Education Loan portal Vidya Lakshmi launched by Government of India

Aug 2015 Source: MOTACHASHMA

Launch of website vidyalakshmi.co.in is the biggest achievement

In the education sector, developments keep on taking place every now and then but there could not be any other great development in the education sector as for now. The great development is that the government of India launched a website vidyalakshmi.co.in for the students who are looking for educational loan. Some of the renowned banks like SBI, IDBI Bank and Bank of India have joined their individual system with the website. So in simple all the things related to educational loan are available under one umbrella.

When was the website launched

As per the official statements released by the Finance Ministry Vidya Lakshmi or www.vidyalakshmi.co.in was launched on the auspicious occasion of Independence Day thata is August 15, 2015 for the benefit of students seeking educational loans.

Structure and maintenance of the Website

The structure of the website and its day to day maintenance will be looked by NSDL e-Governance Infrastructure Limited (NSDL e-Gov) under the complete guidance of Department of Financial Services in the Finance Ministry, Department of Higher Education, Ministry of Human Resource Development and Indian Banks' Association (IBA). The portal will serve as a single window to provide information to the students and apply for the education loan offered by different banks as well as for the scholarships. The site has been launched with an aim that all the students should pursue the higher education and should not drop their studies due to lack of funds.

The kind of access the students will have?

On the website the students will have complete access to the

  • Educational loan schemes offered by the banks
  • Common educational loan application form
  • Facility to apply to multiple banks for educational loans
  • Facility for banks to download students' loan applications.

Not only the aforesaid facilities are available but also the students have the facility to email grievances/queries if any relating to educational loans and view status of their loan application.

If the Budget Speech of 2015-2016 has to be believed then the Finance Minister Arun Jaitley had proposed to set up a fully IT based student financial aid authority to administer and monitor scholarships as well as educational loan schemes through Pradhan Mantri Vidya Lakshmi Karyakram.

As per the data laid out by the Finance Ministry, 13 banks have registered 22 educational loan schemes on the Vidya Lakshmi Portal and five banks -- 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.

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