Seeking Education Loan? You don't need to run from the pillar to the post anymore. Instead, you can just visit one integrated government-run portal that caters to all the education-loan related needs. Known as Vidya Lakshmi, this is a portal developed under the aegis of Government of India's three departments: Department of Financial Services, Department of Higher Education and Indian Banks Association (IBA).
Seeking education loan entails three steps. At the outset, a student only needs to do the register himself/herself. For this, the student need to provide some details such as name, mobile number, email id, password and the captcha code.
After this, one is supposed to fill up a Common Education Loan Application Form (CELAF). It is a single form that enables you to apply for educational loan to any of the 34 banks registered with Vidya Lakshmi. Since this is the form prescribed by Indian Banks Association (IBA), it is accepted by all the banks. The banks that are registered with Bank of India, Canara Bank, Corporation Bank, IDBI Bank, ICICI Bank, Indian Bank, Indian Overseas Bank and Karur Vysya Bank, Vidya Lakshmi include Allahabad Bank, Bank of Baroda, and Dena Bank.
After logging in, it is advisable to search for various loans offered by several banks on the virtual landscape. In case it perfectly matches your requirement and preference, you can zero in on the bank, and go ahead with your application.
Once you send your CELAF to a particular bank, you can keep a tab on your application by sending your query/grievance directly to the respective bank via Vidya Lakshmi.
However, there might be a possibility that the loan eventually gets rejected. In that case, the student even has the scope of applying for two more banks out of the total number of 34 financial institutions that are part of the stable.
Students can comfortably coordinate with the bank at the portal. The banks have a separate log in just as the students and they can download the student forms from Vidya Lakshmi.