The Vidya Lakshmi Portal application status for education loans is usually reflected after 15 to 30 days. In the meantime, the banks process your education loan application and verify the documents submitted. You can log in to your portal and check the status of your application whether it has been accepted or rejected.
The types of Vidya Lakshmi portal application status on the screen can be seen as submitted, in process, sanctioned, or rejected. In case the loan is approved the bank will contact you for further process and will update the same on the Vidya Lakshmi portal. Let’s discuss the steps involved in checking the application status on the Vidya Lakshmi.
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Steps to Check Vidya Lakshmi Portal Application Status
After applying the Vidya Lakshmi Portal the bank initiates the process of loan disbursement. After every step, the bank will update the status on the portal so that the applicant can know the progress. When you apply for a loan the bank starts the verification process.
They check your credit score and other criteria and then your application will be considered. You don’t need to get the exact loan amount that you mentioned in the application. The bank may offer you a lower amount subject to the terms and conditions and the required eligibility criteria.
Check the steps to know the Vidya Lakshmi Portal application status for your education loans and know if your loan is approved or not.
Login to the Vidya Lakshmi Portal
Visit the official website of the Vidya Lakshmi portal and log in to your profile. Once you log in to the portal a Dashboard will appear on the screen. There will be multiple options on the dashboard which will show all the details regarding your loan application like the common application form, edit profile, grievances, application status etc.
Select ‘Application Status’
On the dashboard page, you will see the ‘Application Status’ button. Click on application status and check the status of your loan. It will show all the applications that you submitted for an education loan. These details are shared by the bank on the portal after each step.
Usually, the time taken by the bank to access your application and establish contact with you for which you are supposed to respond within 15 or 30 days based on your loan type i.e. loan to study in India or abroad. Once the loan is approved, it will reflect on the application status page.
Also Read: While registering on the Vidya Lakshmi Portal for an education loan make sure that you enter all the information properly. Check this blog on the Vidya Lakshmi Portal Registration Process
Types of Vidya Lakshmi Portal Application Status
Understanding the types of application statuses on the Vidya Lakshmi Portal will help you navigate the education loan application process more effectively. Staying informed about where your application stands allows you to take timely actions, whether it’s providing additional information or preparing for loan acceptance. Here’s what you can see when checking the Vidya Lakshmi Portal application status.
Submitted
The ‘Submitted’ Vidya Lakshmi portal application status indicates that your application has been successfully submitted to the bank. It means that the bank has received all the necessary documents and information you provided. At this stage, no evaluation has taken place yet.
- Next Steps: You should ensure that all details are correct and keep an eye on your email or the portal for any communication from the bank regarding the next steps or additional documentation needed.
In Process
The ‘in-process’ Vidya Lakshmi portal application status signifies that your application is currently under review by the bank. It means the bank is assessing your application based on various criteria, including your academic background, financial status, and creditworthiness. This phase may involve the verification of documents and may take some time.
- Next Steps: Be prepared to respond promptly if the bank requests further information or documentation. It’s a good idea to check your email regularly and monitor the portal for updates.
Approved
The ‘approved’ Vidya Lakshmi Portal application status indicates that the bank has completed its assessment of your application and has decided to grant you the requested loan amount, subject to certain terms and conditions.
It means your application has met all necessary criteria, including creditworthiness, documentation, and eligibility requirements. The bank is now ready to provide you with the funds needed for your education.
- Next Steps: Once your loan is approved, you will receive an education loan sanction letter from the bank. You may need to submit additional documents or complete certain formalities before the funds are disbursed. This could include signing a loan agreement.
Sanctioned
The ‘sanctioned’ Vidya Lakshmi portal application status indicates that your loan application has been approved by the bank. It means the bank has completed its review process and decided to grant you the loan. You will receive details about the loan amount, interest rate, repayment terms, and any other conditions that apply.
- Next Steps: Review the sanction letter carefully. You may need to sign agreement documents and provide any final documentation before the funds are disbursed. Make sure to understand the repayment schedule and any other obligations.
Rejected
The ‘Rejected’ Vidya Lakshmi portal application status means that your loan application has not been approved by the bank. The reasons for education loan rejection could be due to insufficient credit history, incomplete documentation, or failure to meet eligibility criteria.
- Next Steps: If your application is rejected, you can usually reapply after addressing any issues that led to the rejection. It’s advisable to contact the bank for specific reasons behind the rejection so you can improve your application for future submissions.
What if the Loan is Rejected?
Vidya Lakshmi portal helps you to get education loans easily at low interest rates. However, the bank’s decision remains final regarding the education loan approval. In case you are not eligible for the loan the bank will reject the application.
Also, there can be a possibility that your information is incorrect on the portal and the bank rejected your application based on the same. In this case, you can re-apply after editing your application (if required) with any bank you find best suited for you.
Also Read: Always keep your documents handy and up-to-date so that your loan can be approved easily. Check this blog on the Vidya Lakshmi Portal Documents Required
This was all about Vidya Lakshmi Portal application status. Always keep an eye after applying for a loan as the bank allows a limited time after loan approval for further processing.
FAQs
You can track your education loan application status by logging into your profile on the Vidya Lakshmi portal. Once logged in, navigate to the ‘Application Status’ section on your dashboard, where you can view the current status of your application.
While the Vidya Lakshmi portal does not send direct notifications, you can regularly log in to check your application status. It’s advisable to keep an eye on your registered email as well, as banks may communicate important updates through email.
Typically, you should expect to see updates on your application status within 15 to 30 days after submission, depending on whether you applied for a loan to study in India or abroad. Regularly checking the portal will help you stay informed about any changes in your application’s progress.
You can easily check your application status on the Vidya Lakshmi portal by logging in to your profile.
You can change your bank even after the loan is approved. You can raise the issue on the portal or contact the bank to initiate the process.
You can edit your application on the Vidya Lakshmi portal by clicking on the ‘edit application’ tab.
The best option is to track the loan updates on the Vidya Lakshmi portal. However, you can do visit the bank to check the loan updates.
If your application status shows “In Process,” it means that the bank is currently reviewing your application and verifying the documents you submitted. This stage may take some time, and you should check back regularly for updates.
Yes, if your education loan application is rejected, you can review the reasons for rejection and make necessary adjustments to your application. You may then reapply through the Vidya Lakshmi portal or contact the bank for further guidance on appealing their decision.
To know more about the Vidya Lakshmi portal, 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.
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