theirThere is an abundant lack of quality institutes in India for higher studies even after considering the number of IITs and universities spread across the nation. The major issues include the accessibility of such institutions and the availability of necessary funds.
The Government of India has issued multiple schemes to benefit students who face financial constraints but do not lack in merit to pursue top courses at leading educational institutions. Filling up the Vidyalakshmi loan application form should solve all your monetary problems.
What is Vidyalakshmi Portal?
Vidyalakshmi is the first of its kind study loan portal in India. Developed and launched by the Department of Financial Services in association with the Department of Higher Education and Indian Banks Association, the portal acts as a centralized website for all students seeking loans for their studies. Most of the student thought that to apply vidyalakshmi education loan is a tough task but it is not the same. Eligible students may apply for the scheme easily.
Therefore, after registration through the portal, you can use a common education loan application form or CELAF to apply to several lenders at once.
Steps to Secure Education Loan through Vidyalakshmi Portal
Following the steps mentioned below will make availing a Vidyalakshmi education loan simpler and faster.
- Step 1- Visit the official Vidyalakshmi website.
- Step 2- Click on the Register tab on the home page.
- Step 3- Fill out all necessary details in the next page, including your name, phone number, and email address. Additionally, you have to enter a password for your account on the site.
- Step 4- Once you fill out all these details accurately, click on submit.
- Step 5- Open your email account, which you provided during the registration process.
- Step 6- Click on the verification mail from the portal in your inbox. Click on the link provided inside the mail to verify and complete the registration process.
After completing the registration, you can now log in to your account in the Vidyalakshmi portal. The next step is to fill out the Vidyalakshmi loan application form, also known as CELAF. The form is divided into six tabs and you must fill out all necessary details in each of these tabs.
- Basic Information.
- Personal Information.
- Details of your bank.
- Information about the course you want to pursue.
- The amount of money needed to finance the said course.
- Document upload section.
While filling out each tab, ensure you save frequently. Submit only when you are confident that all details are accurate.
Points to Remember while Searching for Vidyalakshmi Scheme:-
After completing the registration and filling up the Vidyalakshmi loan application form, you need to start searching for the perfect education loans. Here are some things to look for.
- Consider the Loan Amount– If you have a course in mind, picking the loan amount is simple. Always opt for only as much as you need and not more. Larger loans result in greater financial burden at the start of your professional career.
- Education Loan Interest Rate- Such loans are unsecured and interest rates may vary across lenders. Check the interest rate before opting for the loan.
- Loan Tenure- Generally education loans have a tenor of up to 5 years. However, Loan Against Property for Education can have a tenor ranging between 2 and 20 years. Choose the lender based on the tenor it offers.
Education loans are generally unsecured loans. Therefore, the tenors are generally limited and the rate of interest is comparatively higher than secured loans. Loan against property is a better way to finance your child’s education when it comes to funding your higher education, as the tenor and interest rates are more affordable. Other features of such a loan include-
- High-value loans of up to Rs. 1 Crore for salaried employees. If your parents own a business or are self-employed, some NBFCs offer loan amounts as high as Rs. 3.5 Crore.
- Loan against property has zero end-usage restrictions. You can use these loans to fund your educations or even for debt consolidation to manage your finances better.
Bajaj Finserv provides pre-approved offers, which make availing loans easier and faster. These offers are available across unsecured loans, such as personal loans and business loans, as well as secured loans, such as home loans and loan against property. You can check your pre-approved offer by providing your name and phone number.
While filling up the Vidyalakshmi education loan form, consider whether your family owns a property. Loan against property is a great way to fund your studies and can even allow you to avail for education loan in the best universities abroad.