About Vidya Lakshmi Loan
Vidya Lakshmi is a website that helps students get education loans. The government made it to make it easier for students to pay for college. Developed with the help of the Department of Financial Services, the Department of Higher Education, and the Indian Banks Association, Vidya Lakshmi is a big step forward in making education more accessible to everyone. NSDL e-Governance Infrastructure Limited runs and takes care of Vidya Lakshmi. It’s a game-changer for students because it lets them easily see, apply for, and track their education loan applications with banks. They can do this anytime, anywhere, which is a huge help. Vidya Lakshmi also connects to the National Scholarship Portal, which makes it easier for students to get financial aid for education. Vidya Lakshmi is an excellent option for students looking to finance their college education, especially those facing financial challenges.
Objective Of This Scheme
- To Provide an easily accessible platform for education loan applications.
- To Enable students to apply to multiple banks through a common application form.
- Facilitating remote services without the need for branch visits.
- To Ensure compliance with the Central Sector Interest Subsidy Scheme (CSIS).
- To Maximize loan amounts with competitive interest rates.
Full Overview of Vidya Lakshmi Educational Loan
| Attribute | Vidya Lakshmi Educational Loan |
|---|---|
| Name of Scheme | Vidya Lakshmi Educational Loan |
| Announcement | Union Finance Minister in Budget Speech for FY 2015-16 |
| State Name | Nationwide (Implemented across India) |
| Implementation | Ongoing |
| Objectives | Facilitate higher education by providing financial aid |
| Incentive | Education loans and scholarships through an online platform |
| Beneficiaries | Students pursuing higher education across the country |
| Application Starts | Always open |
| Application Process | Online registration through the Vidya Lakshmi Portal |
| Official Website | www.vidyalakshmi.co.in |
Eligibility Criteria
- Open to all students seeking higher education.
- No specific age restrictions.
- No income criteria; available for all income groups.
- Differently-abled individuals are also eligible.
- Comprehensive options for students at different education levels.
Benefits
- Centralized application service for all banks.
- Remote services without the necessity of visiting bank branches.
- Compliance with CSIS for education loan interest benefits.
- Maximized loan amounts with minimized interest rates.
- Online troubleshooting and complaint management.
- Faster processing, eliminating hidden charges.
VidyaLakshmi Educational Loan Bank List
| Abhyudaya Cooperative Bank Limited | Educational Loan Under The Scheme Of Abhyudaya Gyan Vardhini |
| Allahabad Bank | Education Loan |
| Andhra Bank | Dr. Pattabhi Vidya Jyothi Scheme |
| Axis Bank | Axis Bank Education Loan Scheme |
| Bank Of Baroda | Baroda Gyan Baroda Scholar Baroda Education Loan To Students Of Premier Institutions Baroda Vidya Baroda Education Loan For Executive Development Programmes (India) Baroda Education Loan For Executive Development Programmes (Abroad) Skill Loan Scheme |
| Bank Of India | BOI Star Education Loan Scheme |
| Bank Of Maharashtra | Model Educational Loan Scheme |
| Canara Bank | IBAS Model Education Loan Scheme For Study In India And Abroad IBA Skill Loan Scheme |
| Central Bank Of India | Cent Vidyarthi |
| Corporation Bank | Corp Vidya Loan Scheme |
| Dena Bank | Skill Loan Scheme ( Kaushal Wrin Yojana) Dena Vidya Laxmi Education Loan Scheme For Pursuing Higher Education In India And Abroad |
| Dombivli Nagari Sahakari Bank Limited | Vidyavardhini Education Loan Scheme Suvidya Education Loan Scheme |
| Federal Bank | Federal Special Vidya Loan Scheme Fed Scholars |
| GP Parsik Bank Ltd | Vidya Siddhi |
| HDFC Bank | Education Loan |
| ICICI Bank | Education Loan |
| IDBI Bank | Education Loan For Vocational Courses Education Loan Scheme For Other Management Quota Students Education Loans For Students Studying In Premier Education Institutes Education Loan For Courses Offered By ICAI Education Loan For Special Courses Education Loan To Physically Challenged Persons Under NHFDC Scheme Education Loan For Non-Vocational Courses |
| Indian Bank | Revised IBA Educational Loan Scheme – 2011 IB Skill Development IB Educational Loan Prime Nit IB Educational Loan Prime Non- IBA Educational Loan |
| Indian Overseas Bank | Vidhyajyothi Educational Loan IOB Scholar IOB Vidya Suraksha Vidya Jyothi Educational Loan Scheme IOB Career Dream IOB Vidya Shrest Skill Loan Scheme |
| Karnataka Bank Limited | KBL Vidyanidhi Scheme Skill Loan Scheme |
| Karur Vysya Bank | KVB Educational Loan |
| Kotak Mahindra Bank Limited | Kotak Mahindra Bank Ltd |
| New India Cooperative Bank Limited | Vidya Vikas Loan Scheme |
| Oriental Bank Of Commerce | Oriental Bank Of Commerce |
| Pragathi Krishna Gramin Bank | Vidya Sagar Education Loan |
| Punjab And Sind Bank | Model Education Loan Scheme For Pursuing Higher Education In India And Abroad Skill Loan Scheme Psb Excellence- Education Loan Scheme For Premier Institutions (i.e. IITs/IIMs And ISB Hyderabad) |
| Punjab National Bank | PNB Kaushal PNB Saraswati PNB Pratibha PNB Udaan |
