A total of 39 banks have registered 70 educational loan schemes on the Vidya Lakshmi Portal and integrated their system with the portal for providing loan processing status to students.
Under the Credit Guarantee Fund Scheme for Education Loans (CGFSEL) a student can avail education upto Rs 7.5 lakh without any collateral security or third-party guarantee.
The action can be interpreted as an effort to support the call for Public Sector Banks (PSBs) to enhance disbursements notwithstanding complaints of loan application rejection and delays in sanctioning loans.