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Students can now apply to multiple banks for education loans with just one form

News:

  • The finance ministry on Thursday said that it has launched a portal – Vidya Lakshmi – to provide single window access for students to apply for education loans and government scholarships.
  • The ministry noted that that 13 Banks have registered 22 educational loan schemes on the portal and five banks -SBI, IDBI Bank, Bank of India, Canara Bank & Union Bank of India, have integrated their system with the portal for providing loan processing status to students.
  • Finance Minister Arun Jaitley had in his Budget speech for 2015-16, proposed to set-up a fully IT based Student Financial Aid Authority to administer and monitor scholarship as well as educational loan schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram (PMVLK) to ensure that no student misses out on higher education for lack of funds.
  • The portal will provide information about educational loan schemes of banks, common educational loan application form for students, facility to apply to multiple banks for educational loans, and facility for banks to download students loan applications.

Source: ET

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