Get your Registration Done for an Education Loan on the Vidyalakshmi Portal
Vidyalakshmi is a portal launched by the Finance Ministry of India to help students get educational loans conveniently. It is a single-window system from which students in need of financial assistance can inquire and gain information about all the education loan schemes available in India. Thus, the portal gives learners a window of opportunities to continue their education. However, they need to be familiar with every aspect of this Vidyalakshmi education loan. This way, they can easily register and apply for the required credit advance.
How to register on the Vidyalakshmi portal?
Eligible students need to follow three essential steps while applying for an educational loan from this portal. These are initial registration, filling up Common Education Loan Application Form or CELAF, and applying to respective banks.
Following is the step-step guidelines to register on the website Vidyalakshmi scheme process:
- Visit the Vidyalakshmi website.
- Click on “Register”.
- Enter first, middle and last name along with the mobile number and email ID on respective boxes. Give a strong password and enter the Captcha code. Next, click on the box showing “I agree.” Finally, individuals need to submit the registration form.
- After this, applicants will get a link on their email IDs.
- Open the mail containing the registration link of Vidyalakshmi. Click on this link to get the application ID and complete the registration process.
Note: Applicants need to click on the link before midnight of the same day; otherwise, it will expire.
How to apply for Vidyalakshmi educational loan?
First of all, applicants should find an appropriate lender before applying for an educational loan. For this, they can compare pointers such as minimum interest rate, maximum amount, easy loan eligibility, etc.
After finding a suitable lending agency, applicants should undertake the following steps correctly to get the required credit advance:
- Visit the Vidyalakshmi website.
- Log on to the loan application page with the application ID and password.
- Tap on the button showing “Apply Now.”
- Fill in the CELAF with all the required details and submit it. All the lending agencies listed on the website accept this form.
After that, applicants must select the lenders from whom they want to take the loan. Apart from this loan application procedure, applicants should also keep in mind the eligibility requirements.
Vidyalakshmi education loan eligibility criteria
Eligibility parameters may differ from one lending agency to another listed on the Vidyalakshmi portal. However, there are some basic factors that applicants must meet for getting this loan:
- Citizenship: Students must be Indian to get a Vidyalakshmi education loan on a property
- Institution enrolment: Applicants also should get admission in NBA and NAAC affiliated or government-funded institutions
Nevertheless, education is the most important intangible asset of individuals. Therefore, students must carry on their studies even if they do not meet the above-mentioned criteria. So, they can consider taking a loan against property (LAP). Students should check this list of documents needed to apply for a loan against property before applying for one.
One of the major benefits of this loan against property is that it does not come with any end-use restrictions. Borrowers get the entire amount in their accounts. Therefore, they can use this at their convenience.
In fact, students who are eligible for getting the educational loan can also opt for this LAP to meet their additional expenses like accommodations and food. So, they can contact a financial expert to clarify everything they want to know about loans against property for education.
Further, several lenders in India extend pre-approved offers to customers who want products like LAP and home loans. It expedites the process of the loan application. Borrowers can check their pre-approved offers simply by submitting their names and contact details.
This way, the scheme of Vidyalakshmi education loan helps students meet their financial shortage to complete higher education. Moreover, intending borrowers can apply conveniently for educational loans through this one-stop portal from any of the 39 listed lenders.