What all documents are needed for Vidyalakshmi education loan?

Vidya Lakshmi – Education Loan

  • Mark sheet of last qualifying examination;
  • Proof of admission (should compulsorily consist the name of institution and course)
  • Proof of income / assets (if any)
  • Photos to be provided for Student / Parent / Guarantor, whose income details have been provided.

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Furthermore, how can I apply for education loan?

Steps to Apply for Education Loan on Property

  1. Step 1 – Apply Online. Go to the Student Loan application page for the online application form. …
  2. Step 2 – Respond To Our Representative. …
  3. Step 3 – Receive Loan Approval Confirmation. …
  4. Step 4 – Furnish The Necessary Documents.
Subsequently, how can I fill my education loan application form? Steps to filling an Education Loan Form

  1. Check the recognition of the course or institute by the bank. …
  2. Find out the amount of loan required. …
  3. Search out various loan options.
  4. Compare the available options and find out the optimum one. …
  5. Apply for the loan to Study Abroad. …
  6. Things to keep in mind.

In this manner, how can I register for Vidyalakshmi portal?

Vidyalakshmi portal procedure for registration

  1. Create your login ID and password on the Vidyalakshmi login portal.
  2. Once this is done, click on a confirmation link which will be sent to you on your registered e-mail ID.
  3. After clicking on the confirmation link, you will be taken to the Vidyalakshmi login page. …
  4. Voila!

How do I get an interest free education loan?

However, can education loans in India be actually interest-free? The answer is no. Or at least, technically, you cannot avail of an interest-free education loan unless you have availed some economic benefits or academic subsidies from either the government or your institution.

How do I pay back my education loan?

How to Pay Education Loan Early?

  1. Begin Early. One of the primary considerations while looking for an education loan is repayment calculation. …
  2. Create Income. You can start a part-time job and save a lot of money before the repayment period. …
  3. Save More. …
  4. Choose a Relatively Shorter Loan Tenure. …
  5. Consider Balance Transfer.

Is Form 16 mandatory for education loan?

In case you wish to file your income tax returns without Form 16, you will have to refer to your bank statements, payslips, home loan or education loan certificates, tax-saving investment proofs, Form 26AS, etc. … 1,600 per month is allowed, no tax will need to be paid on the allowance.

Is Vidyalakshmi portal mandatory?

“The Department of Financial Services has made it mandatory for all the banks to accept the education loan applications only through the NSDL portal. … Vidya Lakshmi is the IT-based Student Financial Aid Authority to administer and monitor scholarships as well as education loan schemes.

What are the documents required for Vidyalakshmi portal?

Mark sheet of last qualifying examination • Proof of admission to the course • Schedule of expenses for the course, from the Institution • Passport size photographs of the applicant / parent / Co-obligant / Guarantor (2 copies each) • Proof of income / assets (if any) • Latest salary certificate and form No.

What documents are required for taking education loan?

Documents required for Education Loan

  • KYC documents.
  • Bank Statement / Pass Book of last 6 months.
  • Optional – Guarantor Form.
  • Copy of admission letter of the Institute along with fees schedule.
  • Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.

What is the use of Vidyalakshmi portal?

The IT based mechanism under the Pradhan Mantri Vidya Lakshmi Karyakram is expected to provide to students a single window electronic platform for Scholarships and Educational Loans.” Vidya Lakshmi is a first of its kind portal for students seeking Education Loan.

What is Vidya Laxmi scheme?

Vidya Lakshmi Yojna is an education loan scheme launched by the Indian Government whereby students can avail loans through an online portal. The Vidya Lakshmi portal has been developed by the NSDL e-Governance Infrastructure Limited with the aim to make education loans easily accessible for the students.

Which bank is good for education loan?

Compare Top Education Loan Offers 2021

Name of Bank Interest Rate (p.a.) Processing Fees
SBI 6.85% to 8.65% Rs.10,000 + tax
Axis 13.70% to 15.20% Nil to Rs.15,000 + tax
Bank of Baroda 7.85% to 9.85% 1% of loan amount up to Rs.10,000
HDFC 9.55% to 13.25% Up to 1.5% of loan amount + tax

Which courses are eligible for education loan?

Some of the courses include:

  • Computer certificate course.
  • Engineering diploma.
  • Certificate courses from ITI.
  • Data entry operator course.
  • Nursing/Teacher Training certificate courses and B. Ed.
  • Agri diploma.
  • Veterinary diploma.
  • Any job-oriented diploma or certificate course.

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