Government website to help students apply for loans

Many students are looking for an education loan to continue their studies. However, many find it tiring to run around different banks and not have an idea about the various schemes. In order to help students like these, the government has come up with a solution. They launched a common website that students can use to apply for loans in multiple banks.

The website was launched on August 15^th. All the student needs to do is fill out a single form and they can apply for educational loans from various banks. The website has been developed and will be maintained by NSDL e-Governance Infrastructure Limited (NSDL e-Gov) under the guidance of Department of Financial Services in the Finance Ministry, Department of Higher Education, Ministry of Human Resource Development and Indian Banks Association (IBA).

Arun Jaitley, Union Finance Minister proposed the plans for such a platform during his budget speech for financial 2015-16. He said that the aim of this is to help the poor and middle-class students pursue higher education of their choice easily. He proposes a fully IT-based Student Financial Aid Authority which will administer and monitor Scholarship as well as Educational Loan Schemes. This will happen under the Pradhan Mantri Vidya Lakshmi Karyakram. 13 banks have already registered 22 education loan schemes on the website.

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