How Many Applications Can You Submit Through the Vidya Lakshmi Portal: The Vidya Lakshmi Portal was launched to make the process of applying for education loans simple and easy. Many students use this portal to apply for education loans for studying abroad or in top institutions in India. A total of 44 banks are registered with the portal and students can apply to multiple banks through a single application form. In this blog, we are going to answer a common question asked by students – How many applications for education loans can be submitted by a student through the Vidya Laksmi Portal?
Table of contents
How Many Banks Can a Student Apply to?
You can apply for a maximum of three banks on the Vidya Lakshmi Portal. A student has to first register in order to apply for a loan. When you have successfully registered, you are required to fill out a Common Education Loan Application Form (CELAF).
This is how a Common Education Loan Application Form looks like:
Single Loan Application Form for Multiple Banks
Students should note that they are only required to fill out a single loan application form. After filling out this application form a student becomes eligible to apply for education loans to multiple banks/schemes. This application form will be accepted by all banks. Upon completion of the application, a student becomes eligible for a loan scheme and the approval of the loan can be checked through the portal too.
If you want to know more about filling out the application form you must check out this blog:
How To Apply For Education Loan Through Vidya Lakshmi Portal?
Number of Banks That a Student Can Apply to
A student can apply to a maximum of three Banks through the Vidya Lakshmi portal. For example, the three banks that you select are the Central Bank of India, State Bank of India, and Bank of India, you will be required to fill out the details of the branches of these banks to which you are applying. It is not mandatory to select three banks in your form, you can even opt for only one bank of your choice.
When you choose more than one bank, then the details of all the banks will be visible on your portal and you can also track the status of your application.
Things to Keep in Mind When Selecting Different Banks
There are certain things that you should keep in mind while applying to different banks and they are:
- You have to be very careful in choosing the bank(s) and loan schemes because once you have submitted your application, the process of making any changes to it is a tedious one as the only way to change the bank or any other details provided in the CELAF is by contacting the bank and requesting it to close your application.
- Only after the bank has closed your application, you can reapply another time by clicking on the ‘Reapply for New Loan Scheme’ in your Loan Application Form tab.
- So, in case you choose to apply to 3 different banks, be very careful in filling out the details of all the banks.
If you want to know more about the process of downloading an application form then you can read this blog:
How To Download the Application Form From the Vidya Lakshmi Portal?
FAQs
You can apply to a maximum of three Banks through the Vidya Lakshmi portal using CELAF.
To check your loan status, you need to log in to the portal and click on the ‘Application Status’ button. The page will show you the status of your loan application form.
No, you are not required to fill out a different form for each bank. You only have to fill in the Common Education Loan Application Form (CELAF). Through this single form, a student can apply for education loans from multiple banks/schemes
This blog was all about how many applications can you submit through the Vidya Lakshmi Portal.
To know more about the Vidya Lakshmi Portal 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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