What is Vidya Lakshmi: “Vidya Lakshmi Portal Education Loan Scheme” was launched by the Finance ministry On 15 August 2015. This is a first of its kind portal for students looking for Education Loan. This Vidya Lakshmi website has been developed and maintained by NSDL e-Governance Infrastructure Limited in collaboration with the Indian Banks Association, Department of Financial Services, Department of Higher Education, and the Ministry of Human Resource Development. This portal is a gateway for all students to admission funds and information associated with educational loans as well as government student scholarships. This portal offers 22 different types of education loan schemes. It delivers a single window to students applying for loans or scholarship by filling up a single form.
Vidya Lakshmi Education Loan Scheme:
It provides information on the following
(i). The students get information about educational loan schemes of several banks
(ii). A common educational loan application form is available to students
(iii). Students can check the status of their loan application at any time and at any place with easy access to the dashboard facility of the portal
(iv). There is a facility to apply to numerous banks for educational loans through a single form
(v). The site is linked to the national scholarship portal for information and to apply for government scholarships
(vi). Students can also send to the bank’s e-mail grievances/inquiries for any kind of issues or problems relating to educational loans
(vii). Banks can also download student’s loan applications
(viii). Banks can also upload loan processing status
How to apply for an educational loan through the Vidya Lakshmi portal:
(a). log on to the official website to Register yourself on the portal Click Here website
(b). enter all necessary details in Common Application form for scholarship referred to as the Common Education Loan Application Form (CELAF). This application form is prescribed by the Indian Banks Association (IBA) and is accepted by all banks.
(c). Based on the eligibility standards, the portal itself suggests the various schemes for which a student is qualified.
(d). The student can now choose Educational Loan as per his/her necessities, eligibility and convenience.
(e). Once registration is done and the CELAF is filled, you will be updated about your loan approval or disapproval on the portal.
(f). If your loan is rejected, you have to contact the bank itself. If your loan is approved, the loan amount will be transferred directly to your account.
(g). sometimes you could also get an on Hold update on your loan status. It means that the concerned bank needs more information from your end, which will be stated in the remark column. SMS and E-mail alert will also be generated for processing of scholarship.
Names of banks which have integrated their system with the online portal are:
Union Bank of India
Bank of India
Punjab National Bank
Punjab and Sindh Bank
Oriental Bank of Commerce
Central Bank of India
Bank of Baroda
Kotak Mahindra Bank
Punjab and Sind Bank
Abhyudaya Co-operative Bank Limited
Karur Vysya Bank
Tamilnadu Mercantile Bank Ltd
Bank of Maharashtra
Indian Overseas Bank
The students have the benefit of applying to three banks at a time. However, the interest rate will be as per the appropriate rules and regulations of an individual bank. This process decreases the student’s time of approaching different banks.
Login and Education Loan Search
Vidyalakshmi Login process and the loan search process is as follows
(i). Log on to the Vidyalakshmi Education Loan Portal Website
(ii). From the options on top of the page select ‘Login’ and then ‘Student Login’
(iii). Then enter your registration email address and password
(iv). Enter the Captcha Code shown in the text box given below
(v). Click on Login button.
Attention: If you’re facing any problems like ‘Unable to Login’ or ‘Account not activated’ please follow these steps
(i). Revisit the Student Login Page
(ii). Under the Login Button, you’ll find a link named ‘Resend Activation Link’ click on it.
(iii). Enter your registration email address in the ‘User ID’ Text Box.
(iv). Click on Send Activation Link Button
(v). You’ll get an email from Vidyalakshmi Portal on your registered email address
(vi). Follow the directions in that email and your account will be re-activated
(vii). With this part of registration, you have lastly completed the toughest part of your education loan application process.
(viii). Any step after this only involved uploading or entering what you previously know, for filling an application form or for application of loan. After login, you will be directed to the home section of Vidyalakshmi Student Page.
Interest scheme for Vidyalakshmi Education Loan:
Vidyalakshmi Education Loan scheme is easier to use because it splits the education loan requirements into various categories. The several types of education loan combinations that you can find on Vidyalakshmi Website are
|Education Loan by Location of Study||Education Loan by Course Type||Education Loan by the requirement of Loan Amount|
|India||Under Graduation||Below 4.0 Lakhs|
|Study Abroad||Professional Course||More than 7.5 Lakhs|
|All/Both||Post-Graduation||Between 4.0 Lakhs and 7.5 Lakhs|
|Vocational Course||All loan values|