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All You Need To Know About The Vidya Lakshmi Education Loan Scheme

  • Highlights

  • Vidyalakshmi Education Loan Scheme is government-backed

  • It aims at improving literacy rates in the country

  • More than 35 financial institutions have registered

  • More than 95 loan schemes have been listed

Quality education is the right of every child and, as a parent, you will surely want to provide the best to your child, whether in the country or abroad. However, high education fees may cripple your finances. Instead of letting a lack of funds come in the way, you can bank on education loans and scholarships to fulfil your child's dream of studying in a reputed institute.

Considering the education inflation in India and overseas, the government offers various education loan schemes and facilities to ensure that no child in the country is denied the right to education. Vidya Lakshmi Education Loan Scheme is one such government initiative that helps you fund your child’s education without worrying about finances. Read more about it here.

What is the Vidya Lakshmi Education Loan Scheme?

The Vidya Lakshmi Education Loan was launched by the government under the Pradhan Mantri Vidya Lakshmi Karyakram with an aim to improve literacy rates. The Vidya Lakshmi portal enlists and monitors scholarships and various educational loans.

Features of the Vidya Lakshmi Education Loan

  • The Vidya Lakshmi portal lists various education loans and national scholarship schemes, which helps students avail loans in no time and hence bridge the financial gap to take a course.

  • This portal also allows students apply for an education loan easily and track its status with ease.

  • The interest rates for male students as on 01.01.2017 for a loan amount of up to Rs.7.5 lakh was 12.75%. The interest on loans above Rs.7.5 lakh was 11.50%. The interest rates for female students as on 01.01.2017 for a loan amount of up to Rs.7.5 lakh was 12.25%. The interest on loans above Rs.7.5 lakh was 11.00%. However, the interest rate varies across lenders.

  • No collateral is required for loan amounts of up to Rs.7.50 lakh and for any amounts over it a collateral and guarantor are required.

  • The tenure of the education loan varies across lenders. The moratorium period is for 1 year from the completion of the course or 6 months after getting a job.

 

Eligibility criteria of the Vidya Lakshmi Education Loan Scheme for students

  • You should be an Indian citizen

  • You should have appeared for a university entrance test

  • You should have received an admission from that university

 

Additional Read: What is Education Loan Procedure

Loan Against Property - Know the features and benefits | Bajaj Finserv

Eligible courses under the Vidya Lakshmi Education Loan Scheme

Courses in the country:

  • Regular, technical, and professional diploma or degree, graduation and post-graduation courses offered by educational institutes approved by recognised authorities

  • Regular degree or diploma courses offered by autonomous institutions

  • Teacher training courses and nursing courses approved by the government

  • Regular degree or diploma courses such as Shipping, Pilot Training, Aeronautics and others approved by the Director General of Civil Aviation or Shipping

Courses outside the country:

  • Job oriented technical or professional graduation degree, post-graduation degree, and diploma such as MCA, MBA, MS, and others conducted by reputed education institutes

  • Courses like Chartered Institute of Management Accountants from London and Certified Public Accountant in the USA

 

Lenders of the Vidya Lakshmi Education Loan

More than 35 financial institutions offering 95 loan schemes have registered under the Vidya Lakshmi Education Loan Scheme. For more details visit www.vidyalakshmi.com

While this loan can help you secure finances for your child’s tuition fees, you also need to cater to accommodation, travel, course material, and living expenses. You can address all these needs by availing a loan by pledging your property as collateral. Since this is a secured loan, lenders charge lower interest rates as compared to unsecured loans. Also, the sanction can be quite high depending on the property that you pledge. This way, you can provide your child with quality education without any compromises.

Apply with reputed lenders like Bajaj Finserv to access high-value Loan Against Property for Education of up to Rs.3.5 crore. The simple eligibility criteria and minimal documentation ensure quick approval and this is one of the fastest loans against property in India with disbursal within just 4 days! What’s more, you can also avail this as a Flexi loan to meet recurring education costs each term, as you can withdraw multiple times from the sanction as per your need and pay interest only on the withdrawn amount.

 
 
 

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