Ranchi, Aug 5: The Prime Minister recently launched the Jan Samarth Portal as a digital one-stop shop that will connect 13 government credit initiatives on a single platform. This website is to connect beneficiaries with lenders directly. Beneficiaries can digitally check their eligibility in a few steps, apply online under eligible schemes and receive digital approval.
The website notably offers loans in different sectors including education loans among others that provide opportunities for pursuing studies in and outside India, are eligible for courses from Graduation to PhDs and focuses on students from economically weaker backgrounds.
However, before this portal was launched, students had another option launched by the Modi government to receive educational loans at cheaper rates that would connect them to all lenders at once online.
The University Grants Commission has developed a portal ‘Vidya Lakshmi’ for the students who seek to take an education loan under the guidance of the Ministry of Finance, Ministry of HRD and the Indian Banks Association. The portal is also linked to the National Scholarship portal to help students get scholarships for further education as well.
When questioned regarding the same, Hiren Gupta, manager at a prominent bank said, “The basic aim of the portal is to assist the students in obtaining a hassle-free education loan up to Rs 7,50,000 for studies in India and Rs 15,00,000 for abroad. The students seeking a loan through this portal also get a waiver of margin or collaterals for loans up to Rs 4,00,000. For the loan amount exceeding Rs 4,00,000, the interest rate can be availed as per the prime lending rate (PLR). In addition to this, a grace period of one year after the completion of studies can also be opted for.”
“Our bank provides loans at really good rates, however, I personally suggested to my sister Sonam to opt for the portal for a better opportunity, as it also provides scholarships to students. Along with this, she could compare all the details of all bank loans at home through here,” he added.
After taking an education loan, students also get ample time to pay back the loan. Students can repay the loan one year after completing their studies. It may take five to seven years to repay the loan. Income tax exemption is also available for education loans.
Explaining this, Hiren’s sister Sonam said, “I am in Sydney, Australia for a nursing course, which I will complete within the next year. I will have one whole year to manage my bills to be able to repay the loan.”
UGC has also made available the links of all banks on the Vidya Lakshmi portal. Here, complete information about the names of banks, application form for education loan and various schemes of education loans is provided for students to go through. Students can get complete information about this by visiting the student corner on the website of UGC.