The Union Government on 15 August 2015 launched a web portal named Vidya Lakshmi (www.vidyalakshmi.co.in) for the benefit of students seeking Educational Loans.
It is the first portal of its kind that provides single window for students to access information and make application for educational loans provided by banks as well as for government scholarships.
The Portal was developed by NSDL e-Governance Infrastructure Limited (NSDL e-Gov) under the guidance of Department of Financial Services under Union Ministry of Finance, Department of Higher Education under Union Ministry of Human Resource Development and Indian Banks’ Association (IBA).
Highlights of the Portal
• It provides information about educational loan schemes of banks
• Common educational loan application form for students
• It has facility to apply to multiple banks for educational loans
• It allows banks to download students’ loan applications and upload loan processing status
• It offers students to email grievances/queries relating to educational loans to banks
• It has dashboard facility for students to view status of their loan application
• It provides linkage to national scholarship portal for information and application for government scholarships.
So far, 13 Banks have registered 22 Educational Loan Schemes on the Vidya Lakshmi Portal and 5 Banks including SBI, IDBI Bank, Bank of India, Canara Bank and Union Bank of India have integrated their system with the Portal for providing loan processing status to students.
This initiative aims to bring on board all Banks providing Educational Loans.
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