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Modi Government Provides Educational Loans through a Portal

by Business Education on Tuesday 15 September 2015, 5:20 PM | Category: Banking and Finance| View: 5580 views
 
 
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Modi Government Provides Educational Loans through a Portal

The finance ministry on Thursday said that it has launched a portal - Vidya Lakshmi - to provide single window access for students to apply for loans and government scholarships. "It is expected that students throughout the country will be benefited by this initiative of the government by making available a single window for access to various educational loan of all banks," the finance ministry said.

There has been a myriad of speculations during the budget speech for 2015- 16 formulated by our honorable Finance Minister Arun Jaitley. We all remember that day, everyone was glued in front of the TV just to listen the new budget and hoped that it turns in our favor. In the budget speech, Finance Minister Arun Jaitley has mentioned a ginormous amount of programs which were meant for the welfare of the people. Finally, some of the programs are transformed into a reality. Finance Minister Arun Jaitley had in his Budget speech for 2015-16 had 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).

India is the country which is filled with ginormous talents but, there are gargantuan amount of students whose talents fade away forever. The main reason behind their lost career is considered to be the financial crisis and the hectic implications of getting loans. But now each and every student will turn his dream into a reality and sprawl his wings at an enormous rate. This Vidya Lakshmi (www.vidyalakshmi.co.in) portal has been the biggest relief for the students and they don't have to stop their higher studies due to lack of funds. "The launch of the portal is a first step towards achieving this objective," the ministry noted in its statement, adding that, Vidya Lakshmi (www.vidyalakshmi.co.in) was launched on the occasion of Independence Day.

The portal has a number of quintessential features. It will provide accurate and authentic information about educational loan schemes of banks, common educational loan application form for students. Students can apply to multiple banks for loans and if they have any doubt related to the program, they can email grievances/queries related to educational loans. Dashboard facility has been arranged for the students to view the status of their loan application and linkage to National Scholarship Portal for information and application for government scholarships. There are some ultimate facilities for the banks too; they can download student's loan applications and upload loan processing status.

In a statement, the finance 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. 

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