How To Reapply For an Education Loan Through Vidya Lakshmi Portal?

It is important to understand how to reapply for an education loan through Vidya Lakshmi Portal because the loan may get rejected the first time or you may want to change the bank. Vidya Lakshmi Portal provides the option to re-apply for an education loan if the bank has rejected your existing application. You can simply log in to the portal and apply again with the same or other banks as per your choice, requirement and eligibility. There are a total of 44 banks registered with the Vidya Lakshmi Portal and you can select up to 3 banks at a time and apply for an education loan to study abroad or in India. Let’s check the steps involved in reapplying for an education loan through the portal.

How to Reapply for Education Loan Through Vidya Lakshmi Portal?
FAQs

Also Read: Go through Vidya Lakshmi Portal Bank List and check the list of banks associated with it.

How to Reapply for Education Loan Through Vidya Lakshmi Portal?

In order to reapply for an education loan on the Vidya Lakshmi portal, you need to close all existing applications made to one or more banks. Request all the banks where you have applied to close or reject the ongoing loan application. Once it gets closed, then you can start making changes in the CELAF (common education loan application form), if required. For reapplying, you don’t need to fill out the entire application form again. Check the steps in detail below:

Contacting the Bank

Before reapplying for an education loan, ask the bank to close the existing loan application. You can request them through mail or by visiting the nearest branch. Also, make sure to discuss with the bank about why your education loan application got rejected. By knowing the exact reason, you will be able to figure out how and where to reapply for the loan so that it gets approved without any hassle.

Closure Request

Once the bank accepts your closure request, it will initiate the process of cancelling the loan application. The same will be updated on the Vidya Lakshmi Portal. Make sure to keep a regular track and take regular follow up from the bank because you won’t be able to apply until the previous bank closes the existing loan application.

Edit Application Form

Now, if the existing application has been cancelled or rejected by the bank start your application process again. Visit the portal go to the profile and click on ‘Reapply for New Loan Scheme’. You will be redirected to the new loan application where you can edit the form and enter or change the details if required.

Reapply for New Loan Scheme

On the Vidya Lakshmi portal, you can check all the existing education loan schemes offered by as many as 44 banks in India. Check all the features, interest rates, repayment periods and maximum loan amounts of multiple banks and compare them. By doing this you will be able to find out the best bank and the best scheme for your education loan. Submit the application to the new bank through the portal and wait for bank’s response.

Also Read: Check here all about Vidya Lakshmi Portal Education Loan Eligibility Criteria

FAQs

How to edit the loan application form in the Vidya Lakshmi Portal?

There is no option available on the Vidya Lakshmi Portal to edit the application form. For this, you need to contact your bank/banks and request them to close the application. Once the bank closes or rejects your application, you can reapply by clicking on the ‘Reapply for New Loan Scheme’ option in the Loan Application Form tab.

How can I check my Vidya Lakshmi Loan Status?

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.

How can I change my bank on the Vidya Lakshmi Portal?

You can not change your bank through the portal after you have already submitted your application form. For this, you need to contact the respective bank and request them to close/reject your application.

Do I need to visit the bank to close the existing application?

Start contacting the bank through mail or calls to close the application. If there is any kind of delay, then visit the bank and try to get the process escalated.

Do I need to fill out the loan application form again?

In order to reapply for the education loan, you can simply edit the existing loan application form.

This blog was all about the process of reapplying for an education loan through the Vidya Lakshmi Portal. To know more about the Vidya Lakshmi Portal loan application process, the best international 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.