Vidya lakshmi portal education loan Procedure | How To Apply For Education Loan To Study Abroad 2023

Vidya lakshmi portal education loan Procedure | How To Apply For Education Loan To Study Abroad

Vidya lakshmi portal education loan : Education loans open doors for students to access quality higher education. However, navigating through the loan application process can be complicated. This article explains documents required for vidyalakshmi loan and how students can easily apply for Education Loan To Study Abroad using the Vidya Lakshmi portal.

Introduction to Vidya lakshmi portal education loan

Vidya Lakshmi is a portal launched by the Department of Financial Services, Ministry of Finance to provide a common platform for students to apply for loans from multiple banks. It aims to simplify and speed up the education loan, Education Loan To Study Abroad application process.

Key Benefits of Applying Through Vidya Lakshmi

  • Single window for applying to various lenders
  • Compare loan schemes and choose the best option
  • Simplified application process
  • Track status online
  • Available for studies in India only

Required documents that need to be uploaded for the education loan application on Vidya Lakshmi portal:

  • Proof of identity – Aadhar card, PAN card, Voter ID, Driving License etc.
  • Proof of residence – Rent agreement, utility bills, ration card etc.
  • Academic documents – 10th and 12th marksheets, graduation/post-graduation certificates and marksheets etc.
  • Admission proof – Offer letter, admission letter, tuition/hostel fee receipts from institute
  • Collateral documents – Registered mortgage of property, other fixed deposit receipts, securities etc. based on loan amount.
  • Income documents – Salary slips, Form 16, income tax returns, profit and loss statements etc.
  • Co-applicant’s KYC documents – Identity, residence and income proofs for co-applicant/parent/spouse/guardian etc.
  • Bank account statements – Last 6 months statement of applicant’s and co-applicant’s bank accounts.
  • Passport size photographs – Recent passport size photographs of applicant and co-applicant.
  • Signature verification form – Signed by applicant and co-applicant.
  • Other documents – Medical insurance, retirement proofs, company documents if self-employed etc.

Ensure that all documents submitted are valid and clearly readable. Only upload documents that have been officially asked for by the lender to avoid complications or delays. Having the right documents ready will make your Vidya Lakshmi education loan application process smooth and hassle-free.

Step-by-Step Process for Applying for Vidya lakshmi portal education loan

Here is the step-by-step process to apply for education loans on Vidya Lakshmi:

Registration and Login

Visit and create your student login ID by providing basic details. Verify your account using the emailed link. Then login to your account anytime.

Check Eligibility and Select Lender

Use the portal’s eligibility calculator to check criteria set by banks. Browse and compare loan schemes from different lenders like SBI, HDFC Credila etc. and select the best one suited for you.

Fill Common Education Loan Application Form

Fill the mandatory CELAF form completely providing personal, academic, financial and other requested details. Save it regularly as session expires after 15 minutes.

Upload Necessary Documents

Upload scanned copies of documents needed like ID proofs, marksheets, income documents etc. as specified by the lender for smooth processing.

Submit Application and Track Status

Review details thoroughly before submitting the application. You can track the status online to know when it gets approved or rejected by bank.

Get Assistance from Vidya Loans

Opt for assisted application through VidyaLoans to get help in correctly filling forms and faster approval from banks.

A student can apply to a maximum of three Banks through Vidya Lakshmi portal using CELAF.The Bank will update the status of the application on Vidya Lakshmi portal. Students can view the status of the application on the applicant’s dashboard on the portal.

Therefore, Vidya Lakshmi portal makes applying for Education Loan To Study Abroad easier, faster and transparent for students. Just follow the steps correctly to get your loan approved without hassles.

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