Vidya Lakshmi New Online Education Loan Portal Launched by Government
A surprising announcement came from Finance Ministry of present NDA Government. According to Finance Ministry, “An online education loan portal named Vidya Lakshmi has been launched on our 69th Independence Day.”
“The website can be accessed through the URL vidyalakshmi.co.in by students who are looking for educational loan,” said the Ministry officials. According to the officials, currently 5 different banks have managed to integrate their lending platforms with the aforementioned portals. Three out of these 5 banks are State Bank of India, Bank of India and IDBI Bank. As of the latest update, there are 13 banks already registered with the platform. Together they are offering 22 different loan schemes.
The Ministry further revealed that the Vidya Lakshmi portal’s development and maintenance is looked after by NSDL e-Gov (NSDL e-Governance Infrastructure Limited). However, NSDL e-Gov is under constant guidance of the other bodies like Indian Banks Association, Ministry of Human Resource Development, Department of Higher Education and Finance Ministry’s Department of Financial Services.
According to the release from Finance Ministry, “The government has been aiming to ensure that all students who need financial aid for higher education should have access to the same.” “This portal is just the beginning towards realizing the dream,” added the release.
“The Vidya Lakshmi portal is the very first of its kind in India where students from all over the country will get direct access to government scholarships and educational loans offered by different banks through a single window,” the release said.
The portal offers quite a number of interesting features. For instance, students will get information about loan schemes from different banks. Students can readily access application forms for all common education loans made available by banks and they can even apply to multiple banks through a single application form. On the other end, the banks will enjoy facilities like ability to download the student-submitted application forms, upload loan-status information. Any student who registers with the portal will get access to a dashboard where he or she can see the loan status and even access National Scholarship Portal from the dashboard. The National Scholarship Portal is where students can know about existing scholarships offered by government and can download the application forms.
The Finance Ministry said, “We are looking forward to broaden our platform by bringing in all banks that offer educational loans. This singular window that allows access to all banks at the same time will greatly benefit students all over India.”