarship portal and application form to obtain government scholarships.
- Application Process
Given below is the application procedure that applicants need to go through to avail easy financing via the Vidya Lakshmi portal –
Step 1: Register and login to the official website of the Vidya Lakshmi Education portal
Step 2: Fill in the Vidya Lakshmi loan application form or CEFAL by providing the required personal, financial, and educational details.
Step 3: Based on the met eligibility criteria, this portal now provides a list of loan schemes that the applicant is found eligible for.
Step 4: Individuals can choose the education loan that best caters to their financial requirements.
The portal comprehensively provides students/applicants with a convenient application process to apply with multiple lenders simultaneously. However, the loan amount provided may not be adequate to meet the diverse range expenses other than tuition fees which are necessary.
Under such circumstances, Loans Against Property for Education offered by NBFCs like Bajaj Finserv can the go-to option. Such education loans in India come with high-value loan amounts, attractive interest rates, zero end-usage restrictions and other benefits such as –
- High-value loan amount of up to Rs. 3.5 Crore
- Flexible repayment tenors
- Quick approval and disbursal of the loan amount
- Easy balance transfer facility
Borrowers can avail such beneficial features when they qualify for a loan against property by meeting these simple eligibility criteria.
- Between 25 to 70 (self-employed), or 33 to 58 years of age (salaried)
- Indian citizenship
- A regular source of income or be employed in a private or public sector, or an MNC
Bajaj Finserv also brings you pre-approved offers on numerous financial products including home loans, personal loans, business loans, etc. These offers make the application process to avail such finances easy and hassle-free.
Borrowers can conveniently avail such education loans in India by mortgaging their property to utilise its existing value. However, procuring credits is a crucial financial decision; borrowers first need to compare the various lenders and choose between Fixed vs Floating Interest Rate. It will help them choose a pocket-friendly EMI repayment option that will not strain their savings.