Updated By: LatestGKGS Desk
Education Loan Online Application becomes Compulsory
Union Government made Education Loan Online Application Compulsory
Union government has made it compulsory for all banks to consider the only online application for education loans.
The banks have been directed to sanction the education loan, only through online applications in order to make the loan process transparent and efficient.
Managing Director and CEO, NSDL e-Governance Infrastructure, Gagan Rai, informed that the banks will only accept education loan application through NSDL portal and will not accept application in physical form.
Gagan Rai, who is currently managing the web portal called Vidya Lakshmi, also informed that up till, 13,190 education loan applications have been approved by 36 banks on the Vidya Lakshmi Portal.
Gagan Rai further added that implementing the new process will also control corruption and fraud loan application cases.
Vidya Lakshmi is the IT-based portal for Student Financial Aid Authority in India to administer and monitor scholarships as well as education loan schemes.