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Now students will be able to avail education loans with less hassle
Posted on: 30/Nov/2015 2:39:53 PM
In order to simplify the educational loans procedure for the students, the Government of India has launched The Credit Guarantee Fund Scheme for Education Loans (CGFSEL) and the Vidya Lakshmi scheme.
The Credit Guarantee Fund Scheme for Education Loans:
The fund will provide guarantees to unsecured education loans of up to Rs.7, 50,000. Banks will deposit 1% of every student loan amount in this fund. After the moratorium period - one year after the end of studies or six months after getting a job, whichever is earlier - banks may have to give 15-18 months to the student borrower. If, after this lock-in period, the student does not start repayment, then 50% of the credit amount will be given at one go to the bank. The remaining 25% will be paid after a certain period of time, during which the concerned bank may initiate legal action against the borrower.
Vidya Lakshmi scheme
Government of India has launched Vidya Lakshmi portal scheme which will provide easy and effective system to for students regarding educational loans. For ease of operation a new website is also launched namely www.vidyalakshmi.co.in
Five banks including SBI, IDBI and Bank of India have integrated their system with the website.
With this portal students can take benefits like - Information about educational loans schemes of banks, Common educational loan application form for students, Facility to apply to multiple banks for educational loans, Linkage to national scholarship portal for information, application for government scholarships, Dashboard facility for students to view status of their loan application, Facility for students to e-mail grievances/queries relating to educational loans to banks, Facility for banks to upload loan processing status, Facility for banks to download student`s loan applications.
With the CGFSEL scheme taking care of the risk factor for the banks and the Vidya Lakshmi portal to simplify the application process, the students will be able to avail education loans with less hassle.
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