Vidya Lakshmi Portal Education Loan Scheme, an initiative of the Government of India, was launched in August 2015 to introduce a hassle-free process of availing the educational loan. It aims to assist in a student’s education endeavors without any unnecessary financial hurdles. Keeping in mind that this scheme caters to the educational demands of all, applying for this scheme online has been kept convenient.
Applying For An Education Loan Via Vidya Lakshmi Scheme
vidyalakshmi education loan comes with a convenient portal that serves as a gateway for all students to access adequate funds for their studies. At present, about 4.69 Lakh loans for students have been applied to the portal. Applicants can refer to the Vidya Lakshmi loan application form and apply for 22 diverse education advances across multiple lenders simultaneously.
Check out this convenient application process to avail funding for studies –
Step 1: Register on the official website of the Vidya Lakshmi education loan – www.vidyalakshmi.co.in and create an account.
Step 2: Fill up the unified application form available on their site. It is referred to as the Common Education Loan Application Form (CELAF) that is prescribed by the Indians Banks Association and accepted by all financial institutions. This step comprises of the following points –
- Pick a preferred scheme.
- Furnish the required supporting documents.
- Fill in the required loan amount, contact details, income, etc. on the Vidya Lakshmi loan application form.
Step 3: Applicants need to meet the required minimum eligibility criteria. Following this, the portal suggests the schemes that an applicant is found eligible for.
Step 4: Students can now opt for an education loan that best caters to their specific requirements, and is hence, convenient.
Following the above-mentioned application process, applicants can now opt for their preferred reputed lender and avail financial assistance to fund their education. The sanctioned amount so availed, however, often fails to suffice the required cost of education. Additionally, in case students are seeking advances to finance their overseas education, or even pursue their higher studies in India, the credit amount offered by Vidya Lakshmi education loan falls short.
Hence, individuals prefer to approach leading financial institutions like Bajaj Finserv that offer education loans against property. Mentioned below are a few beneficial features of such advances.
- High Loan Amounts – For students who require a study loan to fund their higher studies abroad, such education loans are the best go-to option considering the high-value credit amount that they offer. Salaried applicants can avail up to Rs. 1 Crore. Self-employed eligible applicants can avail up to Rs. 3.5 Crore. The loan amount availed can be utilized to meet diverse expenses involved in a student’s education including expenses to reside in a different city to pursue a course, admission fees, tuition fees, etc.
- Easy-to-meet Eligibility Criteria – The mortgaged property reduce the risk for lenders and allow them to offer such high loan amounts. Hence they are lenient with the documents required for education loan and keep it to a bare minimum –
- 33 to 58 years (salaried) or 25 to 70 years (self-employed) of age
- A salaried employee in an MNC, or private or public sector; or has a regular source of income (self-employed)
- A resident of India, residing in cities specified by the lender.
- Minimum Documentation – In case of such secured advances for education, reputed NBFCs like Bajaj Finserv offer doorstep services to collect the required documents. Their Loan Against Property comes with no end-usage restrictions and hence can be used to fund diverse education-related expenses. The borrower only needs to furnish a few documents –
- KYC documents
- Latest salary slip, IT returns (salaried applicants)
- Bank account statement of the previous 3 (salaried) or 6 months (self-employed)
- Copy of the respective property documents
Bajaj Finserv also brings you pre-approved offers on numerous financial products that include both secured advances like home loans, and unsecured advances like personal loans, business loans, etc. These offers make the application process to avail such financial assistance quicker and hassle-free.
Now that you know how a loan against property for education is processed, you can avail a study loan that comes with a lower rate of interest hence making it convenient to repay the loan without posing any unnecessary stress on their savings.