| RBL Bank Limited | Education Loan |
| State Bank Of India | SBI Student Loan Scheme SBI Global Ed-Vantage Scheme SBI Scholar Loan Scheme SBI Skill Loan Scheme |
| Syndicate Bank | Skill Loan Syndvidya Syndsupervidya |
| Tamilnad Mercantile Bank Limited | TMB Education Loan TMB-Skill Development Loan TMB-Super Education Loan Scheme |
| UCO Bank | UCO Education Loan UCO Super Premier Educational Loan UCO Premier Educational Loan Scheme |
| Union Bank Of India | Union Education |
| United Bank Of India | United Education Loan United Superb Education Loan United Education Loan Under Management Quota |
| Vijaya Bank | Education Loan To Students Admitted Under Management Quota (Non-IBA) Skill Loan Scheme IBA Model Education Loan – Top Rated Institutions – India IBA Model Education Loan – Other Institutions – India IBA Model Education Loan -Abroad |
| Yes Bank | Yes Education Loan |
Bank MCLR Rates For Vidyalakshmi Educational Loan
| Vidyalakshmi Banks List | MCLR Rates |
|---|---|
| Allahabad Bank | 8.65 |
| Andhra Bank | 8.75 |
| Bank of Baroda | 8.65 |
| Bank of India | 8.65 |
| HDFC Bank | 8.75 |
| ICICI Bank | 8.65 |
| State Bank of India | 8.65 |
| Yes Bank | 8.90 |
| Corporation Bank | 8.65% |
| Dena Bank | 8.75% |
| IDBI Bank | 8.65% |
| Indian Bank | 8.65% |
| Indian Overseas Bank | 8.75% |
| Oriental Bank of Commerce | 8.65% |
| Punjab and Sind Bank | 8.65% |
| Punjab National Bank | 8.90% |
| State Bank of India | 8.80% |
| Syndicate Bank | 9.05% |
| UCO Bank | 8.65% |
| Union Bank of India | 8.70% |
| United Bank of India | 8.75% |
| Vijaya Bank | 8.85% |
| Axis Bank Ltd. | 8.45% |
| Bandhan Bank Ltd. | 8.55% |
| Catholic Syrian Bank Ltd. | 8.65% |
| City Union Bank Ltd. | 8.70% |
| Development Credit Bank Ltd. | 8.60% |
| Dhanalaxmi Bank Ltd. | 8.85% |
| Federal Bank Ltd. | 8.75% |
| HDFC Bank Ltd. | 8.90% |
| ICICI Bank Ltd. | 10.45% |
| IDFC Bank Ltd. | 9.90% |
| Indusind Bank | 9.30% |
| Jammu and Kashmir Bank Ltd. | 10.84% |
| Karnataka Bank Ltd. | 9.90% |
| Karur Vysya Bank Ltd. | 9.20% |
| Kotak Mahindra Bank | 8.75% |
| Laxmi Vilas Bank Ltd. | 8.80% |
| Nainital Bank | 9.25% |
| RBL Bank | 9.90% |
| South Indian Bank Ltd. | 9.00% |
| Tamilnad Mercantile Bank Ltd. | 9.45% |
| Yes Bank Ltd. | 9.65% |
Required Documents
For Students:
- Passport-sized photographs (3 copies).
- PAN card copy (Identity Proof).
- Address proof documents.
- Qualification documents.
- Institution’s approval letter.
- Fee structure details.
- Entrance test score sheets if applicable.
For Parents:
- Identity and address proof documents.
- Bank passbook or account statement.
- Income proof documents.
- Additional documents if needed.
How To Apply
to apply for an education loan through the Vidya Lakshmi portal:
1. Register on the Portal:
- Visit the Vidya Lakshmi website: https://www.vidyalakshmi.co.in/
- Click on “register” or “Apply Now” and fill out the registration form with your details.
- Fill in personal details and read the terms and conditions.
- Confirm registration through the received email link.
- Log in and explore the available education loan schemes.
- Apply for a suitable loan by selecting the desired bank and scheme.
- Follow the guidelines to fill out the Common Education Loan Application Form (CELAF).
- Complete the application, and track the status through the portal.
2. Search for Loan Options:
- Login to your account using your registered email ID and password.
- Explore the various loan options offered by different banks on the portal. You can filter options based on your needs and preferences.
Guidelines for Vidyalakshmi CELAF
- Purpose: CELAF is essential for applying for an education loan on the Vidya Lakshmi Portal.
- Benefits:
- Helps understand required data and paperwork.
- Gathers supporting documents in one place, streamlining the loan application process.
- Required Fields in CELAF:
- Personal Information.
- Relationship with the Bank.
- Course Details.
- Course Cost and Source of Finance.
- Securities Offered.
- Prospects of Earnings after Course Completion.
- Supporting Documents.
- How to Complete CELAF:
- Log in to the Vidyalakshmi Student Loan website.
- Choose ‘Loan Application Form‘ from the Student Panel.
- Follow instructions on the Common Education Loan Application Form.
- Fill in information using clickable drop-down menus.
- Save each page before moving to the next.
- Upload required documents and save the entire application.
- Confirm declaration and agree to terms & conditions.
- Submit the application.
Application Status Check
- Navigate to the Student Home Screen on the Vidya Lakshmi Portal.
- Look for the ‘Application Status’ option on the screen.
- Click on the ‘Application Status’ option to reveal the current status of your loan application.
- Please note that banks usually respond within 15 days or less to address queries and may request additional documents if needed.
- Stay informed about the progress of your application through the Vidya Lakshmi Portal.
Important Notes:
- Be mindful of loan scheme features such as maximum loan amount, interest rates, margin payment, repayment period, moratorium, and additional fees.
- You can only apply to three different education loan schemes.
- Confirm your decision before final submission.