Sep 012015

Pradhan Mantri Vidya Lakshmi Educational Loan Yojana Portal

The current central government is leaving no stone unturned in developing every aspect of what makes a good country.  In the same pursuit, the government has recently launched an educational loan portal that would help students get education loan with much ease and less paper work.   The concerned web portal that we are talking about is

Over the past one decade, there has been a significant increase in the number of students getting enrolled for professional courses like engineering, management, medical, etc and most of these students join private institutions where the cost of education is often higher.  Most students could not afford these high fees.  The only resort they have is to apply for education loan.

This is always a challenge for both the students as well as the banks if there is no formal support from the government.  However, with this new portal in place, it would become quite easier for students to get educational loans for their admission to higher studies.

Pradhan Mantri Vidya Lakshmi Portal

The educational loan portal was formally launched by the Prime Minister Narendra Modi on Independence Day, 2015.   This would not only benefit students and their respective parents, but also improve the overall quality of workforce that we would get in future.  NSDL e-Governance Infrastructure is the organization behind development of the student loan portal.

Pradhan Mantri Vidya Lakshmi Karyakram is the formal scheme under which the portal has been launched by the central government.  The aim of the portal is that no student should be deprived of higher education, even if his/her parents do not have the requisite money to pay off the college fee.  The portal is just an initiative by the scheme and would follow similar welfare programs for the aspiring students.

The Vidya Lakshmi Portal would be a single source of all loan related needs for the students.  Here, the aspiring students can get all relevant information and know the rate of interests by various banks, their process of application and check their eligibility. It would also have scholarships attached to it.

Some of the information available on the portal would be:

  1. Availability of application form for loans
  2. Apply to many banks at a time for educational loans
  3. Check their applicability for educational loan and know the kind of documents required
  4. Descriptive information on the processes related to education loans
  5. Email any unforeseen grievance in case of disbursal of educational loan
  6. View the status of education loan
  7. Upload loan processing status

As we can see, there are a lot of services already attached to the portal, which would serve as an ease of access for the students in getting educational loans.  At present, there are five banks which have been linked to the scheme, i.e. State Bank of India, Union Bank of India, Canara Bank, Bank of India and IDBI Bank.  The abov mentioned banks and their banking system would be auto-linked to the portal and students can directly apply for the respective banks from here.

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