The processing time for Vidya Lakshmi education loans generally takes less than 30 working days. The bank usually takes around 15 days to process the loan if the amount is not exceeding INR 7.5 lakhs. However, this duration can vary based on several factors, including the specific bank chosen, the amount of the loan, and how quickly the applicant submits 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. Also, Regularly check the application status on the Vidya Lakshmi portal and respond quickly to any requests from the bank. Let’s understand the processing time for Vidya Lakshmi education loans.
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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?
What is the Processing Time for Vidya Lakshmi Education Loans?
Vidya Lakshmi aims for a streamlined process. The actual time takes to process your application for an education loan on Vidya Lakshmi Portal can vary significantly based on individual circumstances and bank practices.
- For Loans Up to INR 7.5 Lakhs: If the loan amount does not exceed INR 7.5 lakhs, banks typically process applications within 15 days.
- For Loans Exceeding INR 7.5 Lakhs: For larger loan amounts, especially for studying abroad, the processing time may extend to 30 days.
Vidya Lakshmi Education Loan Processing Time for Study Abroad
The processing time for Vidya Lakshmi education loans to study abroad usually take less than 30 days to process. The processing time 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, confirmation of admission, copy of health and travel insurance etc. The bank may reject your application if you do not respond properly.
- Keep a regular check on the education loan approval 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 apply 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.
Factors Affecting Processing Time for Vidya Lakshmi Education Loans
Various factors affect the actual processing time for Vidya Lakshmi education loans. These include the loan amounts, eligibility, documentation, purpose of loan, and others. Check them out below-
- Loan Amount: Higher loan amounts, especially those exceeding INR 7.5 lakhs, usually take longer due to the collateral requirement.
- Eligibility Criteria: Meeting all eligibility conditions speed up the process, while discrepancies can lead to delays.
- Documentation: Missing or unclear documents can significantly increase processing time.
- Communication: Prompt responses to bank requests and follow-ups ensure smoother processing.
- Application Status: Checking and addressing remarks or updates on the portal promptly helps avoid delays.
- Purpose of Loan: Loans for studying abroad often require more time due to additional documentation and approval steps.
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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 30 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.
Clear and complete documents like admission letters, income proof, collateral details, and ID proofs can help speed up processing.
Yes, loans requiring collateral typically take longer due to additional verification steps.
Yes, visiting the bank branch or responding promptly to bank communications can expedite the process.
Check the remarks on the portal, resolve the issues, and upload any requested documents to continue processing.
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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