A Month After Launch, 23 Banks Register Their Education Loan Schemes in Vidya Lakshmi - Educational Loan Portal

MUMBAI, October 1, 2015 /PRNewswire/ --

Vidya Lakshmi - a One Stop Portal for Information About Educational Loans - Allows Students and Education Loan Seekers to Apply for a Hassle Free Education Loan

Just one month into the launch of Vidya Lakshmi portal and 23 banks have registered with 42 educational loan schemes. Moreover, five banks - SBI, IDBI Bank, Bank of India, Canara Bank and Union Bank of India - have integrated their system with the portal to facilitate loans to students.

     (Logo: http://photos.prnewswire.com/prnh/20150821/10128955)

To ensure that the information about loans is available to everyone and the process of applying for educational loans is hassle free, NSDL e-Governance Infrastructure Limited (NSDL e-Gov) launched the Vidya Lakshmi Portal on 15th August, 2105. The portal has been developed under the guidance of the Department of Financial Services, Ministry of Finance, Department of Higher Education, Ministry of Human Resource Development and Indian Banks' Association (IBA).

In the past one month, Vidya Lakshmi portal has received more than 1 lakh visits. More than 18,000 students have already completed their registrations on Vidya Lakshmi portal. The statistics and customer feedback endorse the fact that the product has been received very well by the target audience. The ease and convenience of applying to multiple banks simultaneously is the biggest advantage for students.

3 easy steps to apply for an education loan at Vidya Lakshmi portal: 

1. You will need to register on the portal http://www.Vidyalakshmi.co.in
2. Fill-up the Common Education Loan Application Form (CELAF) by providing all the necessary details. This is a one-time procedure.
3. After filling the form, you can search for educational loan offered by various banks and APPLY as per your needs, eligibility and convenience.

Students can view the status of their application on the dashboard. If the loan is rejected, the student will have to contact the individual bank for more details. In case the bank puts the application on hold because it may require additional information, that will be indicated in the dashboard, which students will come to know when they log in to the portal. The loan, once approved, will be disbursed directly by the bank outside the portal.

Vidya Lakshmi portal will provide information about: 

• Information about educational loan schemes of banks;
• Common Educational Loan application form for students;
• Facility to apply to multiple banks for educational loans;
• Facility for banks to download students' loan applications;
• Facility for banks to upload loan processing status;
• Facility for students to e-mail grievances/queries relating to education loan
• Dashboard facility for students to view status of their loan application and
• Linkage to National Scholarship portal for information and application for government scholarships

About NSDL e-Governance Infrastructure Limited: 

NSDL e-Governance Infrastructure Limited (NSDL e-Gov) was originally setup as a Depository in 1995 and has over the years used its inherent strengths, project management capabilities and technology expertise to deliver state of the art e-Governance solutions which has helped governments to identify and clear bottlenecks, promote transparency, reduce service delivery costs and deliver public services efficiently. The solutions have efficiently made use of information and communication technologies as a tool for delivering public services and benefits to society at large. Some of the key e-Governance projects undertaken by NSDL e-Gov are:

1. Tax Information Network (TIN)
2. Central Recordkeeping Agency (CRA) for National Pension System
3. Electronic Accounting System in Excise & Service Tax (EASIEST)
4. GST Pilot Project
5. Registrar for Aaadhar enrolment and eKYC/Authentication Services
6. National Judicial Reference System

NSDL e-Gov works closely with various government agencies for designing, managing and implementing e-Governance projects. Over a period of time, NSDL e-Gov has gained varied experience and expertise in areas that help governments overcome various challenges faced by them in fulfilling their core responsibilities of delivering public services to the society.

Media Contact:
Vinith Nair,
[email protected],
+91-9820788411,
Assistant Vice President,
NSDL e-Governance Infrastructure Limited