The world has become increasingly interconnected and this globalisation has brought a shift in the pursuit of higher education. A massive number of young people now aspire to expand their academic horizons beyond borders. However, one thing that remains constant in this plan is the high cost of education. Keeping the currency variabilities in mind, the financial aspect of studying in a foreign land often emerges as a significant hurdle. But, don’t worry as there are numerous funding options that can help you fund your higher education abroad. Among the many choices, taking an education loan has been an evergreen option.
While the process of taking an education loan is often looked at as a huge take, especially for first-time loan applicants, the government of India launched a one-of-a-kind portal to ease the education loan process for applicants. This is the Vidya Lakshmi Portal. As per the latest RBI norms, if the loan applicant is applying through a nationalised or government bank education loan for study abroad, then they will have to fill out the common loan application form so that the loan file is processed further in the respective bank.
So, if you are planning to take an overseas education loan soon then this article is for you. Read on to understand the complexities of education loan applications for studying abroad through the Vidya Lakshmi Portal. Let's begin with our comprehensive exploration of this portal so that you can view, apply and track your applications to banks anytime and anywhere.
It provides comprehensive & diverse loan options through 45 banks and financial institutions and 139 loan schemes.
With its user-friendly interface, the portal facilitates an easy application process, providing clarity at every step. Applicants can easily go through different sections, upload documents, and track their application status with ease.
Vidya Lakshmi Portal serves as a single-window solution where you don’t have to manage multiple applications and paperwork. It centralizes the loan application process and you can apply to 3 banks in one go.
This portal has a feature to apply for Government scholarships from the National Scholarship Portal.
It provides real-time updates on the status of applications. So, applicants can stay informed about any developments or requirements, ensuring a smooth and hassle-free experience.
While the eligibility criteria may vary depending on the loan scheme and the participating bank, certain fundamental requirements include the following.
Indian citizenship or resident status.
Admission confirmation from a recognized foreign university or institution.
Satisfactory academic credentials and potential for academic success.
Compliance with specific income and collateral requirements. (If applicable)
Once you have checked your eligibility for loan applications, the next step is collecting the required documents as per the given checklist.
To support the loan applications, applicants are required to upload the following documents on the portal.
Admission letter or offer of acceptance from a foreign educational institution.
KYC documents, including proof of identity and address.
Academic transcripts and certificates proving previous qualifications.
Income proof of co-borrower, if applicable.
Collateral documents, if applying for a secured overseas education loan.
Now that we have everything in place, let’s move ahead to the much-anticipated part of this article. Read on to know more about the registration process for education loans for students to study abroad.
Initiating the journey towards securing an education loan through the Vidya Lakshmi Portal involves the following steps.
Step 1: Visit the official website of Vidya Lakshmi Portal. Click on the 'Register' option prominently displayed on the homepage and begin the sign-up process. You will require a valid mobile number and email ID for verification.
Step 2: Complete the registration carefully by providing accurate personal information. Once registered, you will receive an activation link on your email ID with a unique username and password to establish your account credentials.
Step 3: Verify your email address and mobile number to activate your account and gain access to the portal's features and functionalities. You can then start filling up the Common Education Loan Application Form (CELAF).
Step 4: The CELAF is a very detailed form wherein you will have to fill up your personal information, banker details, course details, financial details and upload all the mandatory documents. With the IFSC number of your shortlisted bank, your file will directly be submitted to the respective branch through the portal.
Step 5: Review your application carefully as there is no scope to edit the application form once it has been submitted. You can view and download the Common Education Loan Application Form (CELAF) and submit it with your Loan file.
And Viola! You have successfully applied for your overseas education loan through the Vidya Laxmi Portal. To check the progress of your loan application, you can log into your account using your registered credentials and go to the 'Application Status' section on the dashboard. It will provide real-time updates on the status of your loan application, including any pending requirements or approval notifications.
While applying for an education loan through this portal looks like a simple 5 step process, it is quite tedious and you might require professional assistance for application. That’s where the role of industry experts like Élan Overseas Education Loans comes into the picture. We have transformed the lives of 37,000+ by providing them with comprehensive overseas education loan solutions and assistance.
As you plan your higher education financing be it secured or unsecured education loans for abroad, remember that you're not alone. Team Élan stands ready to provide personalized guidance and expert assistance at every step of the way. Our dedicated education loan advisors possess the knowledge and expertise to help you identify suitable loan options and do the application process including the Vidya Lakmi form. Thus, helping you overcome any hurdles that may arise. Connect with our team today and step on to your academic excellence and personal growth with financial assistance.
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