Student Education Loan Website Launched

Good News for students/ families who are financially week for submitting college or school fees. The Prime Minster Mr. Narander Modi has launched new Student Education loan website “VidyaLakshmi“. The benefit to search new Scholarship as well Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram. The Students Vidya Lakshmi Portal provides single window for Students to access information and make application for Educational Loans provided by Banks and Govt Scholarships. Shri Arun Jaitley, Honourable Union Finance Minister said that the interest rates of Bank ie SBI/ PNB/ Dena Bank/ 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. Best Feature.

  1. Information about Educational Loan Schemes of Banks
  2. Common Educational Loan Application Form for Students
  3. Apply to multiple Banks for Educational Loans
  4. Facility for Banks to download Students Loan Applications
  5. Facility for Banks to upload loan processing status
  6. Facility for Students to email grievances/queries relating to Educational Loans to Banks
  7. Linkage to National Scholarship Portal for information and application for Govt Scholarships.

If you are planning to study in India or Abroad with cousese – Under Graduate/ Post Grdudate/ Professional Course or Vocational ITI/ Polytechnic couurse Education Loans 2016. The students can also search for Educational Loan after login and apply for the suitable Educational Loan by filling the CELAF.

Students Education Loan 2016.

For Post-graduate courses in India.

If you are pursuing M.Tech/ Engineering/ Arts/ Science/ Management/ Medical and any other PG courses. Search for the best education loan with minium interest rates. The bank provide loan amount from below 4 lakk, between 4 to 7.5 lakh and more than 7.5 lakh per annum.  The student should be an Indian National. Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent). Where the admission is purely based on the marks scored in qualifying examinations then the cut off marks for loan eligibility is 60%. Meritorious Students admitted under Management Quota are also eligible for loan.

Under Graduate Education Loan 2016 of all Banks.

  1. The bank will provide need based finance to meet the expenses worked out will be considered taking in to account margins. For all category of students including students admitted under Management Quota, the margin requirements are as follows:
    • Particulars Margin
    • Up to Rs.4.00 Lakhs Nil
    • Above Rs.4.00 Lakhs
    • In India 5.00%
    • Studies Abroad 15.00%
  2. Simple rate of interest will be applied during course and moratorium period. Thereafter the entire outstanding interest (if servicing of interest not done during course plus moratorium period) will be added back to the principal account and compound interest (with monthly rest) will be applied in the account till liquidation of the entire loan.
  3. 1% interest concession will be provided by the bank, if interest is serviced during the study period and subsequent moratorium period prior to commencement of repayment. The aforesaid concession will be adjusted at the end of each Financial Year.
  4. 0.50% interest concession is applicable for girl students.
  5. With the consent of the student, bank will arrange for group life insurance cover for the students availing Education Loan. Individual Banks may work out the modalities with insurance companies.

Additional Details

  1. In respect of admission through Management Quota, the fees to be considered should be within the fees structure as approved by the State Government or a Government approved Regulatory Body for admission to payment seats in Government Colleges/ Private Self Financing Colleges, Cooperatives and Colleges run by Universities, as the case may be.
  2. Keep themselves in contact with the College / Institution /University to obtain progress report at regular interval in respect of students who have availed loan. In case of studies abroad, branch will obtain the Unique Identification Number (UIN) / Identity Card and note the same in the Bank’s record.
  3. The follow up in the account will be made as per normal procedures applicable for all loan accounts.
  4. Special care should be taken in respect of the loan accounts, which have been transferred from one Branch to another.
  5. The information in respect of employment particulars & whereabouts of the students after completion of their study should be obtained and regularly updated based on enquiry from the Colleges or Institutions/ Student/ Parent or Guardian/ other sources etc so that regular contact with the Borrower(s) may be possible. A continued relationship/ contact with the borrower will not only be helpful in regular repayment of the loan but also in business growth of the Bank.

Interest Rates.

  • Interest rate for Male (Floating) : – Upto Rs. 4 lacs@11.70%
  • Above Rs. 4 lacs and Rs. 7.5 lacs@11.70%
  • Above Rs. 7.5 Lacs@11.20%
  • Interest rate for Female (Floating):-Upto Rs. 4 lacs@11.20%
  • Above Rs. 4 lacs and Rs. 7.5 lacs@11.20%
  • Above Rs. 7.5 Lacs@10.70%
  • Interest Rate is different for Premier Institutions like IIMs, IITs, NITs etc. The details of Institution wise Interest Rate is enclosed in the attached file.

Leave a Reply

Your email address will not be published. Required fields are marked *