Government launched education loan portal for students required loans [ Current Affairs ]


About student loans in India: Student loans are known as education loans. This is required to the students who wants to study further but can’t afford because cost of educational degrees are going higher.

  • Self - financing Institutes are increasing speedily in India which are providing higher degrees like Engineering, Medical and management at higher cost of education.
  • For this many private sectors and public sectors banks offer educational loans.
  • Student loans are started by SBI in 1995.

About launching of education loan portal:

  • Government has launched a web portal named www. vidyalakshmi. co. in for the students seeking educational loans.
  • Education loan portal is announced by the government to higher education of the students who are not capable of fund.
  • This portal was launched with an aim to manage and monitor scholarship as well as educational loan schemes under the Pradhan Mantri Vidya Lakshmi Karyakram (PMVLK).

About the portal:

  • NSDL e - Governance Infrastructure Limited has developed and maintained this portal under the guidance of Ministry of Finance, Ministry of Human Resource Development, Department of Higher Education and Indian Banks Association (IBA).
  • This portal provides facility for banks to upload status regarding every loans and students can view status of their loan application and linkage to National Scholarship Portal for information and application for government scholarships on the portal.
  • SBI Bank, Bank of India, IDBI Bank, Canara Bank & Union Bank of India have joined the portal for providing loan processing status to students.

- Published on: August 21, 2015