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Vidyalakshmi Portal for Education Loan the Government of India

Vidyalakshmi Portal for Education Loan the Government of India
Vidyalakshmi Portal for Education Loan the Government of India

[New Delhi] On August 15, 2015, the Government of India launched Vidya Lakshmi Portal to ensure that students can avail loans easily through single window system of banks for education loans. In this regards the Banks follow Indian Banks’ Association (IBA) guidelines which stipulate that education loan applications must be disposed of, in the normal course, within 15 to 30 days.

Year-wise number of applications made through Vidya Lakshmi Portal for Education Loan in accordance with National Securities Depository Limited (NSDL).

Year

Number of applications

2015-16

992

2016-17

11854

2017-18

63242

From 01.04.2018 to 29.07.2018

68302

As on 29.07.2018, details of the status of applications since the launch of the Portal is as under:

Total Applications Received

144390

Applications Sanctioned

42733

Applications Rejected/Closed

26392

As stated by Public Sector Banks (PSBs), on an average time taken to process the loan applications ranges from 15 to 30 days on receipt of completed application form.

As reported by NSDL, 22119 applications are pending as on 29.07.2018 for more than 6 months. Major reasons for pendency of application include application being non-compliant under the IBA Education loan scheme and/or students not submitting desired information, lack of proper response from students to the queries raised by banks. Depending on the reason for the pendency of applications, banks take necessary action for its effective disposal. The students are contacted by the banks for early submission of required documents.

This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in a written reply to a question in Lok Sabha today.

The reader can click here to go to the Vidyalakshmi Portal for Education Loan.

Extract from the official website

Vidya Lakshmi is a first of its kind portal for students seeking Education Loan. This portal has been developed under the guidance of Department of Financial Services, (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA). The portal has been developed and being maintained by NSDL e-Governance Infrastructure Limited. Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal. The portal also provides linkages to National Scholarship Portal.

News Source: Press Information Bureau

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