One of the most effective tools for a better future is education. But the expensive tag of higher education frequently acts as a barrier for finding students from lower and middle-class families here. To make the process better, easier and more transparent for students, the Government of India has introduced the PM Vidyalakshmi Scheme, which is a one-stop digital platform to offer education loans.
What is the PM VidyaLakshmi Scheme?
Pradhan Mantri VidyaLakshmi Scheme was launched by the Ministry of Finance, Government of India, in 2015. It offers a one-stop solution to students for education loans applied to various banks and under the available government programs./private schemes.
It is linked to the National Scholarship Portal (NSP) and also with the Vidyalakshmi portal www.vidyalakshmi.co.in to enable students to browse, apply and track education loan applications online.
Key Objectives of PM VidyaLakshmi Scheme
1) Simplify the Education Loan Application Process:
Students can submit a single application form to as many banks as they want.
2) Ensure Transparency:
The portal enables students to track the progress of their applications.
3) Promote Equal Opportunity:
It guarantees that any student who qualifies for a higher education can attain it without consideration of financial situation.
4) Enhance Financial Inclusion:
The gambit makes it easier for students to attend college by providing more of them with opportunities to obtain financial aid.
Features of the VidyaLakshmi Portal
- Single Common Application: Apply for several education loans with just one simple form.
- Compare loan plans: Compare interest rate, repayment term and eligibility of different banks.
- Application Tracking: Track the loan application right from your Mobile device directly from the bank.
- Scholarships Integration: Get information about scholarships with the loan schemes.
- Simple Dashboard: Check all applied loans, messages and application updates in one place.
PM VidyaLakshmi Policy Eligibility
- Applicants should be citizens of India.
- Should have had admission and joined a reputed institution in India or abroad.
- The student must fulfill the eligibility requirements as per the concerned bank for an education loan.
Procedure to Apply for Education Loan in PM VidyaLakshmi Portal
- Visit the official website: www. vidyalakshmi. co.in
- Register yourself as a new user providing basic details of your name, email ID, and contact no.
- Sign in using your account and complete the Common Education Loan Application Form (CELAF).
- Choose your preferred banks and loan options.
- Apply online and monitor the status of your loan via the dashboard.
List of Major Banks under the PM VidyaLakshmi Scheme
Over 40 banks are registered on the VidyaLakshmi portal, including:
- State Bank of India (SBI)
- Punjab National Bank (PNB)
- Canara Bank
- Bank of Baroda
- Indian Bank
- IDBI Bank
- Axis Bank
- HDFC Bank
Benefits of PM VidyaLakshmi Scheme
1) Single Window Platform:
Offers a consolidated online platform for students to browse through, apply and track education loans from anywhere in India.
2) One Form to Multiple Banks:
Through a common education loan application form (CELAF), students can also apply for loans with multiple banks at one go.
3) Transparent and Hassle-Free Process:
Promises full transparency — students can check their loan status, get updates and communicate directly with banks.
4) Access to Multiple Loan Schemes:
Provides details and applications for a range of government and private education loans.
5) Equal Opportunity for All Students:
Affords the less privileged students to study further without having to worry about money.
6) Integration with Scholarship Portal:
Coupled with the NSP National Scholarship Portal (NSP) will link students who want to apply for both scholarships and education loans in the same place.
7) Faster Loan Processing:
Online application and tracking provide faster and more efficient loan approval.
8) Safe and Reliable Platform:
Operated by the Government of India and the Indian Banks’ Association, with Business Correspondents appointed by banks.
9) Encourages Higher Education:
Assists students in studying within India or outside by removing financial constraints.
10) Promotes Financial Awareness:
Informs students about various loans, interest rates, repayment schedules and grace programs.
Conclusion
PM VidyaLakshmi Scheme: A Step by the Government of India making an Educational Loan Facility available for all poor Students. Through the inclusion of various banks and load schemes in a digital platform, students are empowered to chase their dreams without financial constraints.
If you are aspiring to pursue higher education both in India and abroad, then register on VidyaLakshmi Portal today and get a step closer to your academic dreams.
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