The government introduced the VidyaLakshmi scheme during FY2015-16 to ensure financial affordability of higher education amongst the economically weaker populace in India. This scheme also simplified the education loan application process. The unified portal launched by the scheme allows candidates to apply for a loan to various financial institutions from one website.
Application process
The first step to borrow this education loan is to get registered under the plan online.
You need to create a login ID and password on visiting the portal.
On submitting your name, date of birth, age, contact number and Email ID, a validation mail will be mailed to you.
Now, open this verification mail and click on the sent link, you will again be redirected to the login window of VidyaLakshmi scheme.
After putting your credentials again, you will be able to log in.
Next, you can fill up a CELAF form along with all documents required for Vidyalakshmi scheme and then search for the best loan depending on your requirement and eligibility.
Keep in mind that you need to decide an appropriate loan amount beforehand, along with a lender.
The highest loan amount you can avail under this plan is up to Rs.7.5 lakh. If this is insufficient for your course, opting for a loan against property is another viable option.
In conclusion, availing VidyaLakshmi scheme for your education is hassle-free. Follow the above-stated steps to apply for an education loan under this scheme.
