Vidya Lakshmi Student Education Loan Scheme

Vidya Lakshmi Student Education Loan Scheme

In India, there are plenty of students who are unable to continue their higher studies owing to their financial problem. The Indian Government addressed this severe matter and intended to launch a scheme which will provide loan facilities to the students for completing their higher studies. Vidya Lakshmi is for the students with a poor background and this scheme aims to solve the problems of the students with financial problem. The students will get the opportunity to complete their higher studies due to this scheme’s financial help. Earlier a lot of bright students in India perished away for lack of financial support and this scheme aims to resolve the matter.

 Vidya Lakshmi Student Education Loan Scheme

“Uttar Pradesh former Chief Minister Akhilesh Yadav started the Samajwadi Yuva Swarojgar Yojana loan scheme, which provide easy loan to the small businessmen.”

Vidya Lakshmi Student Education Loan Scheme Key Features

  • This scheme is mainly designed for the students who are suffering from financial problem. Any student who meet the requirements of being financially unstable can avail financial help through this scheme.
  • A web portal has been launched under the scheme. The web portal will provide the necessary information about the scheme and the students will be able to apply through the web portal for the scheme.
  • The education loan scheme will be provided by affiliated banks and the web portal will provide any necessary information the students want to know about these banks.
  • This scheme mainly aims to provide an easy and effective procedure for the financially unstable students so that they don’t have to leave their studies in the middle period of their educational career.
  • 39 banks have registered for this scheme and also 66 schemes are now jointly working along with this scheme to provide loan facilities.

“Last June Odisha CM launched the Kalinga Sikshya Sathi Yojana, which provide loan facility to students.”

Vidya Lakshmi Scholarship 

The students suffering from financial problem can seek for financial help or loan through this scheme. The students will also be able to apply for scholarship through the official web portal of Vidya Lakshmi. The official web portal has a linkage to the National Scholarship Portal and the students will be able to apply for scholarship through the official portal of National Scholarship.

Vidya Lakshmi Loan Scheme Portal/Website

Vidya Lakshmi Loan Scheme has an official website or a portal for the students. The students would be able to collect certain information about the loan process, registered banks, and list of schemes through the portal.

In Jul 2016 PM Narendra Modi announced the Interest Subvention Scheme for indian farmers

Affiliated Banks

A lot of banks have shown interest for this scheme which is very good for the Indian Government. The Indian Government aimed to help the students and the banks also came forward to help the government. Almost all the major banks in India have been affiliated with this scheme. Till now 39 banks have registered under the scheme.

Eligible person apply for Pradhan Mantri Awas Yojana through PMAY affiliated banks.

How to Apply for Vidya Lakshmi Loan Scheme

  • An individual will have to go to the portal of Vidya Lakshmi to apply for the loan facilities. The web portal has necessary instructions for completing the procedure of application.
  • An individual will have to register on the web portal of Vidya Lakshmi to avail the loan facilities. Every registered applicant will be able to get loan from the banks through the scheme.
  • Every applicant will have to fill in a single form and the form will be provided by the portal. Every applicant will be obliged to put their correct details and generic information in the form and then they would have to submit it.
  • After filling up the form, the portal will review the application and will suggest the applicants about various schemes the applicant is eligible for.
  • After selecting a scheme, an applicant will then have the accessibility to apply to multiple banks for availing loan facilities. An applicant may choose any of the bank registered under the scheme to avail loan facilities.

Chhattisgarh CM Raman Singh announced the Mukhyamantri Rojgaar Srujan Karyakram Loan Yojana, which is given loan facility to the youth.

Benefits of Vidya Lakshmi Loan Scheme

  • This scheme offers a typical educational loan application form for the students and the form is easy to read and complete which is very good for all the students as all of them would be able to apply easily.
  • The students will have the benefit of applying to several banks. A student would not need more than one form to apply to multiple banks.
  • This scheme is very essential for the students who have a financial problem. The students having a financial problem would be able to complete their higher studies with the help of the loan scheme.
  • Every student will have the benefit of applying to three banks at a time with one form and the students would be able to avail loan from three banks per form.
  • The interest rate is also very low in this scheme and thus the students would be able to avail loan and then pay it back easily to the concerned banks.

Qick Introduction of the Vidya Lakshmi Student Education Loan Scheme

Name of the Scheme Pradhan MantriVidya Lakshmi Karyakram or Vidya Lakshmi in short
Launch Date 15 August, 2015
Launched By Finance Ministry of India
Target People Financially unstable students
Number of Banks Affiliated 39
Number of Schemes combined under this Scheme 66

Other Schemes –