Want an education loan but tired of running around different banks and confused about their numerous schemes? The government has a solution for you in the form of one common website where students can apply for loans in multiple banks.
The government has come up with some amazing news for students seeking education loans. The days when students had to run around – going to different banks, finding out which loan scheme would be the best for them, and filling numerous forms – might soon be far behind us.
This 15th August, the government launched a website for education loans – a common place where students can apply for loans in multiple banks, by filling out just a single form.
It has been developed and will be maintained by NSDL e-Governance Infrastructure Limited (NSDL e-Gov) under the guidance of Department of Financial Services in the Finance Ministry, Department of Higher Education, Ministry of Human Resource Development and Indian Banks Association (IBA).
In his budget speech for financial year 2015-16, Union Finance Minister Arun Jaitley had proposed the plan for such a platform – “With a view to enable all poor and middle class students to pursue higher education of their choice without any constraint of funds, I propose to set up a fully IT based Student Financial Aid Authority to administer and monitor Scholarship as well Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram. We will ensure that no student misses out on higher education for lack of funds.”
According to the Finance Minister, 13 banks have already registered 22 education loan schemes on the website, and five banks have integrated their system with the portal.
With the integrated system, they will be able to provide the status of the loan application to students who can then access it directly from their dashboard.
These banks include SBI, IDBI Bank, Bank of India, Canara Bank and Union Bank of India.
Gagan Rai, chief executive and managing director, NSDL e-Governance Infrastructure, said that the number of banks registered will increase in the coming days.
The portal has been developed with the view that every student should get a chance to access higher education. With a single window where all the required information can be obtained, the process will become very easy for them and their families. Students can also use the website to email grievances to the banks if they are facing any problems.
There is a link to the national scholarship website as well, where students can learn about and apply for different government scholarships. Information provided on the website includes:
- Education loan schemes of different banks
- Where to download the common education loan application form
- How to apply to multiple banks for the loan
- Government scholarship schemes
All that students have to do to apply for loans is to register on the website. After this they have to fill out one form which asks for all necessary information like bank details, Aadhaar card number, PAN details, education details, etc. And then they can start browsing through the various schemes to apply for the one which suits their requirements.
Students can register here to apply for loans.