Apply for an Education Loan to 34 Banks Using a Single Portal

Apply for an Education Loan to 34 Banks Using a Single Portal

In case you’re planning to study abroad in any of the top institutions, there are bright chances that you would need an education loan to be able to support your finances and fund your studies.

If you’re one such student who is looking at applying for a bank loan, the amazing news is that you may now apply to any of the 34 banks at one place. This single window solution, offered by ‘Vidya Lakshmi’, makes it very convenient and easier for students to apply for a loan. It is a first of its kind and unique portal for students seeking education loan.

The students are simply required to log in and fill up the Common Education Loan Application Form (CELAF) prescribed by Indian Banks Association (IBA) and thereafter, they can apply for educational loans to multiple banks.

Developed under the guidance of Ministry of Finance, Ministry of Human Resource Development and Indian Banks Association (IBA), making an application for loan at this portal is just a cakewalk.

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Features

Given below are salient features of this portal:

  • The objective of the portal is to help banks and students coordinate with each other
  • The students can search for various loans available on the portal and thereafter, choose the offer depending on their needs and requirements.
  • In case a student applies for a loan at the bank registered with Vidya Lakshmi, and the loan gets rejected; he/ she may still apply for two banks out of 33 banks remaining on the list.
  • The portal doesn’t only allow the students to apply for loans but even the banks to download the student forms.
  • The students may even send their feedback or grievances, in case there are any, to the banks directly via this portal.
  • After sending their loan application, the students are allowed to check the status of their application on the portal.
  • The portal makes it possible for students to view, apply and track their loan applications anytime and from anywhere.
  • The portal also offers linkages to National Scholarship Portal.

Names of Banks Registered with Vidya Lakshmi Portal

Given below is a list of major public and private banks that are registered with Vidya Lakshmi portal:

  1. Allahabad bank
  2. Andra Bank
  3. Bank of Baroda
  4. Bank of India
  5. Bank Of Maharastra
  6. Bharatiya Mahila Bank
  7. Canara Bank
  8. Central Bank
  9. Central Bank of India
  10. Dena Bank
  11. IDBI Bank
  12. Indian Bank
  13. Oriental Bank of Commerce
  14. Punjab & Sind Bank
  15. Punjab National Bank
  16. State Bank of Bikaner & Jaipur
  17. State Bank of Hyderabad
  18. State Bank of India
  19. State bank of Mysore
  20. State Bank of Travancore
  21. Syndicate Bank
  22. UCO Bank
  23. Union Bank of India
  24. United Bank of India
  25. Vijaya Bank
  26. Axis Bank Ltd
  27. HDFC Bank
  28. ICICI Bank
  29. Kotak Mahindra Bank

Image source: www.santamonicaedu.in

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