The application process for an education loan becomes very convenient when applied through the Vidya Lakshmi portal. The government of India have made it compulsory for banks to accept educational loan applications through the Vidya Lakshmi portal only. Applying for an education loan from the Vidya Lakshmi portal through the YONO app is very easy and you can do it simply by downloading the YONO app on your phone. Let’s check the procedure for applying for a Vidya Lakshmi education loan through the YONO App.
Table of contents
How to Apply for Education Loan through YONO App?
YONO app is an online banking platform that allows you to use multiple banking services like money transfers, loan applications, cardless ATM withdrawals etc. You can check different education loan schemes and their features on the app. Check below the stepwise process to apply for an education loan:
- Open the play store or app store on your phone and find the YONO app
- Look for the YONO app developed by the State Bank of India and download the app
- After downloading, open the app and enter the net banking details i.e. user ID and password
- If you don’t have registered net banking then you can register with your debit card as well.
- After logging in, click on the ‘Loans’ button mentioned at the top of the page
- In the next screen, find and select ‘Education Loans’
- Check the scheme under which you want to apply for a loan and read all the features of the loan.
- Click on the ‘Apply Now’ option visible at the top of the application.
- When you click on the ‘Apply Now’ button a pop-up will appear saying that it is mandatory to apply for education loans on the Vidya Lakshmi portal.
- You will see a button ‘Yes, take me there’
- After clicking this button you will be redirected to the Vidya Lakshmi portal.
Also Read: Did you know HDFC is one of the largest private-sector banks in India? Check this blog on HDFC Bank Education Loan through Vidya Lakshmi Portal
Steps After Opening the Vidya Lakshmi Portal
The YONO app will redirect you to the Vidya Lakshmi portal. On the portal, the first thing you will do is to register it by providing details like name, email ID and contact number. After registering on the Vidya Lakshmi portal you will be able to apply for an education loan. There will be one common loan application form which will be accessed by the bank for verification. The portal will also allow you to check the status of your loan. Check the steps to apply for an education loan:
- After the registration process, your profile will be created and you can log in anytime by using your email ID and password.
- When you log in to the portal a dashboard will appear where you can apply for a loan, check the loan scheme, your loan status etc.
- On the dashboard, click on the loan application form and fill in all the details
- You need to fill in the details like details of college/university, collaterals, loan amount, course details etc.
- After filling in the details submit the application form
- The bank will call you soon after the submission of the application
- In case of a study abroad loan you need to respond to the bank within 30 days, after which the bank will reject your application.
Also Read: How to Apply for Education Loan through Vidya Lakshmi Portal
Benefits of Applying for a Loan on Vidya Lakshmi Portal through YONO SBI
Vidya Lakshmi portal is a dedicated platform for education loans and SBI is one of the major banks associated with the portal. The SBI YONO App has simplified the process of applying for education loans. Some of the major benefits of applying for an education loan on the Vidya Lakshmi portal through the SBI YONO app are as follows:
- You can check and compare the scheme of loans as all the information regarding the education loan schemes is available on the YONO app.
- The application can be submitted easily from the mobile phone and you don’t even need to visit the branch.
- Since you have already understood the scheme you can apply directly on the portal and select SBI as the lender
- The Vidya Lakshmi portal also provides you access to scholarship schemes by redirecting to the Jansamarth portal
- You will be able to check your loan application status at any time by logging in to the portal
FAQs
If you don’t have an account in SBI you won’t be able to access the YONO app.
The bank offers education loans up to INR 1.5 crores subject to the terms and conditions and the eligibility criteria.
You can re-apply for an education loan on the Vidya Lakshmi portal even if it gets rejected. Contact the bank to understand the reasons for rejection and apply again properly.
This was all about applying for an education loan on the Vidya Lakshmi Portal through the YONO app. Always read the terms and conditions of the education loan provided by the bank before applying.
To know more about the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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