26
Jan, 2024

How to Get Education Loan Through Vidyalakshmi Portal

Vidyalakshmi Portal is a government initiative in India that facilitates students in applying for education loans and scholarships offered by various banks and government schemes. Here The Loan Details team are some key points about the Vidyalakshmi Portal

  1. Objective:
    • The Vidyalakshmi Portal was launched to provide a common platform for students to access information about various education loan schemes, submit loan applications, and apply for scholarships.
  2. Participating Banks and Schemes:
    • The portal integrates multiple banks and financial institutions that offer education loans. Students can explore and apply for loans from these institutions through a single platform. It also includes information about various government scholarships.
  3. Single Window System:
    • Vidyalakshmi serves as a single window system for students seeking financial assistance for higher education. It aims to simplify and streamline the application process for education loans and scholarships.
  4. User Registration:
    • Students need to register on the Vidyalakshmi Portal to create an account. Once registered, they can fill out a common education loan application form that is accepted by multiple banks.
  5. Document Submission:
    • The portal allows students to upload necessary documents required for loan processing directly. This helps in reducing the paperwork and expedites the application process.
  6. Loan Tracking:
    • Registered users can track the status of their loan applications through the portal. It provides transparency in the loan approval process, allowing students to stay informed about the progress of their applications.
  7. Interest Subsidy Schemes:
    • The Vidyalakshmi Portal may also provide information about interest subsidy schemes offered by the government to support students financially during their education.
  8. Mobile Application:
    • Vidyalakshmi has a mobile application that allows users to access the portal’s services on their smartphones.

Please note that there might have been updates or changes to the Vidyalakshmi Portal or its features since my last update in January 2022. For the most recent and detailed information, I recommend checking the official website of Vidyalakshmi or contacting relevant authorities involved in the initiative.

How Many Types of Loan You Can Get

Various types of loans are offered by banks, financial institutions, and other lending entities to cater to the diverse financial needs of individuals, businesses, and other entities. Here are some common types of loans available.

  1. Home Loans:
    • Home loans are provided for purchasing or constructing a residential property. They usually have a long repayment tenure.
  2. Personal Loans:
    • Personal loans are unsecured loans that can be used for various personal expenses such as medical bills, travel, education, or any other unforeseen expenses. They don’t require collateral.
  3. Car Loans:
    • Car loans are designed for purchasing new or used cars. The car itself serves as collateral for the loan.
  4. Education Loans:
    • Education loans are meant to finance the education expenses of individuals. They cover tuition fees, accommodation, books, and other related costs.
  5. Business Loans:
    • Business loans are provided to businesses for purposes such as working capital, expansion, purchasing equipment, or other business-related needs.
  6. Gold Loans:
    • Gold loans are secured loans where gold jewelry is pledged as collateral. They are a quick way to obtain funds with the gold acting as security.
  7. Loan Against Property (LAP):
    • Loan Against Property allows individuals to use their property (residential or commercial) as collateral to secure a loan for various purposes.
  8. Two-Wheeler Loans:
    • Two-wheeler loans are specific loans for purchasing motorcycles or scooters. The vehicle itself is used as collateral.
  9. Personal Overdraft:
    • Personal overdraft is a revolving credit facility linked to an individual’s savings account. It allows the account holder to withdraw more than the available balance, up to a certain limit.
  10. Credit Card Loans:
    • Credit cards often provide a revolving credit facility where cardholders can make purchases on credit. If the outstanding balance is not paid in full by the due date, interest is charged.
  11. Government-Sponsored Loans:
    • Various government schemes offer subsidized loans for specific purposes such as housing, agriculture, and small-scale industries.
  12. Microfinance Loans:
    • Microfinance institutions provide small loans to individuals, especially in rural areas, to support income-generating activities and entrepreneurship.
  13. Consumer Durable Loans:
    • These loans are designed for purchasing consumer durables like refrigerators, washing machines, etc.
  14. Professional Loans:
    • Professional loans are tailored for professionals such as doctors, lawyers, and chartered accountants to meet their specific financing needs.

How To Get Instant Mobile Phone Loans with Zero Down Payment

Mobile Phone Loan is now just a click away. After reading this article you will be able to get instant mobile phone of your choice. You can get a loan through a bank, financial institution or even an app on your phone to buy mobile on EMI amount of your choice.

