The Government of India has launched VidyaLakshmi Scheme as an initiative to provide financial aid to students for their higher education. Students can apply for this scheme with the help of a CELAF form.
They can register on its official portal and apply to a maximum of three financial institutions for a loan. They can also apply for government sponsorships through the National Scholarship Portal link on this page.
This scheme, though very helpful, can be limited in terms of the amount provided in financing. Consequently, students can consider opting for an education loan on property from different HFCs.
While documents required for VidyaLakshmi loan form a lengthy list, in case of these loans, the list of documents is much shorter. This makes it easier and prompt to apply too.
The benefits generally offered under such schemes are mentioned below –
High loan amount
Usually, financial institutions offer up to Rs.3.5 crore in the financing, ensuring all academic and related costs are covered.
Convenient tenor options
Borrowers can choose between 2 and 20 years as their tenor period, along them to plan their finances and choose the most convenient repayment tenor.
Option to transfer balance
While borrowers of VidyaLakshmi loans cannot transfer their account, these loans can be transferred to a different financial institution to avail better rates of interest.
Typically the approvals of these loans are very prompt and financial institutions clear the same within 48 hours.
Lastly, the documents which are required to avail such loans are minimal and few financial institutions even offer to collect these documents from the doorstep of the borrowers.