The education loan scheme by Narendra Modi provides education loans to every sector of society. Education loan by the government of India is provided for the student under 18 – 23 years. The prime motive behind launching an education loan scheme Narendra Modi is to provide easy availability and enhance the quality of education. Countless students want to achieve a better position in society and get a better education, so this education loan by the government of India will surely help to fulfill your dream.
A particular website was formed to provide education loans by the government of India, Vidyalaxmi. Co.In. The education loan scheme includes 33 banks that provide quick access to the education loan scheme. In this article, we will discuss the education loan by the government of India, how you can register for this education loan by the government of India, and many more.
Steps to Get an Education Loan from the Government of India
The education loan scheme by Narendra Modi helps every student who wants a better future and achieves their goals. However, with these steps, you can easily apply for an education loan scheme
- Register on the internet site http://www.Vidyalakshmi.Co.In
- After completing registration> and email verification> log in.
- After logging into the account, fill out the form> commonplace education loan software form.
- Then you could observe several banks and compare them according to your requirements.
What is the Vidya Lakshmi Portal?
The Vidya Lakshmi portal is designed to provide complete information about the education loan scheme by Narendra Modi. It helps in providing all the essential details on loans which makes it easy for us to take education loans from the government of India. Vidya Lakshmi portal offers information about various banks under which you can get an education loan from the government of India. All students all around India can apply through the Vijay Lakshmi portal. There are various schemes under the education loan scheme by the government of India, such as the prime minister’s particular scholarship scheme, Miss Jammu, and Kashmir 2020- 21.
Eligibility Criteria for Education Loan Scheme by Narendra Modi
Suppose you’re an interested student who wants to apply for the education loan scheme by Narendra Modi. In that case, you have to use the below-given eligibility criteria for the education loan scheme Narendra Modi
- The student must be a citizen of India.
- There is no age limit for the submission.
- The student must have complete qualifications, certificates, degrees, etc., for better and proper procedure.
- They must not be the NRI.
- The student must have a passport.
- Eligible courses under the education loan scheme by the government of India are graduation/post-graduation/ diploma courses from recognized universities, technical/ professional/ management courses, and Ph.D. courses. However, courses outside India are graduation/post-graduation offered by recognized universities, certified degree courses conducted by CIMA, London, CPA, USA, and other such institutes’ Ph.D. courses. Diploma courses abroad are not covered.
Key Features of the Education Loan Scheme by Narendra Modi
Some of the essential key elements of the education loan scheme by Narendra Modi
- The interest rate of this education loan scheme by the government is relatively low compared to other student loan schemes. However, the interest rate is usually calculated during the course / after period; only compound interest will be charged on this education loan by the government of India.
- The maximum repayment tenure for the education loan scheme by the government is 15 years. The student can repay the loan according to the terms of the course.
- The expenses that come under the education loan by the government is tuition fee payable to the college/ university hostel/ mess charges, examination/ library/ building fund/ refundable deposit supported by institution bills/ receipt purchase of books/ receipt purchase of books, instrument/ uniform purchase of computer and many more.
Benefits of the Education Loan Scheme by Narendra Modi
The education loan scheme has been providing various advantages to students. However, some of the benefits are
- The scheme doesn’t require a co–signer.
- The interest rate is comparatively lower than private student loans.
- The interest rate of the scheme is fixed, and all the details are available online.
- The scheme also includes the option of sundering and postponement of the loans.
- The education scheme doesn’t require the credit history of previous qualifications.
The education loan scheme by the government is the newly launched scheme for providing education loans to the desired and eligible students. However, above, we’ve discussed everything related to the education loan scheme by the government.
Education Loan Scheme by Narendra Modi – FAQs
How much money is granted under the education loan scheme by Narendra Modi?
Ans. The scheme contains various styles of loans. However, the government provides education loans beneath 7.5 lacs. Moreover, you can take loans to acquire an education within or outside the country as well.
Can we be admitted to foreign universities through an education loan scheme by the government?
Ans. Yes, the government also provides a quota to those students who want to acquire an education abroad. You can take a loan to complete your studies in a foreign country.
Will all banks offer similar interest rates?
Ans. The interest rates of the bank may vary from each other. Most financial institution provides a 4 -6% interest rate; however, it can go from bank to bank.
Who is eligible for an education loan in India?
Ans. Student who wants to be Indian citizens and above the age of 18 are eligible for the education loan. However, above, we have discussed the whole eligibility criteria for the loan, which will help you.
What is the time limit of an education loan?
Ans. The time limit for an education loan is 15 years.