The Vidya Lakshmi portal allows you to apply for an education loan to study in India or abroad. It is associated with 44 banks which offer education loans under multiple schemes as per your requirements. The time taken to process the application depends on the bank which you have selected as your lender and how promptly have you submitted the required documents. Usually, the banks contact you soon after you apply for the loan. You shall respond to the call immediately and discuss further things. The bank usually takes around 15 days to process the loan if the amount is not exceeding INR 7.5 lakhs. Let’s understand how banks provide education loans and how much time it takes to get the loan.
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Also Read: The government has developed the Vidya Lakshmi portal for students who want to pursue higher studies with an education loan. Check this blog on What are the features of Vidya Laxmi Portal?
Vidya Lakshmi Loan Processing Time for Study Abroad
The time taken to process an education loan depends upon various factors such as loan amount, eligibility criteria, monthly income etc. Usually, studying abroad comes with a higher cost and you might have to take a loan amount exceeding INR 7.5 lakhs which will require collateral. If you have taken a loan to study abroad the bank will contact you for further process and might ask for more documents such as a visa approval letter, and confirmation of admission, copy of health and travel insurance etc. The bank may reject your application if you do not respond properly. It takes less than 30 days to process a study abroad education loan when applied through the Vidya Lakshmi portal.
- Keep checking the application status on the Vidya Lakshmi portal.
- If you haven’t received a call from the bank after applying then contact the nearest branch or raise a grievance on the portal.
- Try to respond immediately when you receive any kind of communication from the bank.
Loan Processing Time for Study in India
When you apply for an education loan to study in India it takes less time as compared to study abroad loans. The bank will call you soon after you submit the application for further steps. If your loan amount is not exceeding INR 7.5 lakhs then you are required to respond to the bank’s communication within 15 days. After 15 days the bank will mark the application as closed and you will have to reapply.
- If your amount exceeds INR 7.5 lakhs and you are taking a loan to study in India you can respond to the bank within 30 days.
- In case your application is on hold check the remarks immediately and do the needful to get the loan faster.
- Upload all the supporting documents properly and make sure it is completely visible. This will help you to get your loan sanctioned faster.
Confused with the process? Check this blog on how to apply for an education loan through Vidya Lakshmi portal
FAQs
Vidya Lakshmi usually takes less than 15 working days for an education loan. However, more time can be taken depending on the terms and conditions and document verification.
Some banks and NBFCs show that they will process Vidya Lakshmi’s application in 3-4 days and the process will be completely online.
It completely depends upon your bank. If they are calling you for verification purposes you should visit. This will help you get the loan sanctioned faster.
If your loan has been rejected, you can apply again on the portal. However, before reapplying, ask the existing bank to mark the status as ‘rejected’ on the portal and close the application.
In case there is no update marked from the bank, contact the nearest branch and try to get the process escalated.
This was all about the time taken by the Vidya Lakshmi portal for an education loan. Always contact your bank or raise the issue with the Vidya Lakshmi portal in case of any unusual delay.
To know more about education loans, 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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