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Vidyalakshmi portal: A comprehensive guide

[ecis2016.org] Here’s a complete guide on the Vidya lakshmi portal provided by the Indian government, which enables students to apply for education loans.

Want to get a student loan but don’t know where to start? This guide is for you. You may not be the only one who finds it difficult to sift through the myriad of loan options provided by various lenders and choose the best one. Students in India now have access to a platform called Vidyalakshmi, which allows them to evaluate the criteria of education loans offered by numerous institutions and apply for loans online. The Indian government created this platform in 2015 to make the process smooth for the student.

Students may look for and apply for scholarships in addition to the education loans offered by different banks. Read on to learn all about the Vidya Lakshmi portal’s policies, initiatives, and other concerns.

Vidyalakshmi portal overview 

Vidyalakshmi is an educational loan programme unique in its field and the first of its kind for students. The Pradhan Mantri Vidyalakshmi Karyakram served as the impetus for getting this project off the ground. This site was built with the assistance of the Financial Services Authority, which is part of the Ministry of Finance, the Department of Higher Education, under the Ministry of Human Resource Development and the Indian Banks Association (IBA). On this portal, students have the opportunity to access, apply for, and keep track of their educational loan applications.

Vidyalakshmi portal: Scheme features

  • It is a centralised online resource that provides students with information about educational grants and scholarships.
  • There are 130 distinct education loan programmes available from 39 recognised banks.
  • For both student loans and scholarships, students need to fill out only one application, the Common Education Loan Application Form (CELAF).
  • Students may browse available education loan options, apply for loans, and keep tabs on their application status without leaving the convenience of their own homes.
  • On the platform, students can compare the several loan programmes offered by a variety of institutions.
  • On the dashboard, both applicants and banks have the option to upload and retrieve application data for their respective applications.
  • The student may submit their application to three different banks at the same time.
  • Students have the ability to voice their complaints to financial institutions at any moment using the Vidya Lakshmi portal’s complaint feature. On the Vidyalakshmi dashboard, they also have the option to monitor the current progress of their complaint.
  • Students can submit an application for an additional education loan via the site; however, doing so is contingent upon their compliance with a number of terms and conditions.

Vidyalakshmi portal registration process

Signing up for an account via the Vidyalakshmi registration portal is the first thing you need to do in order to use the facilities on the website associated with loans.

  • Vidyalakshmi’s log-in portal allows you to create a username and password to access the site.
  • Once you’ve done that, you will get an email with a confirmation link to your registered e-mail address.
  • Vidyalakshmi’s login page will open when you click the confirmation link. On the login screen, enter your information.
  • Your registration on the Vidyalakshmi’s site has been completed.

Using the Vidyalakshmi  Dashboard

  • You will need to go back to the Vidyalakshmi login screen, choose the option labelled “Student Login,” and then enter your credentials in order to access your account.
  • Keep in mind that the duration of each login session is around ten minutes.
  • After you have successfully logged in, you will be able to access the Vidyalakshmi dashboard that is specifically designed for students. The portal will provide you with a summary of the many different services that are available to you.

Looking for loan offerings

  • Choose the option labelled “Search for loan schemes” whenever you want to look for educational loan programmes. 
  • On the page that allows one to search for loans, the section at the very top of the page that contains the tabs will provide a variety of options.
  • A dialogue box will appear in the upper left-hand corner, providing you with three different alternatives to choose from.
  1. Choose the nation of study
  2. Choose a Course.
  3. Select the needed loan amount
  • The alternatives are organised in three drop-down menus for the students to choose from according to their preferences. On the right-hand side of the website, based on the different search possibilities that are performed, a list of financial institutions and the student loan schemes that are provided by them will be presented.

