What are the important features of the Vidyalakshmi Scheme?

The Vidyalakshmi education loan scheme provides students with a single portal to access information on education loans offered by financial institutions. They can apply with up to 3 lenders via one application form, track status, etc. on this portal. It is the Government’s IT-based Student Financial Aid Authority that ensures access to quality education without monetary worries.

NSDL e-Gov has developed the Vidyalakshmi portal with guidance from Indian Banks Association, Department of Higher Education and Department of Financial Services. Besides education loan in India, students can also apply for scholarship schemes via this portal.

Notable Features of the Vidyalakshmi Portal

  • This portal contains details of around 96 types of education loan schemes.
  • Students can conduct a comparative study of the financing options to select the best one.
  • It brings one common Vidyalakshmi loan application form, which can be used to apply for multiple education loans and scholarship schemes.
  • A maximum of 3 financial institutions can be approached via a single CELAF (application form).
  • Both financial institutions and students can use the dashboard to upload and download their application details.
  • Eligible students can apply for an education loan the second time under certain terms and conditions.
  • In case of any grievances or queries about the study loan, students can write to financial institutions via this Vidyalakshmi scheme.
  • They can also check the status of their grievance on the site’s dashboard.

As education in India and abroad is becoming expensive, individuals are left with no option but to borrow funds. Bajaj Finserv makes it more affordable with features like comparatively low interest rate, nominal associated fees, minimal documentation, quick approval and disbursal on the Loan Against Property for Education.

Also Check: What is Vidyalakshmi Scheme on Education Loan?

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