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Vidyalakshmi Portal for educational Loan ensure students can avail loans easily

New Delhi: Vidya Lakshmi Portal was launched by the Government on August 15, 2015, to ensure that students can avail loans easily through single window system of banks for education loans.  

Banks follow Indian Banks’ Association (IBA) guidelines in this regard which stipulates that education loan applications have to be disposed of, in the normal course, within a period of 15 to 30 days.

As per National Securities Depository Limited (NSDL), Year-wise number of applications made through Vidya Lakshmi Portal are as under:

 

Year

Number of applications

2015-16

992

2016-17

11854

2017-18

63242

From 01.04.2018 to 29.07.2018

68302

 

As on 29.07.2018, details of the status of applications since the launching of the Portal is as under:

 

Total Applications Received

144390

Applications Sanctioned

42733

Applications Rejected/Closed

26392

Source: NSDL

 

As reported by Public Sector Banks (PSBs), the average time taken to process loan applications ranges from 15 to 30 days on receipt of completed application form.

As reported by NSDL, 22119 applications are pending as on 29.07.2018 for more than 6 months. Major reasons for pendency of application include application being non-compliant under the IBA Education loan scheme and/or students not submitting desired information, lack of proper response from students to the queries raised by banks.

Depending on the reason for the pendency of applications, banks take necessary action for its effective disposal. The students are contacted by the banks for early submission of required documents.

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