Eligibility Criteria is an essential factor to apply for Vidya Lakshmi Education Loan. Meeting the standard eligibility criteria will help in quick sanction of the loan. Starting a journey to study abroad comes with a lot of challenges and the first one is financial constraints. In such situations, students generally look for education loans that can cover the majority of their expenses. Vidya Lakshmi Portal Education Loan is one such education loan that caters for the financial needs of students who are planning to go abroad for higher education. Let’s understand more about the eligibility criteria of Vidya Lakshmi Portal Education Loan.
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What is the Eligibility Criteria for Vidya Lakshmi Portal Education Loan?
Vidya Lakshmi has partnered with 40+ Indian banks and the eligibility criteria for each bank is different. You need to check it individually before applying for an education loan. However, there are certain standard eligibility criteria that are mentioned below:
- The candidate applying for the Vidya Lakshmi Portal Education Loan must be a citizen of India.
- The candidate must have been admitted to any college or university.
- The candidate must have completed 10+2 or any equivalent qualification.
- Only the students who are willing to study abroad or in India are eligible.
Also Read: 5 Things to Keep in Mind to Apply for an Education Loan
Other Eligibility Factors for Vidya Lakshmi Portal Education Loan
Vidya Lakshmi is a first-of-its-kind portal for students looking for a reliable source of education loans. The portal was created under the guidance of the Department of Financial Services (Ministry of Finance), the Department of Higher Education (Ministry of Education) and the Indian Banks Association (IBA).
- Proof of Identity and Address
- Academic Transcripts and Certificates
- Admission Letter or Offer of Admission
- Income Proof
- Collateral Documents (if applicable)
- Any Additional Requirements
- Compliance with Regulatory Guidelines
Vidya Lakshmi Portal Education Loan was successfully developed and is being maintained by Protean eGov Technologies Limited. The best thing about this portal is that the students can view, apply and track education loan applications to banks anytime, anywhere by accessing the portal.
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Also Read: Expenses Covered in Education Loan
FAQs on Eligibility Criteria for Vidya Lakshmi Education Loan
HDFC Bank, ICICI Bank, IDBI Bank, and Indian Bank are some of the best options for the Vidya Lakshmi Portal Education Loan.
No, the Vidya Lakshmi loan is not interest-free. You will have to pay the rate of interest as per the policy of the concerned bank.
IDFC FIRST Bank, HDFC Credila etc provide 100% education loans.
This was all about the Vidya Lakshmi Portal Education Loan’s eligibility criteria. Students aspiring to study abroad can easily apply for education loans through this portal.
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. Follow our social media handles on Twitter, LinkedIn and Instagram.
