The main base on which the complete shaping of future of a child stands is education and there is no question to it. The Education loan scheme by Narendra Modi which is popularly known as the Vidya Laxmi Education Loans Yojana is really helping a lot of families to give their children the education that they deserve. As Education equals Money. And depending on the standard or the degree, a LOT of money. This is where Education Loans comes into the picture. Everyone including the child himself in the family wants to study the right thing from the right pace in order to gain the knowledge as well as the school/college to act as a launching pad into the career of the child in the future. But let’s face it, education is expensive in India.
We all know that, in India, to gain high quality education where education is not only limited to books but teaching the good values of life, indulging into physical activates, personalized attention and much more costs a lot of money. While the scorecard of the child clearly claims the seat that he/she deserves, some families are not capable enough to make it up to the high fees as the semesters go. For all these families, students, Education loan is Important.
Vidya Lakshmi Education Loan
When it comes to finding, comparing and finalizing on a proper educational loan or a government scholarship, it is a pretty tedious job. All thanks to PM Narendra Modi and his education loan scheme now things have become way simpler. In order to find any details regarding the latest Government education loans, you can simply access the website and the website is named as Vidya Lakshmi.
From the starting day of the website (on Independence Day – 15th of August, 2015), The web portal only targets to avail simplified, organized and user friendly layout through which aspirants can find out about educational loans that are provided by various banks of India. What’s more? The website also provides detailed information about the various government scholarships and eligibility of the candidates.
Top Highlights of the Education loan scheme by Narendra Modi (Vidya Laxmi)
The Education loan scheme by Narendra Modi is framed as a unique website by the government of India that has great features which makes the website the first of its kind initiative in India. Seemingly, the website will help many students to complete their higher education without the big concern of the finances which usually does not allow students to apply and complete their higher education. Let us take a quick look at the features of the portal.
The CELAF (Common Educational Loan Application Form) Form
In one line, CELAF is a common form which makes life easy for all the students to apply for loans and helps in minimizing paperwork. Diving in deep, the Indian Banks’ Association or the IBA has brought in this form. This form is accepted by any and every bank that is participating in Vidya Lakshmi portal. Talking about the past, all the banks used to have their own different formats for loan application form, this used to hinder the path of the students. You can imagine, filling up so many separate forms if in case they have a requirement to apply for loans with multiple banks. Well, to get all the hurdles fixed, the CELAF was designed and introduced. The take away here is, students get to apply for loans with multiple banks using this single CELAF form.
How to apply for Vidya Lakshmi Loan Application form
To get your educational loan, the CELAF has to be filled. And to do that, aspirants will first have to register on the website and continue by logging in to their account. The process of registration as well as login is made pretty straightforward. Like if you are registering for the first time, simply open the portal and click on the registration link. Following up on the link, a registration form will show up. As usual, now you need to give the site some necessary information and complete the registration per the instructions that you will see on screen.
Once done with the registration, you have to go again to the website and click on login option. There you will see a login form. Fill in your user ID and password (that you received during the registration process) to login and use the portal.
Tadda! Now you will get access to the CELAF. As a part of today’s digital world, there is nothing to download as it is a completely online form which aspirants can fill up and submit. Good thing is, the CELAF is a one-time thing and you will never have to fill up a form again.
What’s Next after CELAF (Common Educational Loan Application Form) Form
After the form is filled, the applicant needs to look out for education loan schemes that are available from various banks and hit the Apply button. By this, the CELAF will reach to the respective bank showing the loan scheme that the student wants. And if in case the student does not select a particular loan scheme, various banks can also easily get in touch with the aspirant using the contact information received through CELAF.
They do say that you can apply for multiple banks. But the truth is, you are limited to a total of three banks. This means that if you are using CELAF, you will be unable to apply for loans with more than three banks at one time. If you are still interested in getting loans from other banks you can surely do it but not from the portal. You will have to do it in the old style physically.
List of Banks that are associated with the Vidya Lakshmi Education Loan Portal
As of today, there are 34 banks that are participating in the portal.
|Name of the Banks|
|Abhyudaya Co-Operative bank||KarurVysya Bank|
|Allahabad Bank||Kotak Mahindra Bank|
|Andhra Bank||Oriental Bank of Commerce|
|Axis Bank||Punjab and Sindh Bank|
|Bank of Baroda||Punjab National Bank|
|Bank of India||RBL Bank|
|Bank of Maharashtra||State Bank of Bikaner and Jaipur|
|Bharatiya Mahila Bank||State Bank of Hyderabad|
|Canara Bank||State Bank of India|
|Central Bank of India||State Bank of Mysore|
|Corporation Bank||State Bank of Patiala|
|Dena Bank||State Bank of Travancore|
|GP Parsik Bank||Syndicate Bank|
|HDFC bank||UCO Bank|
|ICICI Bank||Union Bank|
|IDBI Bank||United Bank of India|
|Indian Bank||Vijaya Bank|
Vidya Lakshmi is hands down the all-in-one system which makes the process of application for educational loans extremely simple, organized and user-friendly.