What are the documents needed for Vidyalakshmi loan?

What documents need for education loan?

Documents required for Education Loan

  • KYC documents.
  • Bank Statement / Pass Book of last 6 months.
  • Optional – Guarantor Form.
  • Copy of admission letter of the Institute along with fees schedule.
  • Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.

How much loan can I get from Vidya Lakshmi?

The interest rate on Vidya Lakshmi education loan starts from 8.40%. This education loan is available up to ₹ 4 Lakh without any collateral for a tenure of up to 15 years.

How can I get loan from Vidya Lakshmi portal?

The applicant must register and login to Vidya Lakshmi portal and then fill-up the Common Education Loan Application Form (CELAF) by providing all the necessary details. After filling the form, the applicant can search for Educational Loan and APPLY as per his/her needs, eligibility and convenience.

How can I apply for Vidyalakshmi portal?

Steps to Register on the Vidyalakshmi Portal

  1. Step 1: Visit the portal and register using a Login ID and a strong password.
  2. Step 2: Provide details such as date of birth, age, name, phone number and email ID accurately.
  3. Step 3: On submitting, a confirmation link will be sent to your registered email ID.
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Does education loan need security?

Collateral Required for Education Loan

Guidelines show that loan taken up to Rs. 4 lakhs does not require collateral security. It is only when the loan exceeds a specified amount as set by the bank that collateral will be required as well as third-party guarantee.

Which bank provide education loan easily?

Compare Top Education Loan Offers 2021

Name of Bank Interest Rate (p.a.) Loan Amount
Axis 13.70% to 15.20% Up to 75 Lakh
Bank of Baroda 6.75% to 9.85% Up to 4 Lakh and above
HDFC 9.45% to 13.34% Max Apr
Tata Capital 10.99% onwards Up to 30 Lakh

Which bank is best for Vidyalakshmi loan?

Vidya Lakshmi education loan scheme is extended to 39 banks and 130 loan schemes. The interest rate starts from 8.40%, and the loan is up to INR 4 Lakh.

List of Banks Registered with Vidya Lakshmi Education Loan.

Abhyudaya Co-Operative Bank Karnataka Bank Central Bank of India
Bank of Baroda RBL Bank Federal Bank

Is Vidyalakshmi portal mandatory?

“The Department of Financial Services has made it mandatory for all the banks to accept the education loan applications only through the NSDL portal. … Vidya Lakshmi is the IT-based Student Financial Aid Authority to administer and monitor scholarships as well as education loan schemes.

Is Vidyalakshmi portal applicable for abroad studies?

VidyaLakshmi portal for education loan is an education loan information and application gateway for students planning to study abroad or in India. … You are allowed to apply to the utmost 3 banks through VidyaLakshmi portal for education loan.

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What is Vidhyalakshmi portal?

Vidyalakshmi Portal is a Central IT-based Education Loan portal to provide student finance services for young Indians. It is an interface that helps students to apply for student loan online through a centralized website. … Vidyalakshmi Portal is a one stop solution for students looking for study loan information.

How do I get an interest free education loan?

However, can education loans in India be actually interest-free? The answer is no. Or at least, technically, you cannot avail of an interest-free education loan unless you have availed some economic benefits or academic subsidies from either the government or your institution.