No Physical Education Loan application in Banks

The Department of Financial Services has made it mandatory for all the banks to accept the education loan applications only through online mode. Banks have been directed not to accept education loan applications in physical form.

Online education loan applications shall be received through NSDL portal called Vidya Lakshmi. Banks will not be considering any application received through physical form. This has been done so that education loan disbursement process becomes transparent and more efficient.

VidyaLakshmi.co.in is a portal managed by NSDL to administer and monitor scholarships as well as education loan schemes. Vidyalakshmi portal can be accessed by Students for applying education loan from banks and banks can access the portal to receive, manage and dispose the education loan applications.

So far, 13,190 education loan applications have been approved by 36 banks on the Vidya Lakshmi Portal.

As on date, 42 banks are registered on the portal offering 84 education loan schemes.

According to NSDL, already, lakhs of students are coming to the portal to register for education loans.