GoI Launches an Online Portal for Students Seeking Educational Loans

25-aug

Education & easy way to education is the only way forward. With so many Indian students already making a mark on the global scene, steps must be taken to make the process of education hassle-free for the students. The key is to make education affordable and easy.

The education sector in India is regarded as one of the vastest ones. With a vision of making the process of applying for educational loans easier, the Government of India (GoI) has an online portal www.vidylakshmi.co.in for the students seeking educational loans. In what can be seen as a perfect date to launch the portal, vidylakshmi.co.in was launched on the occasion of the 69th Independence Day. A number of big and reputed banks like State Bank of India (SBI), Industrial Development Bank of India (IDBI), Bank of India (BOI), Canara Bank & Union Bank of India have already incorporated the website in their system.

Being first-of-its-kind portal, www.vidylakshmi.co.in also provides the students with information about government scholarships along with the educational loans info via a single window. According to a Finance Ministry release quoted by PTI, “This initiative aims to bring on board all banks providing educational loans. It is expected that students throughout the country will be benefited by the initiative by making available a single window for access to various educational loan schemes of all banks.” The move can be termed as one of the earliest developments to realize the dream of setting up a fully IT based student financial aid authority. Finance Minister Arun Jaitley had mentioned in his Budget speech for 2015-2016 that the government will also be looking to roll out more educational schemes the Pradhan Mantri Vidya Lakshmi Karyakram.

The portal is designed to serve as a two way outlet that can prove to be beneficial to both the banks and the students. It allows the banks to upload loans availability along with the loan processing status board to help students keep a tab on the progress of their loan application. In order to serve as a two way communication channel the portal also allows the students to email their queries, process glitches and inquiries related to educational loans and government scholarships under the National Scholarship Portal. The newly launched portal has been designed, developed and maintained by NSDL e-Governance Infrastructure Limited (NSDL e-Gov) under the tutelage of the Department of Financial Services in the Finance Ministry, Department of Higher Education, Ministry of Human Resource Development and Indian Banks’ Association.

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