Vidyalakshmi Loan Scheme IIT Students

Vidyalakshmi Loan Scheme IIT Students

India has been considered as the youngest nations, on the path of achieving all inclusive development. For being considered as a developing country, a lot of stress must be put on increasing the literacy rate. With increase in the average literacy rate, the people of the country will attain actual development in all sectors. Thus, it is the main responsibility of the government of the nation to provide proper opportunities to the young students so that they can chase and achieve their dreams of higher education. The Modi government understands the significance of the proper education and it is the main reason why they have been introducing many schemes for giving the students the help they require.

Launch Dates and Details

Among the various programs, which have been introduced by the Modi government, for providing assistance to the students who aspire to acquire higher education for the IITs, the most recent one is the Vidyalakshmi Loan Scheme. As the name suggests, the program was introduced by the HRD Ministry of the country for providing the needy students with financial assistance for getting admission into the IITs.

According to the latest decree by Smriti Irani, there was a massive increase in the fee structure of all the IIT academies. The decision came as a shock to all the students and also their parents. After a lot of discussion with the IIT aspirants, the government thought about the implementation of the Vidyalakshmi Loan program. The government expects that the credit program will be able to solve the problems from the life of deserving candidates.

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Features of Vidyalakshmi Loan Scheme

Under this credit program, the candidates who want to study in any of the IITs in the nation, will be able to apply in any bank and get the require amount to pay the fee every year, for the entire tenure of the course. Any bank will grant the loan to a student who has got admission in the IIT but the major issues emerges during the payment of the interest rates. To aid the students and their parents during the repayment of the credit, the government has announced that the loan granted to the students under the Vidyalakshmi scheme will be given at zero percent interest.

Eligibility criteria for Vidyalakshmi Loan Scheme

It is not every day that a student gets the chance to sit in the esteemed and hallowed classes of the IITs. It takes a lot of hard work and years of practice to cement your place in any of the IITs in the nation. These students will uphold the honor and the name of the country in every part of the world. Thus, the government felt that it is their duty to do their part in making sure that none of the deserving candidates lose out on the opportunity of studying in the institutes due to lack of funds. The following are the criteria for acquiring the credit under the Vidyalakshmi program:

  1. First of all, only those students will be able to apply for the acquiring the loan who have been successful in cementing a place in any of the IITs. Only after they pass the interview rounds and get the green signal from the admission department, they will be able to approach the banks for getting the loan.
  2. The government has announced that students of those families will be allowed to apply for the loan who does not earn more than 9 lakhs on a yearly basis. Students of well to do families will not be granted any loan under the scheme.

Interest rate On the Student Loan Under Vidyalakshmi Loan Scheme

Let’s face the truth, if a student has been admitted in the IIT, there will hardly be a bank that will deny him/her an educational loan. But the government has been able to hit the right chords with the students and their families by making the loan under the Vidyalakshmi program interest free. Neither the students nor their parents will have to worry about paying any interest.

Vidyalakshmi Scheme IIT

According to the decision of Smriti Irini, the fee structure of the IITs got a new makeover. The fee in any of the IITs per year was Rs 90,000. After the new fee structure makeover, the fee was increased to a whopping 2 lakhs. This was a big shock for the IIT aspirants. The burden of the fee is much for the middle class students. Thus, they approached the government with a plea to reduce the fee. The government responded by saying that the fee will not be reduced. But they also did not want to infuriate the students. So they brought about the credit scheme that will assist the students in paying the fee of the college. The best thing about the scheme is that loan will be given to them at zero percent interest.

Application Form for Vidyalakshmi Loan Scheme

For getting the scholarship under the Vidyalakshmi Scheme, the students will have to make the proper application. For this, they will require the detailed information about the various academic grants that the government has lined up for the students of the nation. To apply for these grants, the students have to fill in the respective form for acquiring the grant. For instance, to get the loan for getting admission in the IITs, the students can fill in the form online or download the application form from online and then approach the bank and make the application for getting the loan.

How to apply For Vidyalakshmi Loan Scheme

  1. Before applying for the loans and the grants, the students will have to open an account on the website. The student will have to long on to the official web page and then click on the link that will trigger the account opening procedure.
  2. The second step requires the filling of the various tabs. Each interested student will have to fill in the fields by typing in the name, address, email ID, mobile number and the password.
  3. Once all these have been done, the student will have to type in the verification code that will be provide to them by the website. After typing in the verification code, they will have to hit the submit button.
  4. This will complete the registration process. The notification of the successful registration will be sent to the student immediately to the registered mobile number via SMS or to the email address via mail.

Official Portal and App for Vidyalakshmi Loan Scheme

As there are many grants that the government gives, it is important that the students know about all these scholarships and loans, which are offered by the government. But the man question is, where will the students get the information? For answering all queries of the students, the government and the HRD department has launched the Vidya Lakshmi. This significant task was done on the 15th of August, 2015.

The main aim behind the launch of the website was to assist the students in getting the information about how they can apply for the various scholarships and the loans, which are offered by the government. The website will not only give them the important information but will also provide them with the online forms for making the online applications.

Facility Available On Official Vidyalakshmi loan Portal

The following are the salient features of the website:

  1. When the students log on to the website, they will be able to take a closer look at the various at the guidelines for opting for the various academic loans and they will also get pertinent information regarding the applying procedure.
  2. The rates of interest of all the banks are also highlighted on the website. Thus, the students will be able to compare the rates well in advance. They will be able to apply for the educational loans for various banks.
  3. If the students have any doubts regarding the loans, then they will be able to mail their queries on the website. The authority responsible for the operations will provide them with the required information.
  4. Apart from the loans, the website will also provide the students with the links to check out the pages of various scholarship programs and grants, offered by the government and other associations.

The department also has an application that can be installed in the smart phones. With the help of this mobile app, the students will be in a better position to check out all the guideline and details of the grants, loans and ways of making the application on the go.

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