{"id":774437,"date":"2023-06-19T11:12:50","date_gmt":"2023-06-19T05:42:50","guid":{"rendered":"https:\/\/leverageedu.com\/discover\/?p=774437"},"modified":"2023-06-19T11:12:50","modified_gmt":"2023-06-19T05:42:50","slug":"education-loan-application-in-public-banks","status":"publish","type":"post","link":"https:\/\/leverageedu.com\/discover\/indian-education-loans\/education-loan-application-in-public-banks\/","title":{"rendered":"A Comprehensive Guide to Education Loan Application in Public Banks"},"content":{"rendered":"\n

Public sector banks in India are those in which the government owns more than 50% share of the stock. These are government-owned banks, with certain public sector undertakings. State Bank of India<\/strong> is one such example of a public sector bank in India. Now, when it comes to student education loans<\/strong><\/a>, students have the natural option of choosing public banks and seeking their aid to finance an education abroad<\/strong><\/a>. With this blog, we share information on this option for students, specifically on how to proceed with education loan application in public banks. So, interested? Read below to learn more. <\/p>\n\n\n\n\n\n\n

General Education Loan Application <\/h2>\n\n\n\n

Let\u2019s first understand the general process of applying for an education loan. As a student, you should first thoroughly do your research; wherein you explore and compare different banks and their rate of interest and other products, before coming to the decision of applying for an education loan <\/strong>with a certain bank. <\/p>\n\n\n\n

Now, there are two ways to apply for an education loan: online and offline. <\/p>\n\n\n\n

Online <\/h3>\n\n\n\n

The online way is pretty straightforward. <\/p>\n\n\n\n

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  1. The student can visit the official website of the bank, and look for the online application form that they will then fill out with the necessary details and documents. <\/li>\n\n\n\n
  2. You can also register yourself online, provide all the requested details and await for the bank representatives to get in touch with you about the loan before proceeding with the application. <\/li>\n<\/ol>\n\n\n\n

    Offline <\/h3>\n\n\n\n

    The offline way requires you to visit the nearest branch of the bank. <\/p>\n\n\n\n

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    1. Talk to the bank representatives in person. Get to know about all the details, fill out the application form in person, and submit the same. <\/li>\n\n\n\n
    2. You can also start by calling the bank beforehand and discussing your intention of applying for the education loan beforehand, and then proceed to apply. <\/li>\n<\/ol>\n\n\n\n

      * Please note that in both cases you need to check the eligibility first and then proceed with the application. Again, the aforementioned is just a general overview of education loan applications. <\/em><\/p>\n\n\n\n

      Also Read: <\/strong>Allahabad Bank Education Loan<\/strong><\/p>\n\n\n\n

      Applying for Education Loans at Public Banks<\/h2>\n\n\n\n

      Now, let\u2019s get a little specific. We shall focus on an education loan application in public banks. Students who are deciding to apply for education loans from public banks need to familiarise themselves with the Vidya Lakshmi Portal<\/strong>, a platform for students looking to apply for an education loan. Students are redirected to this portal for education loan application in public banks, which they can then view and also monitor the status of. <\/p>\n\n\n\n

      Registration<\/h3>\n\n\n\n

      First, the student must register themselves on the portal. Go to the official website of the<\/strong> Vidya Laksmi portal, <\/strong><\/a>and create your login ID and password from the register option. Check the confirmation link sent to you, click on it, and re-enter your credentials. Your registration is complete.<\/p>\n\n\n\n

      VidyaLakshmi Application Form <\/h3>\n\n\n\n

      Now before you arrive at the VidyaLakshmi Application Form, you will need to use the website to search for a loan scheme. This will be available on the dashboard. Then, you will be redirected to select three things on the left of the page: country of study, course, and loan amount. Once you have decided on the education loan programme, you will then fill out the VidyaLakshmi Application Form. <\/p>\n\n\n\n

      Common Education Loan Application Form (CELAF) is what this application form is known as. In the form, you will find seven sections, which are mentioned below. <\/p>\n\n\n\n