Owing to the rise in educational costs, the Indian government has come up with various sources of finance to help students meet those expenses. One such initiative is the Vidyalakshmi Scheme, which was launched in 2015. It aims to counter the effects of the yearly education cost inflation of 6% by ensuring affordable higher education.
The Vidyalakshmi portal eases the education loan application procedure for students. Through it, students can submit loan applications to several financial institutions offering such credit.
Students are required to register themselves on the portal and then apply for the advance. They can also track the status of their loan application until it is approved, thereby easing the overall process.
How to apply for Vidyalakhsmi Scheme?
To apply for this education loans scheme, follow the steps mentioned below –
- Visit the official website of Vidyalakshmi education loan.
- Complete the registration for Vidyalakshmi loan by entering your name and contact details.
- A user ID and password will be generated.
- Enter the CAPTCHA in the given box.
- Click on ‘submit’ with the details entered.
- You will receive a confirmation link in your registered email ID. Click on the link to confirm and get redirected to the home page.
- Enter the details again to log in to your account.
- Enter the essential details and fill up the Vidyalakshmi loan application form.
Based on your eligibility, you can choose a loan scheme that fits your current financial situation and requirements. Above all, make sure you possess the necessary documents before you apply for a loan against property for education.
List of documents required
The list of documents required for Vidyalakshmi loan are given below –
- Mark sheets for your last qualifying exam.
- Document of your new admission to a recognised college or university
- Income proof, if applicable.
- Photo for student, or parent, or guardian or guarantor.
Keep this list of documents for a loan against property for education at your disposal. While filing the application form, ensure you match the entered details with your documents for hassle-free access to financial assistance.
Besides, you also need to meet other eligibility criteria to avail the loan. These criteria are –
- The applicant should be an Indian citizen.
- The candidate should have secured his/her seat in a professional or technical course at any recognised institution.
- To study abroad, secure your admission into the college.
Once you fulfil all these criteria, and your application is approved, the loan amount will be directly credited to your account. Note that you can apply with up to three different lenders at a time with a single application form.
Besides, you may also avail scholarships through this website. The portal for government scholarships is linked with this Vidyalakshmi portal for convenience.
Alternatively, those who fail to meet the eligibility criteria of Vidyalakshmi Scheme can opt for other sources of finance to fund their dream education. For instance, an education loan against property is one such option where you can avail a substantial amount towards meeting your education expenses.
Since it is a secured loan with no end-use restrictions, you can avail a substantial amount and use it for your education conveniently.
The Vidyalakshmi Scheme was introduced to mitigate the financial crisis among students in funding their dream education. Hence, to make the most of this initiative, ensure you are well aware of its prerequisites and apply for the same for a seamless approval.