Even though the number of students seeking educational loans has decreased, ticket-size of loans in India rose by 47% in the last fiscal year. Thus, to make affordable educational loan more accessible, the government launched Vidyalakshmi education loan in 2015. Students can avail scholarships and apply for loans under this scheme to seek financial aid for their studies.
How To Apply For Benefits Of The Vidyalakshmi Scheme?
This scheme allows students to apply for an education loan through a CELAF (Common Education Loan Application Form) via the Vidyalakshmi portal.
You can apply for a loan for education in India through this portal by following the steps mentioned below:
Register on the official website by creating an account.
Fill the Vidyalakshmi loan application form (CELAF). This form is prescribed by the Indian Banks’ Association with every financial institution in the country accepting it. While filling up this form, you have to submit details like your preferred education loan details, required documents, loan amount, income, your contact details, etc.
The portal automatically provides options of the schemes you are eligible for. (You will need to find if you comply with the eligibility criteria of various loan schemes).
Following the steps above can help you to apply for a Vidyalakshmi loan. However, if you don’t qualify under the eligibility of this scheme, you can also opt for a loan against property for education. Availing such loans for high studies purposes can also help you enjoy benefits like a high loan amount, competitive interest rates, etc.