Reasons you need to get instant mobile phone Loan

  • You may need to update your old mobile
  • You want a high-end model that’s out of your budget
  • Lost your expensive mobile and can’t afford to replace it at this moment
  • Phone malfunctioned after being out of warranty
  • Your Online classes are easy on Mobile Phone
  • You wanted to gift a mobile phone to your friend or family but do not have enough money

Eligibility Criteria

Must be a full-time salaried employee with a minimum take-home salary of ₹ 20,000/month

OR

Must be a self-employed professional with an income of at least ₹ 20,000/month

Have Valid Adhar, Pan, Bank Account, KYC Document

Have Good CIBIL Score- Above 700

Where to Get the Instant Mobile Phone Loan

You just need to visit your nearest Shop where Mobile Phone in sold on Finance on EMI. You will easily get the Loan Approval from his choice of lenders. Otherwise You may also apply online with following lenders

  • Bajan Finance- Bajaj Mall
  • Hero Fincorp
  • Home Credit
  • Money View App
  • Zest Money
  • Money Tap App
  • All national Banks-Government and Private Both
  • Co-Operative Societies
  • Loan Pe Phone App

Moreover You may use your EMI Card, Debit Card, Credit Card to finance your Mobile Loan. It is done within few minutes.

How To Improve CIBIL Score Quickly

CIBIL Score or credit score is a numerical expression based on a level analysis of a person’s credit files, to represent the creditworthiness of an individual. It is primarily based on a credit report, information typically sourced from credit bureaus.

Your CIBIL score is an important factor that lenders look at while evaluating a loan application. Hence it’s important to understand how the score is calculated. While there is a proprietary algorithm that determines your CIBIL score, the most important elements of the score composition are based on an individual’s loan payment behavior.

What is the CIBIL score?

Your CIBIL score is a 3-digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections of your CIBIL report, including (but not restricted to) your loan accounts or credit cards, and their payment status, as well as outstanding amounts’ days past due. The score reflects your credit worthiness, based on your borrowing and repayment history, as shared by lenders.  Your CIBIL score ranges from 300 to 900 and the higher your score, better are your chances of getting a loan approved. In fact, 79 percent of loans are sanctioned to consumers with a CIBIL score greater than 750

How is the CIBIL score calculated?

There are four key factors that impact your CIBIL score:

  • Payment history: Making late payments or defaulting on your EMIs has a negative impact on your score.
  • Credit mix: Having a balanced mix between secured loans and unsecured loans is likely to have a positive impact.
  • Multiple enquiries: Too many loan enquiries may have a negative impact on your score as it indicates that your loan burden may go up in the future.
  • High credit utilisation: A high credit utilisation limit indicates a rising debt burden over time and may negatively impact your score

How can you work towards a high CIBIL score?

Your CIBIL score is based on your credit history and past payments, but it subsequently impacts your future access to credit. What you do today can help you build a stronger and healthier credit footprint. Here are a few quick tips to help you improve your score:

  • Always pay your dues on time. Late payments are viewed negatively by lenders.
  • Keep your balances low. Be prudent, do not use too much credit, and control your utilisation.
  • Maintain a healthy credit mix of secured (like home loan and auto loan) and unsecured loans (like personal loan and credit cards) — too many unsecured loans may be viewed negatively.
  • Apply for new credit in moderation. This shows that you are not continuously seeking excessive credit.
  • Monitor your co-signed, guaranteed and joint accounts monthly. Remember that you are held equally liable for missed payments in co-signed, guaranteed or jointly held accounts, and your joint holder’s (or the guaranteed individual’s) negligence could affect your ability to access credit when you need it.
  • Review your credit history frequently throughout the year. Monitor your CIBIL Score and Report regularly to avoid unpleasant surprises (like a rejected loan application). Checking your report regularly will also alert you to possible inaccuracies, if any. In case you spot any discrepancy, you can log a dispute on the CIBIL website or request the lender to report the correction to CIBIL.

How to get loan with low CIBIL score

Your low CIBIL score will no more be a trouble in getting loan easily. CIBIL Scores are measured on a scale between 300 and 900, with 900 indicating the highest and 300 being the lowest. The minimum CIBIL score that a borrower generally needs to maintain to be easily eligible for a personal loan is above 700

You can avail of a low CIBIL score instant loan by applying with a joint applicant. You can apply for a loan with your parents, spouse, or siblings. The co-applicant, however, needs to have a high CIBIL score at the time of application.