The Government of India introduced the Vidya Lakshmi Scheme on 15th August, 2015 to provide funding for higher education to the young generation of India. The scheme allows students to avail loans from various financial institutions through a single universal portal to reduce the hassle and provide aspirants with easier access to such funds.
Availing a loan under VidyaLakshmi education loan scheme is convenient and you can do so online. You will also have access to track your loan application from anywhere at any time. Any loan applied under this scheme has faster processing and disbursal.
Before you apply for a Vidya Lakshmi education loan, you must know its features and how it benefits you.
Given below are such features and benefits of Vidyalakshmi scheme:
- Easy Application
You can apply for a loan under this scheme through their portal. The scheme serves all financial institutions; thus, you can apply for the financial institution you are comfortable with. Also, you will be required to fill only a single application form, making the process hassle-free.
- High Loan Amount
The maximum loan amount you can avail under this scheme is Rs. 7.5 Lakh. Any amount above Rs. 7.5 Lakh will require collateral.
If you require any amount higher than this or do not qualify for a credit under this programme, you can avail a loan against property for education to fund your studies. Several financial institutions and NBFCs provide loans under this scheme at an attractive rate of interest. Bajaj Finserv is such an NBFC that provides education loans under the Vidya Lakshmi scheme and other financial products against minimal documentation with online account access and balance transfer facility. They also have no part-payment and foreclosure charges and provide instant approval, etc.
Bajaj Finserv alsobrings you a pre-approved offer to make the loan application process fast. Pre-approved offers are available on secured credits such as home loans, unsecured credits such as business loans and personal loans, and on various other financial products. You can check your pre-approved offer by sharing some minimal details like your name and phone number.
- Portal Access
You can keep a track on your application, file a complaint through and gather education loan details of multiple banks through their portal. The portal is also linked with the National Scholarship Portal, thus giving you access to gather information and apply for Government Scholarships.
- No Hidden Charges
Any Vidya Lakshmi education loan availed has no hidden fees associated with it. All the information regarding your loan will be available on their online portal.
To enjoy the benefits of an education loan under this scheme you will have to meet some eligibility criteria as discussed below:
To finance your education with a loan against property under this scheme, you have to be a permanent resident of India.
You have to mandatorily take admission in a technical or a professional course through an entrance exam conducted by your institution while you avail such loans.
- Abroad Studies
If you plan to acquire higher studies abroad, then you have to take admission to your desired institution prior to applying for this loan.
Also, if you are planning for abroad studies, make sure you plan your budget before you take admission. Several costs are associated with your education abroad, such as tuition fees, travel, accommodation, book expenses, etc.
Once you fulfil the above mentioned eligibility criteria, you can apply for the Vidya Lakshmi education loan. To enjoy all the benefits of such loans make sure to pay your EMIs on time to avoid debt accumulation. You can prepay your loan against property in a few easy steps if you have adequate cash flow. Also, prepaying or paying your dues on time will assist in maintaining your CIBIL Score, which is one of the vital eligibility criteria while you apply for loans.
You can apply for a loan for education in India if and only if you satisfy the Vidyalakshmi Scheme Eligibility Criteria. under the Vidya Lakshmi scheme by following a few steps. Visit their official website and search for a loan you will be comfortable with. After selecting your loan, get yourself registered and fill out an application form. Once you fill the application form you can apply for the loan with your preferred financial institution.