As more students consider education loans to cover their educational expenses, a new online portal has been introduced to simplify the application process and provide comprehensive information about loan options.
Vidya Lakshmi Portal:
Vidya Lakshmi is an online platform designed to assist students seeking educational loans. It serves as a single-window electronic platform offering detailed information about various educational loan schemes from different banks.
The portal features a Common Educational Loan Application form that allows students to apply to multiple banks simultaneously.
Students can easily apply, view, and track their loan applications at any time and from any location by accessing the portal.
To date, over one lakh students have benefited from Vidya Lakshmi, and more than 40 banks have registered to offer education loans through the platform.
Key Points About Educational Loans:
According to the Model Education Loan Scheme 2015, established by the Indian Banks’ Association, students can borrow up to Rs. 10 lakhs for higher education in India and up to Rs. 20 lakhs for studying abroad.
For education loans up to Rs. 4 lakhs, no margin or security is required.
The loan repayment period extends up to 15 years, with equated monthly installments (EMIs) beginning after the course completion and a one-year moratorium period.
This streamlined process makes it easier for students to access educational loans, enabling them to pursue higher education with financial support from a variety of banking institutions.
*The information in this document has been adapted from articles available on https://www.rbi.org.in/FinancialEducation/Home.aspx The original articles can be accessed directly for more comprehensive insights.
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