Vidya Lakshmi is a first of its kind portal for students seeking Education Loan. This portal, https://www.vidyalakshmi.co.in/ has been developed under the guidance of Department of Financial Services, (Ministry of Finance) , Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA).
The portal has been developed and being maintained by NSDL e-Governance Infrastructure Limited. Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal. The portal also provides linkages to National Scholarship Portal.
The Salient features of the scheme are as under:
- The scheme envisages loans up to Rs.7.5 lakh for studies in India and up to Rs. 15 lakh for studies abroad.
- For loans up to Rs. 4 lakh no collateral or margin is required and the interest rate is not to exceed the Prime Lending Rates (PLR). For loans above Rs. 4 lakh the interest rate will not exceed PLR plus 1 percent.
- The loans are to be repaid over a period of 5 to 7 years with provision of grace period of one year after completion of studies
Vidya Lakshmi Web Portal for Students seeking Education Loan and How to Apply?. Centre has mandated banks to route all student loans through the NSDL portal. Applying for an education loan? This academic year on, you have to do it online.
For, the Centre has mandated banks to offer education loans only through the Vidya Lakshmi portal from February 1, 2018. This portal that falls under the Finance Ministry is maintained by NSDL (National Securities Depository Limited) e-Governance infrastructure.
Vidya Lakshmi is a Government-run education loan web portal. Vidya Lakshmi is a single platform where students can avail information on loans offered by 34 banks. Following the IBA guidelines, the portal is operating under the aegis of the Department of Financial Services, Department of Higher Education and Indian Banks Association (IBA).
With its scholarship initiative, Vidyasaarthi, the NSDL e-governance enabled portal has been able to help the students of remotest areas of the country as well in finding financial assistance for their studies.
Prime Minister Vidya Lakshmi Education Loan Scheme has been introduced by the central government for students who are in poor financial condition. Find out how to get this loan. The central government has taken steps to help poor students through Prime Minister Vidya Lakshmi Education Loan Scheme.
This loan facility is useful for those who are less economically afforded to higher studies. Vidya Lakshmi is the gateway to education loans.
Eligibility for Education Loan:
- Must have completed Intermediate.
- Students must be Indian.
- Parents of students must have BPL income certificates.
Repayment of an education loan is deductible under section 80E of the Income Tax Act. The yearly limit for deduction is Rs. 40,000 (for both the principal and the interest). Only loans taken for higher education – full time studies in any graduate or post-graduate, professional, and pure and applied science courses – may claim deduction. The deduction will be available for a maximum of eight years starting from the day you start repaying.
Equitable Access to quality higher education has been a concern of the University Grants Commission. To this purpose the Commission, besides encouraging colleges and universities to provide for liberal financial support to the meritorious but needy students, has also been instrumental in educational loan scheme. The Reserve Bank of India (RBI) has issued guidelines in this regard to all commercial banks. A large number of banks have already launched educational loan schemes. Provided below are links to the respective website of individual banks offering such facilities.
How to apply for Vidya Lakshmi Education Loan Scheme. How to Apply for Education Loan in Vidya Lakshmi Portal. Vidya Lakshmi Portal for Educational Loans & Scholarships. Pradhan Mantri Vidya Lakshmi Karyakram – Towards a Bright Future.
A Web-Based Portal: Vidya Lakshmi (www.vidyalakshmi.co.in) Launched for Students Seeking Educational Loans; First Web-Based Portal of Its Kind Providing Single Window for Students to Access Information and Make Application for Educational Loans provided by Banks as well as for Government Scholarships.
A fully IT-based Student Financial Aid: A fully IT-based Student Financial Aid Authority has been proposed through the ‘Pradhan Mantri Vidya Lakshmi Karyakram’, to administer and monitor Scholarship as well Educational Loan Schemes, with a view to enabling all poor and middle-class students to pursue higher education of their choice without any constraint of funds.
Single window electronic platform: Vidya Lakshmi Portal is a first of its kind portal for students seeking Education Loan. It provides a single-window electronic platform for students to access information and prepares applications for Educational Loans and Government Scholarships.
