Pursuing higher education in India or overseas, can be an expensive undertaking. This is especially true for reputed, premier institutions as they promise quality education that can be a stepping stone to a prosperous future. Thankfully, with education loans, you can fund higher studies without compromise. However, sifting through the numerous offerings and deciding on the right one can be difficult and overwhelming for many. This is where the VidyaLakshmi scheme portal comes into play and to help you understand all you need to know about it, read on.
What is the VidyaLakshmi scheme portal?
The VidyaLakshmi portal is an IT-based financial aid authority for students that monitors and provides access to educational loan schemes and scholarships. In an attempt to ensure that financial assistance is available to all pursing higher education, through the Pradhan Mantri Vidya Lakshmi Karyakram and with collaboration from the Department of Higher Education, Ministry of Finance and Indian Banks Association, this portal was designed. As of 2020, 36 banks and 112 loan schemes have been registered and are accessible to students through the Vidyalakshmi portal.
What provisions does the official scheme portal provide?
The Vidyalakshmi portal is designed to be a one-stop solution to students seeking financial aid for further education. To this end, the site grants students access to important loan-related information and also highlights government scholarships. Other notable provisions include the linkage to the National Scholarship Portal, the ability to apply for up to 3 loans at a time, access to a dashboard to track applications, and the Common Education Loan Application Form (CELAF) or VidyaLakshmi loan application form.
What is CELAF and what is the required information to fill the form?
The Common Education Loan Application form or CELAF is an Indian Bank Association- or IBA-prescribed document that can be used to apply for education loans or schemes. CELAF or the VidyaLakshmi loan application form has to be filled online on the Vidyalakshmi portal and the procedure is fairly straightforward. To fill the form, listed below is what you will need to provide.
- Personal details
- Information regarding relationships with banks
- Cost of the course
- Particulars of the course in question
- Information about the securities or assets being pledged
- Career prospects upon course completion
- Required supporting documents
Pay close attention to the documents required for a VidyaLakshmi Loan as these are inspected by the banks you apply with and inconsistencies can cost you the application.
How can you apply for educational loans through the VidyaLakshmi scheme portal?
After having filled the CELAF, finding a loan scheme on the portal and applying for it is fairly simple. Here are the steps to follow.
- Log into the website using your registered email ID and password.
- Click on the ‘VidyaLakshmi Loan Scheme Search’ option and navigate through the choices to find a suitable offering.
- Check the loan or scheme particulars carefully before proceeding with the application. Ensure that it matches your requirements.
- Click on the ‘Apply Now’ button near the respective loan scheme and confirm your selection when prompted.
- Choose up to 2 more loans or a maximum of 3 education loans for your VidyaLakshmi profile.
How can you track your loan application status?
The portal allows you to track your application status, as per updates received from the respective banks. Staying informed about these changes is crucial as you may receive instructions that require immediate action. So, to access this feature of the Vidyalakshmi portal, here are the steps to follow.
- Visit the student login page and sign in with your credentials
- Locate the ‘Application Status’ option on the homepage and click it
- Identify the loan application and click on it for a more detailed breakdown on its status
In addition to the many provisions, applicants using this portal can also raise queries and grievances for rejected loan applications. This greatly simplifies the process of obtaining funding and helps you rectify a problem that caused a rejection in a swift, timely manner. So, bring your plans for higher education to life and apply for a cost-effective education loan with ease. Keep in mind to have on hand the documents required for a VidyaLakshmi loan to enjoy a speedy application process as well.
