With an objective to help students seeking loans for educations, Indian Government has launched a new website called vidyalakshmi.co.in. Reportedly, the website was launched on the eve of Independence Day and five top banks of the country including State Bank of India, Bank of India and IDBI have been included to integrate their system in line with the new portal.
The new web portal has been designed and developed by NSDL, an e-Governance Infrastructure Limited operating under the umbrella of Department of Financial Services, Department of Higher Education, Ministry of Human Resource Development and Indian Banks’ Association (IBA).
As promised in the Budget of 2015-16 by Finance Minister Arun Jaitley, this portal is the first step towards building an all-around system to help IT based financial aid for students competing for administrating and monitoring scholarships along with academic loans available through ambitious schemes like Pradhan Mantri Vidya Lakshmi Karyakram.
The plan lays its maximum focus on one and all students who are deprived of education due to lack of funds and this portal will make sure that the future of such deprived children can be protected by offering them a helping hand to study and learn further. Also, it will act as the single available window for all under privileged students who want to gain access to mainstream education and explore additional opportunities.
With the support of top nationalized banks of India, this system is bound to be of great benefit to all students. Besides loan products and financial aid, the newly launched portal shall also provide feature for multiple applications to multiple banks so that students’ loan gets approved. It will also have a place for students to put forward their grievances and their urgent queries which will be answered within stipulated time. Additionally, students applying for educational loans shall be able to view their loan status and means to link National Scholarship Portal for seeking information as well as application meted out towards government scholarships.
The Finance Ministry had already chosen a total of 13 nationalized banks (including banks like SBI, IDBI Bank, Bank of India, Canara Bank and Union Bank of India) that will be responsible for more than 22 different types of academic and educational loans. The recent release said that this initiative will harbour growth and intermingling among deprived section who have no mans or ways to formal education and further opportunities to shape their future ahead.
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