Choosing the loan programme

  • In order to choose the loan programme, one may input the relevant information into the search box located on the left side of the website and then click on any of the loan programmes that are shown.
  • On the bank loan portal’s right-hand side, you will see a list of banks that fit the parameters you specified, along with a list of the loan programmes offered by those banks.
  • When you pick one of the financing options, a web page that provides further information about the chosen loan programme will load on your browser.
  • On this page, a comprehensive explanation is provided for each of the terms, listed below, for the chosen financing option.
  1. Description of the lending programme
  2. A concise overview of the lending programme
  3. Necessary requirement
  4. Bank’s contact information
  5. Documents required
  6. Clauses & Regulations
  7. Repayment period
  8. Annual interest rate
  9. Processing costs
  10. The maximum amount permitted for a loan
  11. URLs for the bank and branch locator

Considerations while looking for loans

When looking at various loan options, be sure to keep the following things in mind:

  • Available credit amount
  • Lowest college loan lending rate
  • The minimal loan payback margin
  • Highest moratorium period

Vidyalakshmi portal online application procedure 

The following stages are included in the application process for the Vidhyalakshmi site once you have decided on the education loan programme for which you want to apply: 

  • Choose the appropriate loan programme and click the “Apply Now” button to submit your application. This tab may be found on the site in close proximity to the range of different loan programmes offered.
  • Complete the CELAF that may be found on the website. It is recognised by every affiliated financial institution.
  • After you have completed filling out the application form, you will be able to follow the status of your application on the site to see whether it has been approved or refused by the particular bank.
  • On the same page where you apply for a loan, you will also have the opportunity to determine whether or not you are qualified for the Central Sector Interest Subsidy Scheme (CSIS). On the page where you may apply for a loan, there is also a link that will guide you through the process of determining whether or not you are qualified to get the loan.
  • A digital version of the scanned papers must be kept on hand at all times.
  • Carefully read the document checklist.
  • When you are filling out the registration for the Vidyalakshmi loan, it is imperative that you remember to save your data at each stage of the process. In the event that there is a break in service, the information that has been filled out will not be lost.

What are the loan rates on Vidyalakshmi?

The Vidyalakshmi student loan site provides details on 130 distinct loan programmes, each of which is made available by one of India’s 39 licenced financial institutions. The interest rates will be determined depending on the candidate’s choice of bank and loan programme, as well as the Marginal Cost of Funds based Lending Rate (MCLR) that is established by the bank.

Which financial institutions now provide loans via the Vidyalakshmi platform?

On the Vidyalakshmi site, you may browse the various loan programmes offered by privately held and publicly owned banks that are members of the Indian Banks Association. The following is a list of some of the most well-known banks and the many loan programmes they offer:

Bank Name  Loan offered 
State Bank of India 
  • Student loan scheme
  • Global Ed-Vantage scheme
  • Scholar loan scheme
  • Skill loan scheme
Bank of Baroda 
  • Baroda Gyan
  • Baroda Scholar
  • Baroda education loan for elite institution students
  • Baroda Vidya
  • Baroda educational financing for executive development (India)
  • Baroda educational financing for executive development (Abroad)
  • Skill loan scheme
Canara Bank 
  • IBA’s Standard Education Loan Program for India and overseas studies
  • IBA skill loan plan
ICICI Bank 
  • ICICI Bank Student loan
Axis Bank 
  • The Axis Bank Student Loan Program
Punjab National Bank 
  • PNB Kaushal
  • PNB Saraswati
  • PNB Pratibha
  • PNB Udaan
HDFC Bank 
  • HDFC Bank Student Loan
IDBI Bank 
  • Financial Aid for Vocational Courses
  • Education Loan Program for Students in Other Management Quotas
  • Student Loans for Applicants at Leading Educational Institutions
  • Educational Loan for ICAI-Offered Courses
  • Education Loan for Unique Programs
  • Education Loan for Individuals with Physical Disabilities under the NHFDC Program
  • Loan for Non-Professional Coursework
Federal Bank 
  • Federal Special Education Loan Program
  • FED Scholars
Kotak Mahindra Bank 
  • Kotak Mahindra Bank Student Loan Program