Portal for students seeking Education Loan: Vidya Lakshmi is a first of its kind portal for students seeking Education Loan. This portal has been developed under the guidance of the Department of Financial Services, (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA).
NSDL portal: The portal has been developed and being maintained by NSDL e-Governance Infrastructure Limited. Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal. The portal also provides linkages to National Scholarship Portal.
About: Vidya Lakshmi (www.vidyalakshmi.co.in) was launched on the occasion of Independence Day i.e. 15th August 2015 for the benefit of students seeking Educational Loans. The Portal has been developed and maintained by NSDL e-Governance Infrastructure Limited (NSDL e-Gov) under the guidance of Department of Financial Services, Ministry of Finance, Department of Higher Education, Ministry of Human Resource Development and Indian Banks’ Association (IBA).
Earlier the Union Finance Minister Shri Arun Jaitley in the Union Budget for 2015-16 inter-alia had proposed to set-up a fully IT based Student Financial Aid Authority to administer and monitor Scholarship as well as Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram (PMVLK) to ensure that no student misses out on higher education for lack of funds. The launch of the aforesaid Portal is a first step towards achieving this objective,
Vidya Lakshmi Portal is a first of its kind portal providing single window for Students to access information and make application for Educational Loans provided by Banks as also Government Scholarships.
Vidya Laksmi Web Portal Features:
The Portal has the following features.
1. Information about Educational Loan Schemes of Banks;
2. Common Educational Loan Application Form for Students;
3. Facility to apply to multiple Banks for Educational Loans;
4. Facility for Banks to download Students’ Loan Applications;
5. Facility for Banks to upload loan processing status;
6. Facility for Students to email grievances/queries relating to Educational
7. Loans to Banks;
8. Dashboard facility for Students to view the status of their loan application and
9. Linkage to National Scholarship Portal for information and application for
10. Government Scholarships.
So far, 13 Banks have registered 22 Educational Loan Schemes on the Vidya Lakshmi Portal and 5 Banks viz; SBI, IDBI Bank, Bank of India, Canara Bank and Union Bank of India have integrated their system with the Portal for providing loan processing status to students.
This initiative aims to bring on board all Banks providing Educational Loans. It is expected that students throughout the country will be benefited by this initiative of the Government by making available a single window for access to various Educational Loan Schemes of all Banks.
Vidya Lakshmi Portal (VLP): Vidya Lakshmi Portal provides a single window for Students to access information about various loan schemes provided by banks and make applications for Educational Loans. If you want to apply for education loan on Vidya Lakshmi portal, you must register on the portal. Please provide essential details as mentioned in the registration form.
Students are given an opportunity on this web portal. Loan can be applied to all three banks at once. Any bank with a low interest rate can borrow from it.
Guidelines for Registering on Vidya Lakshmi Portal:
- Name- Please enter student name as per 10th class mark sheet or as per the mark sheet attached with your loan application
- Mobile Number – Enter a valid mobile number. Student can provide mobile number of parent/guardian
- Email ID – Enter a valid email ID. Email ID will not be allowed to change. All necessary communications will be sent on this email ID.
How to Apply
How to apply for Education Loan?: The applicant must register and login to Vidya Lakshmi Portal and then fill-up the Common Education Loan Application Form (CELAF) by providing all the necessary details.
CELAF is a single form which students can fill to apply for Educational Loan to multiple banks/schemes. This form is prescribed by Indian Banks Association (IBA) and accepted by all banks. It is provided on Vidya Lakshmi Portal. After filling the form, the applicant can search for Educational Loan and APPLY as per his/her needs, eligibility and convenience.
Alternatively, the applicant can also search for Educational Loan after login and apply for the suitable Educational Loan by filling the CELAF. A student can apply to a maximum of three Banks through Vidya Lakshmi Portal using CELAF.
Steps to apply for a loan:
- First, visit the Vidya Lakshmi Web Portal – www.vidyalakshmi.co.in
- Then, We have to fill our personal details on the website.
- Depending on our details, you can find out how much you can borrow.
- Banks checking our details will tell whether we qualify for a loan or not.
- If we are eligible, the cash will go directly to our given account.
