The Vidyalakshmi scheme is an initiative to provide aspiring students with the means to avail educational loans and scholarships.
It is a web portal where candidates can apply for loans and keep track of them. The site also provides detailed information on different lenders, allowing them to make calculated decisions based on their financial status.
Here are a few factors related to this Vidyalakshmi Scheme –
Educational funds are sanctioned, according to the Indian Banks Association (IBA) Model education loan scheme.
Eligible candidates are allowed to apply to a maximum of 3 educational loan schemes via a Common Educational Loan Application Form (CELAF).
Students must be registered to the website to apply for the loan.
While filling up the form, candidates have to upload the documents required for Vidyalakshmi loan. Financial institutions can download those files for further verification.
Rates generally vary among financial institutions.
Students can only enrol in institutions approved by the National Assessment and Accreditation Council (NAAC) and National Board of Accreditation (NBA).
In case of any grievances, applicants can contact the lender directly via the contact information provided within the portal.
Loans are also available for overseas courses.
Enrolling in an international course can be expensive. Students have to consider educational costs as well as daily expenses, which may not be covered under regular education loans. Nevertheless, a loan against property for education can provide sufficient funds to study in such international institutes.
The Vidyalakshmi scheme has introduced various financial plans for higher studies. This brief overview should help you grasp the basics of the program.