Gone are the days when one had to run from bank to bank to secure an education loan,  thanks to the Union government’s vidya lakshmi portal www.vidyalakshmi.co.in , a portal launched with the noble mission to ensure that no eligible student is deprived of the rightful opportunity to pursue higher education for want of money. The portal at present provides information about 66 education loan schemes  and is a blessing for students, who can search by entering the loan amount required and finalize an education loan suitable to them and straightway apply for it,  all this within a matter of minutes after  registering using their name, email id etc.

Though presently through this portal, students can only apply to 6 banks including banks of the state bank group, within a short time period, more banks are expected to follow suit.  One will be required to fill up the common education loan application form and upload the same along with the required documents. Once registered, one may logo on to the portal using the user name and password and can keep track of the status of their loan application. The most important part is that the service is absolutely free and transparent.

How does it simplify the Education loan securing process? 

•  Apply simultaneously to 3 banks

Forget the lengthy application forms and end number of visits to banks with piles of documents that used to sap both ones energy and time. The Vidyalakshmi portal acts as a singly window platform to apply to multiple banks for education loans.   It requires only a single application and does away with the cumbersome method which required separate application form for each banks. The loan application form submitted by the student via the vidyalakshmi portal is downloaded by the bank authorities for scrutiny and if found eligible, then for further processing.

• Track the loan application in an instant

Since one has to upload all concerned document along with the application form, students or parents can easily track the status of the loan application as details of the same is constantly updated on the portal by the bank at every stage of processing.  In case of delays or if any technical issue persist,   one may  directly communicate with the bank authorities and take up remedial steps based on their feedback. In case of undue delay from the bank’s side without assigning any valid reason, students can lodge their complaints on the same portal. Apart from education loan facilitation, the scholarship schemes of central government are also announced through this portal along with relevant links to apply for them.

With education loan process being made easy, every student can dream big about pursuing higher education at the institution of their choice and money is not going to be the villain anymore.