- If your application is on hold, it will mean that the bank will ask for additional details from us.
- We need to check again entered details once again at the time of registration.
Please ensure that the registration details filled in are correct
Please enter password in required format
Financial Assistance through Banks under Vidyalakshmi:
At present, higher education costs millions of rupees. In these situations there are many who, despite their talent, can afford it or drop out of school. Student talent invests in the future of the country. That is why the central government is providing financial assistance through banks under the Vidyalakshmi scheme to prevent poverty. Another advantage is the facility to pay the loan amount in the form of loan to the students who want to study in our country and abroad after the year of completion of education.
Loan is given for these courses: Students must be talented. Must have a good rank record. The amount of the loan depends on how active the student is. Banks provide loans for engineering, medicine, MBA, MCA, CA, hotel management, nursing, etc. depending on the level of the respective university. In order to study abroad, one has to get seats in universities with international rankings.
Lending Banks: Under the Vidyalakshmi scheme, 13 commercial banks like SBI, Central Bank, Canara Bank, Union Bank, UBI, Punjab National Bank, IDBI and Vijaya Bank are giving loans to students.
Rs.4.5 lakh to Rs.1.5 crore: Loans up to a maximum of Rs.10 lakh for domestic education and Rs.15 lakh to Rs.60 lakh for foreign education will be sanctioned. Some selected banks, including SBI, are likely to lend up to a maximum of Rs.1.5 crore to those who want to study at reputed institutions like Harvard University. If the loan is less than Rs.4.5 lakh per annum of the parents, the interest is paid by the Central Government.
Borrowing Rs.7.5 lakh for domestic education carries an interest rate of 10 per cent and then borrowing 10.75 per cent (interest rates depend on the respective banks). No one is required to guarantee up to a loan of up to Rs.4 lakh. Beyond that amount, Up to Rs7.5 lakh should be guaranteed by a third party. If more, the assets must be pledged.
Repayment procedure a loan to a bank: The student has to pay the principal and interest plus one year from the completion of the course as per the rules of the respective banks. Must be paid in installments over a maximum of ten years. Debt settlement can make the difference between success and failure. It depends on the will of the student’s parents. There will be no pressure from the banks.
Monitoring of the scheme is as follows: Vidyalakshmi Lending Portal is run by the Union Ministry of Finance. The scheme is overseen by a joint venture between the Central Department of Higher Education and Human Resources and the Banks Association of India (IBA). Ultimately it is the banks that lend to the students. They also have the right to reject certain applications.
How to Register online?
- Those who want to get a loan under Vidyalakshmi scheme should log on to Vidyalakshmi.co.in.
- Click on the Register box on the first page.
- The name asked should be entered in it along with other details.
- Then comes the user ID and password.
- Based on them the second box should open.
- It looks like a single form.
- The required details should be entered in it.
- Open the third box and click on the Offline Multiple box.
- We need to enter the details of which bank we want to get a loan from.
Then how much do we owe depending on eligibility? You can find out the details of how much interest, in how many installments to be repaid by logging on to the website through our password from time to time.
Certificates to be attached: Students who want to get an education loan can get a transfer certificate from their last institution of study, a list of marks, details of having received a scholarship from the government so far, higher education rank card, government permit, course fee details, passport size photos of mother, father, guardian, student passport Size photos, if the student’s mother and father are government employees, their income certificates, voter ID or PAN card or Aadhaar card verifying residence or driving license or passport Xerox must be attached to them.
FAQs on Vidyalakshmi?
What are the features of Vidya Lakshmi Portal?
Vidya Lakshmi Portal provides a single window for Students to access information and make an application for Educational Loans provided by Banks and Govt Scholarships. It has the following features:
1. Information about Educational Loan Schemes of Banks
2. Common Educational Loan Application Form for Students
3. Apply to multiple Banks for Educational Loans
4. Facility for Banks to download Students Loan Applications
5. Facility for Banks to upload loan processing status
6. Facility for Students to email grievances/queries relating to Educational Loans to Banks
7. Linkage to National Scholarship Portal for information and application for Govt Scholarships
How can I apply for Educational loan through Vidya Lakshmi?
