Loan Against Property

Process for Education Loan through Vidyalakshmi Scheme

Step-by-step process for education loan through Vidyalakshmi Scheme

During FY 2015-16 Budget, the then Finance Minister of India announced the Vidyalakshmi education loan scheme to increase accessibility to this financing option. The Government collaborated with NSDL e-Governance Infrastructure to create the one-of-its-kind Vidyalakshmi portal. Here, students can find detailed information on education loans and apply with up to 3 lenders via a single application form.

To avail an education loan in India through the Vidyalakshmi scheme, you first need to get registered on the Vidyalakshmi portal.

Steps to Register on the Vidyalakshmi Portal

  • Step 1: Visit the portal and register using a Login ID and a strong password.
  • Step 2: Provide details such as date of birth, age, name, phone number and email ID accurately.
  • Step 3: On submitting, a confirmation link will be sent to your registered email ID.
  • Step 4: Open your mail and click on that confirmation link.

Once your registration is complete, you need to submit your login details again and continue looking for education loan details. If you want to apply for a study loan, follow any of the two processes below.

Also Read: Loan Against Property vs Education Loan: Which one is better for you?

Option 1:

  • Fill up the CELAF or Common Education Loan Application Form available on the Vidyalakshmi portal with essential information.
  • Once done, look for the most appropriate education loan based on your eligibility and requirements.

Option 2:

  • After logging in, look for your preferred education loans from reliable lenders.
  • Then, fill up the application form, CELAF, and submit to apply.

Once done, you can check the status of your loan application on the Vidyalakshmi education loan portal anytime.

Opt for Bajaj Finserv Education Loan on Property if you need high-value credit. You can enjoy easy repayment tenure, minimal documentation, competitive rates of interest, etc. Meet the easy-to-fulfil eligibility criteria and seek amounts up to Rs. 3.5 Crore to pursue the best quality education in India or abroad.