Developed under guidance and recommendation by the ministry of finance, MHRD and IBA, the Vidhya Lakshmi scheme of UGC is an open platform for youth to seek education loans.
Portal also has linkages with many scholarship schemes. Loans up to Rs.7.5 lakh for studies in India and up to Rs. 15 lakh for studies abroad are given under this scheme. There is a need for no collateral for loans up to 4 lacs and repayment of loans can be done in 5-7 years after completing studies. A grace period of one year can also be provided while repaying.
This is what is needed for the youth of today.
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