If you are looking to study and are in need of an education loan then the government has a new platform that will be super beneficial for you! In fact, with this portal, you will be able to get answers to all your educational related queries. The government-run portal ‘Vidya Lakshmi’ has come in to play thanks to the combined efforts of three departments: Department of Higher Education, Department of Financial Services and Indian Banks Association (IBA). Getting an education loan becomes much easier for the students as it involves three simple steps. The first step is to get yourself registered at the portal. Step two is to fill up the Common Education Loan Application Form (CELAF), and the third step is to look for the suitable loan you need to help you out with your education. As many as 34 banks are registered with the portal – ‘Vidya Lakshmi’.
Registering is extremely simple with Vidya Lakshmi. A student needs to provide details such as name, mobile phone number, email address. The interested student will also need to set up a new password for the registration.
After completing the registration process, the student seeking the education loan is supposed to fill a Common Education Loan Application Form (CELAF). This form lets you apply for the loan to any of the banks registered with Vidya Lakshmi. Some of the banks that are a part of Vidya Lakshmi are Indian Overseas Bank Bank of India, Corporation Bank, IDBI Bank, ICICI Bank, Canara Bank, Indian Bank, Karur Vysya Bank, Allahabad Bank, Bank of Baroda, and Dena Bank as well.
The step three is very tricky as it involves you to look for the ideal loan which is offered by the bank. If the loan amount and your matches requirements then you are advised to go ahead with your application. When you send out your CELAF to a particular bank, you can check the status of your application by raising a request to your query to the respective bank via Vidya Lakshmi.
WHAT TO DO IN CASE OF REJECTION
The chances of a student’s loan application being rejected are there and in case it happens here is what you should do. The student can now apply to two more banks among the 34 financial institutions registered with Vidya Lakshmi. This means that a student is allowed to apply for a maximum of three banks via Vidya Lakshmi.