Instructions for filling out the Vidyalakshmi CELAF

  • After reviewing the basic recommendations, be sure to fill out the CELAF completely and accurately.
  • You can only apply for one kind of loan from a single bank, and you can only apply for three types of loans from three distinct financial institutions at a time.
  • It is important to remember to save your information before going onto another page in order to avoid losing any data.
  • Fill out the Common Loan Application Form using your cell phone number. This phone number will be used by the bank if they have any questions or concerns.
  • There is no way to alter the online loan application once it has been submitted by an applicant. As a result, carefully review any lending program’s qualifying requirements before submitting an application.
  • Picking a bank branch is a critical decision. On the portal, once a branch has been chosen, it cannot be modified.
  • If you don’t want to miss out on important notifications and developments from your banks, it is important to monitor the inbox of the e-mail address you used to register with Vidyalakshmi on a regular basis.
  • In addition, when you are filling out the CELAF, it is imperative that you double verify the appropriate dimensions for each document. This will allow you to prevent any potential complications.

What is the best way to find out the status of your loan application?

  • Banks may provide a progress update on a candidate’s loan application, and applicants can track the performance of their application on the Vidyalakshmi website dashboard.
  • Students who live in more rural locations, where transportation may be more difficult, may find this function very helpful. If there is a problem with a specific loan application, the relevant bank will note it in the ‘Remarks’ column of the page that is labelled “Application Status.”

In most cases, the processing and approval of a loan application by a financial institution will take approximately 15 days from the time the appropriate papers and a properly filled out application form have been submitted. Again, the time it takes for a loan to be approved varies from one bank to the next. The candidate’s choice of the bank has an impact on the time it takes for the application to be approved.

What is CSIS, and who is eligible for it?

The Ministry of Human Resources within the Indian government came up with an original idea for a programme and called it the Central Sector Interest Subsidy Scheme. Students who cannot rely on other funding for their education are eligible to participate in this programme. Students who come from families with lower incomes are also eligible to benefit from this offer, which is valid solely for higher education. Under the terms of this programme, a student may be eligible for an interest subsidy if their parent’s or family’s yearly gross income does not exceed Rs 4.5 Lakhs.

Common Vidyalakshmi portal issues

  • As stated on the Vidyalakshmi portal, many students have not received a response from banks after 15 days.
  • Students might become stranded on a bank’s loan application site if the bank fails to update the status of their application. To reiterate, after you complete the final application on the portal, you will be unable to make any changes to your online application, such as changing your personal information, your student loan plan, or the branch from which you get your education loan funds.
  • If you apply for an education loan using the Vidyalakshmi portal and later decide to cancel the procedure, you need to be sure to contact the main office of the bank you picked so that they may cancel your application and remove your information from their system. The gateway did not allow many of the students to complete this task.

Registration of grievances on the Vidyalakshmi portal

  • Please use the ‘Contact Us’ tab on the dashboard of the Vidyalakshmi Portal to make a complaint. You may send an email to vidyalakshmi@nsdl.co.in expressing your displeasure.
  • NSDL’s digital team will provide you with a “Grievance ID” after your email has been submitted.
  • On the Vidyalakshmi dashboard, click on the ‘Grievances’ option to see where your complaint stands. Everything you need to know about the grievance may be found there.

FAQs

Can I use the site to get a loan from a private sector bank?

Yes, it is feasible. This is because the site has listings for almost all of the banks that are currently active in the nation.

Can a student get an education loan for a vocational programme?

Yes, it is possible to get a loan to pay for vocational education.

Are there any branches of Vidya Lakshmi?

Yes, alongside the main office in Mumbai, Vidyalakshmi maintains a total of four more locations around the nation. They may be found in Chennai, Kolkata, New Delhi, and Gujarat.

If my request for a student loan is granted, how will the funds be disbursed?

The bank will be the one to distribute the funds on its own. To find out the specifics, you will need to get in touch with the financial institution to whom you submitted your loan application.

If I use the Central Sector Interest, what is the moratorium period?

One year plus the course term is the length of the moratorium.

In the CSIS model, which bank serves as the nodal point?

Canara Bank is the organisation responsible for carrying out the CSIS plan.

What does ‘on-hold’ imply in the context of your account?

If the bank needs further information or papers about the student loan application, the student will be notified that their application is on hold.

How many Vidyalakshmi portal applications can you make?

Through the Vidyalakshmi site, a student may apply for a maximum of three different loans.

Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Debora Berti

Università degli Studi di Firenze, IT

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