Vidya Lakshmi Educational Loan (for Students)

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🔴 About Vidya Lakshmi Educational Loan

✅ Synopsis

Vidya Lakshmi is an Education Loan scheme has been developed under the guidance of Department of Financial Services (Ministry of Finance), Department of Higher Education (Ministry of Education) and Indian Banks Association (IBA). 37 Bank registered with this scheme and 139 schemes are available under this scheme.

 

✅ Moratorium Period

Under the Scheme, the interest payable on the Educational Loan for the moratorium period i.e., Course Period plus one year as will be borne by the Government of India. After the period of moratorium, the interest on the outstanding loan amount shall be paid by the student, in accordance with the provisions of the existing Model Educational Loan Scheme of Banks and as may be amended from time to time.

🔴 Eligibility Criteria

• Education Loans taken under IBA Model Education Loan Scheme.

• Students having parental income up to Rs. 4.5 lakhs per annum.

• Students enrolled in professional/ technical courses only from NAAC accredited institutions or professional/ technical programmes accredited by NBA or Institutions of National Importance or Central Funded Technical Institutions (CFTIs). Those Professional Institutions/programmes, which do not come under the ambit of NAAC or NBA, would require approval of the respective regulatory body viz, approval of Medical Council of India for Medical courses, Nursing Council of India for Nursing courses, Bar Council of India for Law etc.

• Admissible only for once either for UG, PG- Also admissible for integrated courses (graduate + post graduate).

• Interest Subsidy under this Scheme shall not be available to those students who discontinue their course midstream, or who are expelled from the Institution on disciplinary or academic grounds. However, the interest subsidy would be available only if discontinuation is due to medical grounds for which necessary documentation to the satisfaction of the Head of educational institution needs to be provided.

🔴 Documents for Vidya Lakshmi Educational Loan

1) Last Passed Marksheet

2) Admission Receipt of New Course

3) Proof of Income (Pay Slip / Income Certificate)

4) Schedule of Expenses for the course in details (Bring from College / Institution)

4) Photo of Student

5) Photo of  Parent / Husband 

6) PAN card of Student

7) PAN card of Parent / Husband

8) Undertaking letter (If  PAN card not Available)

9) Mobile  & Email id of Student

10) Bank Passbook of  Parent / Husband

11) Bank Passbook of  Student 

12)  New Course Start date 

13)  New Course Complete date (Approx)  

14) Mobile  & Email id of  Parent

 

✅ FAQ :

🔹 If applicant wants to take loan more than 4 lakh then he/she have to provide security mortgage to the bank (e.g Property Deed / Dolil etc)
🔹 Contact your bank branch before applying for Vidya Lakshmi Educational Loan through online portal. Also ask them whether bank account need in their branch or not.
🔹 The interest rate varies from bank to bank and scheme to scheme. Therefore, it will show Loan Search page after login. Average loan interest rate is 8% (approx) (Compound interest) under Vidya Lakshmi Educational Loan scheme. 
🔹 Applicant's Co-obligant / Guarantor  should be Parent or Husband.
🔹Co-obligant / Guarantor is Mandatory if loan amount is more than 7.5 lacs.
🔹Applicant have to visit Applied Bank Branch physically within after submission of application form along with print out copy and all others documents uploaded on website at the time of online application. (Must take one zerox copy of online application form before submitting to the Bank .)
🔹 Multiple accounts by student is not allowed in Vidya Lakshmi portal. Student can register only once on Vidya Lakshmi Portal. 
🔹A student can apply to a maximum of three Banks through Vidya Lakshmi portal.
🔹 To Edit the Loan Application Form and Reapply to the same scheme again, request all applied banks to Close/Reject your applications on Vidya Lakshmi. Once all applications gets Closed/Rejected, 'Reapply for New Loan Scheme' option would get enabled in Loan Application Form tab
🔹 User ID and Password will require for further update of your loan application through online portal.
🔹 For any query regarding Vidya Lakshmi Educational Loan, call Vidya Lakshmi helpline No 033 2281 4661 / 033 2290 1396 (Kolkata) & 020 2567 8300 (All over India) (9:30am to 6:00pm)  or E-mail them at "vidyalakshmi@proteantech.in"

  

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