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Government launched education loan portal for students seeking loans
The Government of India is on a mission to quickly digitise the country. For that education is key, it launched a new portal called VIZ aka www.vidyalakshmi.co.in, which will cater to students seeking educational loans.
Apart from providing educational loans, it is being described as a first of its kind initiative that will act as a "single window for students to access information and make application for educational loans provided by banks and government scholarships."
This initiative was proposed by the Union Finance Minister Arun Jaitley in the Budget of 2015-16 through the Pradhan Mantri Vidya Lakshi Karykaram. The idea is that no student should miss out on funding for higher education.
The portal has a number of unique features. It will provide things like information about educational loan schemes of banks and will even have a common form for educational loan application. There will be a facility for students that they can apply for loan to multiple banks in one go.
On the back-end, even for banks, there will be a facility for them to download the loan applications of students and for them to upload the loan processing status. This works both ways as there will be a dashboard for the students as well so that they can check the status of their loan application. This may sound pretty rudimentary, but often government websites lack such basic features. There will also be a mechanism in place for students to email grievances pertaining to the status of loans. Lastly, there will also be a link to the national scholarship portal so that students can easily apply for government scholarships.
So far 13 banks have registered for 22 educational loan schemes under the Vidya Lakshmi Portal. The 5 government banks SBI, IDBI bank, Bank of India, Canara Bank and Union Bank of India are already integrated in the system.