PM - Vidyalaxmi Education Loan for Abroad Studies Portal

The modern era of higher education is all about internationally recognised qualifications and industry connections for the best edge in a competitive job market. As the interest in foreign education rises, so do the prospects to finance said education through an overseas education loan. The number of lenders and loan schemes on the market keeps increasing as well, providing more accessible options to a wider audience. However, choosing and applying to the right loan scheme can be tricky for students, with each lender having their own websites and processes.

One way to streamline the loan schemes and applications is to apply through the PM - Vidyalaxmi education loan for abroad studies portal. This portal was launched by the Indian government as an initiative to support Indian students applying for loans from Nationalized, Private, and Co-operative Banks. This portal helps students save the time and resources spent on researching information and loan schemes across different websites.

Recently, the portal has been updated with new features to streamline the loan application process further. In this article, let us discover how this portal helps students view, track, and apply for overseas education loans from different banks.

Benefits of the PM - Vidyalaxmi Education Loan for Abroad Studies Portal

The PM - Vidyalaxmi portal was created jointly by the Ministry of Finance, the Ministry of Education, and the Indian Banks Association. Since the lenders and schemes are all approved by the government, there is no danger of outdated information. Some other benefits of the PM -‍ Vidyalaxmi education loan for abroad studies portal are listed below.

• Students can apply to multiple banks through the portal, making simpler and faster application submissions.
• Students can efficiently track and read the details of various loan schemes on the portal, lessening the overall time that the loan application process may take.
• All the information about loan amounts, interest rates, eligibility, etc., is available in one window, giving students the ability to make an informed decision at a quicker pace.
• The portal is accessible from anywhere and on any device, as long as it can connect to the internet.
• The PM -‍ Vidyalaxmi education loan to study abroad portal can also integrate with the National Scholarship Portal, allowing students to apply for and track both simultaneously.

Once the student’s loan is approved, it is disbursed into their account without needing a third party’s involvement. This transparent process helps students carefully allot their disbursed loan amount to various expenses. In the next section, we will learn about the portal’s many unique features.

Features of the Latest PM -‍ Vidyalaxmi Education Loan for Abroad Studies Portal

When young aspirants apply for a study abroad loan through the PM -‍ Vidyalaxmi portal, they often notice its intuitive design and student-friendly process. Some other features of this portal are as follows:

• Diverse overseas education loan options from 45 banks offering around 139 loan schemes.
• Students can apply for interest subvention as well as overseas education loans through the portal.
• The interface is user-friendly and marked with clear sections and processes for viewing, tracking, and applying to different loans easily.
• The portal streamlines multiple applications in a centralized manner, giving students clarity on the status of each.
• Students get real-time updates on each application’s status, and the portal helps troubleshoot any delays or issues for a smooth process.

Having understood the stand-out features of the PM -‍ Vidyalaxmi portal, we will explore the portal’s approved bank list in the upcoming section.

Banks Registered with the PM -‍ Vidyalaxmi Education Loan for Abroad Studies Portal

The PM -‍ Vidyalaxmi portal features some of the best banks for education loans for abroad studies, including the following names:

• Axis Bank
• Bank of Baroda
• Bank of India
• Canara Bank
• Central Bank of India
• ICICI Bank
• Punjab National Bank
• State Bank of India
• Syndicate Bank
• Union Bank of India

These banks have schemes for both secured and unsecured education loans for students with diverse financial backgrounds and requirements. However, each loan scheme comes with its own eligibility criteria, so let us learn about that next.

PM -‍ Vidyalaxmi Education Loan for Abroad Studies Portal: Eligibility Criteria

Every bank and scheme on the market has different eligibility criteria that students must follow before sending their applications. However, the overall criteria boil down to the following points:

• The student/applicant must be an Indian citizen.
• Students must show an admission offer from a recognized educational Institution abroad and a good academic record.
• Students and their co-applicants (wherever required) must meet the income and collateral requirements of their loan.

Students also need to upload scanned copies of their documents when applying for different loan schemes. Next up, let us see which documents are required.

Documents Required for the PM -‍ Vidyalaxmi Education Loan for Abroad Studies Portal

Different types of loans and banks may have varying documentation requirements as per the policy. However, the usual requirements include:

• Proof of admission from an educational Institution recognized by the bank.
• Proof of identity and residency, including photo ID cards with KYC.
• Past marksheets and academic certificates.
• Schedule of expenses for the course given by the chosen institution.
• Bank statements of the co-applicant (if one is required).
• Collateral documents for secured education loans.

To use the PM -‍ Vidyalaxmi education loan for abroad studies portal, students must first register themselves. Read on to find out the detailed registration process.

PM -‍ Vidyalaxmi Education Loan for Abroad Studies Portal Application Process

The very first step to register on the PM - Vidyalaxmi portal is to click on the 'Student Login' option on the homepage and register with a mobile number and email ID that the student can access frequently. While making their profile, one has to carefully verify the information with the help of One-Time Passwords (OTPs) generated by the website. After that, students need to follow the steps given below.

• Log in again and complete a second OTP verification.
• Click on the button titled ‘Apply for Loan Application’ and verify the Aadhar and PAN card details.
• Add all the necessary information about the chosen educational institution, course, duration of study, etc.
• Upload all the necessary personal, financial, and academic documentation and review the information thoroughly before submitting.
• Choose the bank and the most convenient branch through the portal.
• Download the application form for future reference.
• Log in regularly to track the loan application status on the home screen.
• Get the loan disbursed directly into a loan or University account as per the requirements.

As we can see, the PM -‍ Vidyalaxmi education loan for abroad studies gives students all the resources needed to research and finalize the ideal study abroad education loan. Students can take the help of overseas education loan consultants to explore the portal, understand all the financial terms, and speed up the application process for a good experience.