Board examinations are about to end. Entrance rails have started. However, if fees are being hurdles for admission in good colleges, then the better solution is education loan. The special thing about it is that the Government has created the Vidyalakshmi Portal. Through this, the same applicant can get the opportunity to claim a loan in three banks. Information on 110 loan schemes of 36 banks is also available on this website.
Apply for loan
After applying online, the application for loan through the website will go to the bank branch of your area. The bank will contact you personally. You will have to go to the bank and provide certificate related to name, address, admission. After that the bank will issue a loan to you. The special thing is that if you apply online, you can also see the full status of your application on the Vidyalakshmi website.
– Login to Vidyalakshmi portal www.vidyalakshmi.co.in
Here you will have to fill the Common Education Loan Application.
After that, you can search the education loan on the portal according to your need.
Apply for a loan as per your preference and requirement.
Opportunity to get a complaint
There is an opportunity to file a complaint about the problem of applying for education loan from Vidyalakshmi portal and providing hassle to a loan from the bank. You can register your complaint on this portal. On the complaint, prompt action will be taken by the government.
This is website: www.vidyalakshmi.co.in
No security upto 7.50 lakhs
You do not have to give any security (home, land paper etc.) up to Rs 7.50 lakh for education loan. Up to four lakh rupees, education loan will be available without any guarantees. Up to 7.50 lakh rupees education loan will be available on your guarantee. You will also have to give security and witness according to the bank’s requirement if you take more than this loan.
Direct loan from the bank before admission
If your selection is done in any college or university after the 12th, then you can take an education loan for admission. It is important for your admission to be through an entrance exam or merit rather than direct. There will be a letter from the college, it will have information about seat allotment. In addition, take the college’s full fee structure and your residence certificate to the bank. Many banks including SBI have started the online process of its application.
Direct loan from the bank after admission
If you have taken admission in any course and have deposited the fee, within six months of admission you can take the convenience of the loan. For this, you have to get a bonafide letter about being a college student. Apart from this, the fee structure will also be given. The good thing is that not only will you get the amount deposited back from the bank, but also the entire cost of the next study will be raised from the loan. After the admission, the loan is scheduled for six months.
Loan for ten years
The total time period for taking and depositing education loan is ten years. Within ten years you will have to repay the loan. Earlier, the time limit was seven years which the government had increased to ten years.
For one year after the end of the study or if the job starts, the payment of loan will start from the earliest. By then, simple interest will be paid on the loan which differs in every bank. As you have done four years of engineering course, then you have to give a simple interest to the loan for one year or till you get a job. After five years, the full interest of the loan will be charged from you. There is no money to be deposited in the bank during the study. But, if you deposit interest money during the study then one percent discount will be allowed.
Subsidy to income earning less than 4.5 lakh
If you have taken an education loan and have not got a job after the completion of education, then the loan interest can get a discount for one year. For this, there is a provision of subsidy on behalf of the central bank. This benefit is given to the parents taking education loan under the Center’s ‘Central Scheme for Interest Subsidy on Education Loan’ scheme. The most important reason for this is that the annual income of the parents taking the loan should be 4.5 lakh or less. For this, they have to apply with a proof certificate in the bank.
After the application, on the basis of verification of all the papers, the bank will waive interest of one year. Original copy of income certificate given on behalf of Tehsildar / SDM / City Magistrate along with an application, Interest Subsidy Agreement, Certificate of Stamp Duty, Certificate issued by the Institute for being a student of the institute where he is enrolled are to be given.
This paper is essential: Aadhar card, college letter, fee structure, voter ID, photo