According to reports from the Vidyalakshmi website, almost 54% of the total population of India is below the age of 25, and less than 5% of the entire workforce receives appropriate training to stay employed.
The Vidyalaksmi scheme aims to provide a way for such students to continue their higher studies and learn proper employable skills. As an initiative, the program offers a website where students can search, apply and keep track of availed educational loans and scholarships.
Features and benefits of Vidyalakshmi scheme
Here are a few features provided by the online Vidyalakshmi scheme portal –
However, educational loans are only known to cover tuition fees. Daily and accommodation expenses associated with studying in a different state or abroad can be expensive and can be easily covered by a simple loan against property for higher education.
Besides these features, the Vidyalakshmi scheme also offers some crucial benefits, such as:
In order to apply for the Vidyalakshmi program, the applicant must fulfill these criteria:
Created and maintained by the National Securities Depository (NSDL) e-Governance Infrastructure, here are the steps to apply for the Vidyalakshmi program –
Account registrations require the applicant’s name, email address and a phone number. After filling up the details, an email is sent to the registered email containing an activation code which is valid for 24 hours.
Applicants are advised to browse through these schemes before selecting a lender. They can also create a budget sheet to manage finances better if studying abroad or in a different part of the country.
The application process consists of these seven sections:
Processing starts once you have successfully submitted all necessary details.
The application status page allows applicants to follow up with lenders regarding the application status. They can email them or contact them directly through details listed on the website.
Documents required for Vidyalakshmi loan are as follows:
The Vidyalakshmi website lists some of the top financial institutions offering educational loans to prospective students. However, educational loans do not cover daily expenses. Lenders, therefore, have introduced educational loans against property to ensure students can financially support themselves when they are studying away from home.
Bajaj Housing Finance Limited is an HFC that provides such loans with attractive rates on interests.
The company also provides pre-approved offers that simplify the process of availing a loan against property. Check your pre-approved offers simply in exchange for your name and mobile number.
The Vidyalakshmi scheme provides favourable solutions to students who do not have the means of acquiring appropriate educational funds. The information provided should help apply for the programme with relative ease.