The applicant must register and login to Vidya Lakshmi portal and then fill-up the Common Education Loan Application Form (CELAF) by providing all the necessary details. After filling the form, the applicant can search for Educational Loan and APPLY as per his/her needs, eligibility and convenience.
Alternatively, the applicant can also search for Educational Loan after login and apply for the suitable Educational Loan by filling the CELAF.
What is Common Educational Loan Application Form (CELAF)?
The Common Educational Loan Application Form is the single form which students can fill to apply for Educational Loan to multiple banks / schemes. CELAF is the application form prescribed by Indian Banks Association (IBA) and accepted by all banks. This form is provided on Vidya Lakshmi portal to apply for Educational loan.
What is Sign up?
Students are required to complete sign up process to register on Vidya Lakshmi portal. Only Students who have completed “Sign up” / “Registration” process can apply for educational loan through Vidya Lakshmi portal.
What if I forget password of my Login ID?
You can click on Forgot password option provided on the Login page of Vidya Lakshmi portal and you will be asked to provide your registered e-mail address. Vidya Lakshmi portal will send a system generated password through an e-mail.
How will I know once Education Loan is approved?
The Bank will update the status of the application on Vidya Lakshmi portal. Students can view the status of the application on the applicant's dashboard on the portal.
Why is my loan application rejected?
You may not be eligible as per the norms laid down by the selected banks. Please contact the selected banks for more details.
What is on hold status of Loan application?
The Bank will mark the loan application status to on hold when the bank requires some further information or documents to be submitted by the student. The requirement will be indicated in the Remarks column and Student can check the same in the dashboard.
How is the money/educational loan disbursed?
Approved Educational Loan of an applicant will be disbursed directly by the bank outside the Vidya Lakshmi Portal. To know more, contact the bank you have selected.
Which are the banks I can apply for Educational loan through Vidya Lakshmi portal?
To view the list of registered banks on Vidya Lakshmi, Please see at the bottom of Home page.
How many applications for Educational Loan can be submitted by a student?
A student can apply to a maximum of three Banks through Vidya Lakshmi portal using CELAF.
What is rate of interest for the Educational loan?
The interest rate varies from bank to bank and scheme to scheme. Therefore, the applicant/student is requested to check the same on Loan Search page after login.
Has it benefited students in rural areas?
Through Vidya Lakshmi any student from the remotest part of the country can apply to Education Loan, as the process of applying for education loan is completely online. Accessible education has been an endeavor of NSDL eGov , thus we started one more project to bridge the gap education funding called Vidyasaarathi. Through Vidyasaarathi students can apply for scholarships funded by corporates as a part of their CSR initiative.
How much time does it take to approve and sanction the loan?
As per the IBA guidelines, loan should be processed within 15 days of receipt of duly completed application form with supporting documents and sanction/rejection should be communicated to the applicant.
What difference has Vidya Lakshmi made, in the current market of education loan?
Earlier the student needed to visit a bank to bank to apply for Education loan. The process involved a lot of paper work. With Vidya Lakshmi, the process of Education loan application has become online thus it involves lesser paper work. The student can also send any grievances directly to bank in which he/she has applied for education loan online through the portal.
Is there any relaxation in interest rates, loan seekers get through this scheme? If no, how beneficial is the scheme?
Interest rates vary from bank to bank and depend on the loan scheme. A student can opt for any scheme of any bank of his choice.
What are the norms for defaulters?
Vidya Lakshmi Portal (VLP) provides a platform wherein students apply for loans to their preferred bank and bank processes and disburses the loan. Each Bank has its own set of norms for dealing with defaulters.
List of Banks with this scheme
- Bank of India
- Canara Bank
- Union Bank of India
- Corporation Bank
- Dena Bank
- Punjab National Bank
- Oriental Bank of Commerce
- Central Bank of India
- Kotak Mahindra Bank
- Federal Bank
- HDFC Bank
- ICICI Bank
- Axis Bank
- UCO Bank
- Indian Bank
- Bank of Maharashtra
- Indian Overseas Bank
- Syndicate Bank
- Karur Vysya Bank