In India, education loans worth Rs 22,550 crore were disbursed in the financial year of 2019. This reflects a 34% growth from the financial year of 2016.
Much of these loans can be attributed to the huge course fees of higher education and overseas education. Vidyalaxmi education loan is an IT-based government-backed project to financially support the middle-class and financially challenged students for higher studies.
You can avail this loan with 3 easy steps –
1. Registration process
As a first step to apply for the loan, you need to sign up for the official website, viz. –
- Refer to the online login portal of the Vidyalaxmi education loan and go to the Register option.
- Create a login ID and password to proceed further on the online portal.
- Once you hit the Submit button by agreeing to the terms and conditions, a link will be delivered to your registered email ID to authenticate your details. You need to check your mail inbox and hit on the confirmation link.
- After verification, enter your details again on the Vidyalaxmi home page to log in.
Successfully signing up and navigation of the Vidyalaxmi portal should encourage you to finance your education with a loan against property instead of unsecured credit.
2. Selecting a suitable scheme
Before applying for the education loan process, you need to pick the right loan available for you with various financial organisations. You can proceed with successive steps –
- At first, you need to click on Search for Loan Schemes from eight options at the bottom of this window. You are allowed to apply for a maximum of 3 financiers, each with only one scheme.
- You will find 3 different tabs on the top left portion of the window where you need to put your preferred choices.
- You have to enter the country of study, required Vidyalaxmi education loan amount and preferred subject.
- Now, you can go ahead by providing the branch of your desirable financial company.
- Application process
After deciding which Vidyalaxmi education loan scheme you are opting for, you can apply for the loan with these steps –
- Firstly, you need to click on the Apply tab that is present on the right side of the loan scheme page.
- After that, you can fill up the CELAF form by providing your basic data, personal data, bank details, information about your course, course expenses, details of your collateral and earning prospects after completion of the concerned course.
- Next, you need to upload supporting documents to validate your given details in the education loan process.
With the Vidyalaxmi scheme process you can avail a loan amount up to Rs.7.5 lakh. Nonetheless, the expense of higher education can be more than this loan amount depending on your desired subject. For instance, an overseas study needs substantial funds. In that case, you can opt for a loan against property from a reputed financial organisation
To sum it up, Vidyalaxmi education loan is a government initiative to provide loans for students so they can prepare themselves to earn. You can avail of this loan easily by registration, selecting a loan scheme, and applying for it. Know how to use a loan against property effectively. Plan your career and financial goals in tandem to repay the loan with ease over time. Make sure to refer to a leading lender and avail a loan against property at the most beneficial terms and features.
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