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Free Education Loan

The Union government launched vidya lakshmi portal www.vidyalakshmi.co.in , to ensure that no eligible student is deprived of the rightful opportunity to pursue higher education for want of money. The portal at present provides information about different  education loan schemes  and is very user friendly.

Though presently through this portal, students can only apply to limited number of  banks, within a short time period, more banks are expected to follow this suit.  One will be required to fill up the common education loan application form and upload the same along with the required documents. Once registered, one may log on to the portal using the user name and password and can keep track of the status of their loan application. The most important part is that the service is absolutely free and transparent.

Simple ways to apply for loan

 

  • Apply simultaneously to 3 banks

The Vidyalakshmi portal acts as a single window platform to apply to multiple banks for education loans.   It requires only a single application and does not require separate application form for each bank. The loan application form submitted by the student via the vidyalakshmi portal is downloaded by the bank authorities for scrutiny and if found eligible, then further processing is done.

  • Track the loan application in an instant

Since one has to upload all concerned document along with the application form, students or parents can easily track the status of the loan application as details of the same is constantly updated on the portal by the bank at every stage of processing.  In case of delays or if any technical issue persist,   one may  directly communicate with the bank authorities and take up remedial steps based on their feedback. In case of undue delay from the bank’s side without assigning any valid reason, students can lodge their complaints on the same portal. Apart from education loan facilitation, the scholarship schemes of central government are also announced through this portal along with relevant links to apply for them.