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Step by Step Procedure to Apply for VidyaLakshmi Education Loan Scheme

The Government of India initiated the Vidya Lakshmi education scheme on August 15, 2015 to improve literacy rates among different strata’s of society. This scheme provides Vidyalakshmi education loan to students who are looking to pursue their higher education. They can apply for such credits from different lenders with one single application form.
 

This portal also allows students to apply for scholarships. The government aims to create a simple and effective system of availing loans so that students can pursue their high studies in India.

Stepwise Procedure to Apply:
 

Students are required to follow the steps mentioned below to register under this scheme:
 

Step 1 - They need to create an account on the official website and fill up the Vidyalakshmi loan application form.
 

Step 2 – They are required to fill up the Common Education Loan Application Form (CELAF) available on the Vidya Lakshmi portal. Applicants need to submit the necessary documents and submit their education loan details, including their name, contact details, and other information.
 

Step 3 – The portal will suggest schemes according to the eligibility and financial capabilities of the students. They are required to select the one suitable for them.
 

Step 4 – Students will receive information through this portal if their application is approved.
 

The Vidya Lakshmi scheme is helping numerous students who are looking to pursue their higher studies. Individuals who don’t qualify for this scheme can avail education loan on property for higher education. These secured loans are available from numerous NBFCs against minimal documents and simplistic eligibility criteria.

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