Nationalized banks, private banks, multinational banks, and NBFCs (non-banking financial organizations) are among the top lenders that the institute helps students obtain education loans from. The education loan is granted based on the student’s academic performance, who is the loan applicant, and the co-applicant’s credit history, who is the student’s parent or legal guardian.
How to apply for an education loan:
You can apply for an education loan online or in person.
Offline:
To get the application form, the student or applicant can go to the bank’s closest branch. The application form must be sent along with all of the bank-recommended supporting documentation.
Online:
The student or applicant can use the Vidya Lakshmi portal at vidyalakshmi.co.in to apply online for a loan from a nationalized bank. The applicant or student should go to the website and complete the instructions.
The first platform of its sort to assist students looking for education loans from nationalized banks is called Vidya Lakshmi. Under the direction of the Indian Banks Association (IBA), the Department of Higher Education of the Ministry of Education of the Government of India, and the Department of Financial Services of the Ministry of Finance, the portal was created. NSDL e-Government Infrastructure Limited created and maintains the portal. Through the platform, students can browse, apply, and follow up on their loan applications to a bank at any time and from any location.