When you submit the application on the Vidya Lakshmi portal, the bank starts initiating the further process. It will check and verify the documents, collaterals (if required), credit history and score, details of co-applicant etc. If you have missed submitting or the bank needs some more information it will mark the application as ‘on hold’ leaving the remarks. However, this is very different from the rejection and the bank will give you enough time to complete the further process. Let’s understand the process of resolving the ‘on hold’ status of the loan application.
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On Hold Status of Loan on Vidya Lakshmi Portal
After the submission of the application form, the bank will call you for further processing and check your eligibility. The call usually comes from the bank after 15 or 30 days after you apply. While applying for the education loan from the Vidya Lakshmi portal you mention maximum information and upload the supporting documents. However, based on the bank’s internal criteria they may require some more information for which they put the application on hold and mention the remarks. Let’s check some more reasons behind this.
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Documentation
The bank will check and verify all the documents submitted by you on the Vidya Lakshmi portal. If you have missed uploading any documents or if it is not clearly visible/blurred the bank may put your application on hold mentioning the relevant remarks. You can rectify the eros mentioned by the bank on the portal by editing your application. The bank will again initiate further process.
Collateral Value
If you have applied for a large amount of education loan you need to submit a collateral of the value prescribed by the bank. While verifying the collateral if the bank finds it less valued than required it will put the application on hold. You have to understand the terms and conditions and then submit the required documents which show the value of collateral as demanded by the bank.
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Error or Mismatch in Application Form
In case you have made an error in your application form and it doesn’t match with the supporting documents then your application will not be processed. You have to edit the application and submit it again for further processing. The bank will indicate the requirement in the remarks column from where you can check and perform the required action.
FAQs
The bank always mentions remarks stating the reason behind putting the application on hold. You can check the remarks column in the application status.
You might not have submitted the supporting documents properly or the photograph may be blurred. There could be many different reasons behind putting a loan application on hold. You must check the remarks or contact the bank immediately if the bank has put your loan application on hold.
The bank will start further processing once you rectify the errors in the application. Keep a regular check on your dashboard.
This was all about the ‘on hold’ status of your education loan application through the Vidya Lakshmi portal. In case of any issues and grievances always consult your bank or raise a grievance on the portal.
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