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Everything Parents Should Know About VidyaLakshmi Scheme

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VidyaLakshmi

VidyaLakshmi Scheme is a flagship programme initiated by the Government of India to promote the growth of educated and employed youths. Through VidyaLakshmi Portal, students who are willing to pursue higher studies can connect to multiple financial institutions and avail finances to fund their academic courses abroad.

The fundamental objective of this scheme is to acquaint students with reliable funding resources so that they can acquire the necessary credit without any hassle or delinquencies.

The course fees of almost every notable foreign universities are significant and unaffordable by most of the individuals. The average tuition fees ranges between Rs.25 – 30 lakh in a private university added with the cost of living and miscellaneous expenses in an academic year.

Benefits Of VidyaLakshmi Scheme 

  • Students through VidyaLakshmi Portal are familiarised with the educational loan schemes prevalent in India.
  • It also acquaints students about the various scholarship programmes designed for students who have excelled in educational fields and are eligible to receive remuneration for their remarkable academic records.
  • Through this portal, students can track the progress of their loan application anytime according to their convenience. They can also report to their lender promptly in case of any ambiguity.

Steps To Apply For Education Loan Through VidyaLakshmi Portal

Step 1. Register yourself on the portal mentioning correct details and stating accurate information.

Step 2. The second step would require you to fill up the VidyaLakshmi loan application form or Common Education Loan Application Form (CELAF).

Step 3. Referring to your academic records and other details, the portal will itself enlist the schemes you stand eligible for.

Step 4. In the fourth step, you have to select the lending institution you want to avail the education loan from.

Step 5. Once the registration process is complete, the portal will inform you if your loan request is approved or rejected. If sanctioned the amount will be credited directly to your account; if your request is put on hold you prefer to contact your favoured lender.

Documents Required To Secure Education Loan Through VidyaLakshmi Scheme 

  • The applicant has to produce his/her income certificate attested by the district head or has to produce the ITR files of last three years. 
  • The borrower has to provide his/her property documents stating ownership details.
  • The admission form of the candidate along with the fees structure of the university.

Students, however, if they fail to procure adequate credit through VidyaLakshmi Scheme can choose to finance their academic pursuits by availing a loan against property. Securing advances against collateral will equip the borrower with a considerable sum enough to fund their overseas educational expenses.

Reputed housing finance companies provide Loan Against Property for students to equip them with the monetary resources required for studying abroad. It offers lucrative features like secure repayment options and flexible tenor, ensuring the affordability of the borrowers.

It also facilitates its customers with pre-approved offers that helps in simplifying the application process along with saving ample of time. These offers are available on several other financial products including business loan, home loan, personal loan etc. You can check your pre-approved offers by entering your name and contact details. 

Eligibility Criteria For Loan Against Property

Students have to qualify for a loan against property by meeting these simple eligibility criteria enumerated below:

  • A salaried employee has to be within the age bracket of 33 – 58 years to secure a loan against property, while a self-employed individual should fall within 25 – 70 years of age.
  • An applicant has to be a citizen of India.
  • He/she should have a good credit history featuring a score above 750 or above. A good credit history showcases repayment capability of an individual and helps in attracting lenders.

Apart from fulfilling the eligibility criteria there are other things to know before applying for a loan against property for education, like the documents required. Although the list of documentation requisite for applying loan against property is basic and can be achievable by the loan seekers. 

Through VidyaLakshmi Scheme, students are eligible to apply for education loan to three financial institutions at a time using a single application form.

Must Read: Documents Required For Vidyalakshmi Loan

Although through this portal, students will be well versed with the scholarship programmes available and educational schemes, the fund acquired through this might not suffice the entire expense of studying abroad.

By referring to the above mentioned details, students will be able to obtain comprehensive knowledge about loan against property and avail the same without any predicaments.

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