Education Loan

Vidya Lakshmi Portal: Eligibility, Application, Documents Required & More

Vidya Lakshmi Portal: Eligibility, Application, Documents Required & More

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Vidya Lakshmi portal education loan complete guide on registration, documents required, eligibility criteria & more.

GyanDhan
vishakha Bhagia
Updated on:  12 Jun 2024  | Reviewed By: 
Aman 
| 44.3K | 18  min read

Education is a transformative tool that has the power to unlock opportunities, empower individuals, and shape a brighter future. However, the cost of education can often act as a barrier for many aspiring students. Recognizing this challenge, and as part of its education loan scheme by government, the Indian government has taken significant strides to facilitate access to education loans and scholarships through initiatives like the Vidya Lakshmi portal.

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What is Vidya Lakshmi Portal?

Established in August 2015, under the Pradhan Mantri education loan, the Vidya Lakshmi Portal is an innovative online platform for students to explore, compare, and apply for educational loans and scholarships. This PM education loan scheme by government aims to make higher education accessible to all.

 

The Vidya Lakshmi platform, a pivotal element of the PM education loan scheme by government, was launched to simplify the process of availing educational loans and scholarships. It serves as a one-stop solution for students seeking financial assistance to pursue higher education in India or abroad. The portal provides a user-friendly interface, enabling students to browse through various loan schemes and scholarships offered by different banks and government bodies.

 

To answer what is Vidya Lakshmi education loan, encompasses financial support provided to students to cover various educational expenses, including tuition fees, books, accommodation, and other necessary costs associated with pursuing higher education. This initiative ensures that financial constraints do not hinder a student's educational aspirations.

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Vidya Lakshmi Education Loans Eligibility Criteria

The Vidya Lakshmi education loan eligibility is designed to ensure that a broad range of students can avail of this opportunity. By meeting the Vidya Lakshmi education loan eligibility criteria, students can unlock the doors to their future and embark on a journey of learning and growth without the burden of financial constraints. The Vidya Lakshmi loan eligibility is as follows:

  • list items The applicant should be an Indian citizen.
  • list items The applicant must have a completion certificate of 10+2 to be eligible for loan application. 
  • list items The student can avail of the loan only once for either Undergraduate (UG), Post-Graduation (PG), or any integrated courses.
  • list items The applicant should have secured admission to a recognized institution in India or abroad. The institution should be approved by a competent authority or recognized by a government body.
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    Check Your Education Loan Eligibility

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    Key benefits of the Vidya Lakshmi portal 

    The Vidya Lakshmi portal provides students with a one-stop platform to access extensive information about different education loan schemes and government scholarships and subsidy schemes. It serves as a centralized hub for education loans and scholarships, offering a single window for students to explore their options. With the Vidya Lakshmi portal, students have the convenience of tracking their education loans anytime and anywhere, ensuring easy accessibility and monitoring.

  • list items Comprehensive information: The portal offers a comprehensive database of information on various education loan schemes available from different banks and financial institutions. It provides details such as eligibility criteria, interest rates, repayment options, and more. This helps students and parents to make informed decisions regarding their education loan requirements.
  • list items  Loan tracking and status updates: Vidya Lakshmi allows students to track the status of their loan applications in real time. They can check if their application has been approved, rejected, or is still under review. This feature helps students stay updated and plan accordingly.
  • list items Increased Transparency: The portal promotes transparency by providing a platform where students can compare loan offerings from different banks. It ensures that students have access to all relevant information regarding Vidya Laksmi education loan interest rates, processing fees, and other charges. This enables them to make well-informed decisions about their education loan.
  • list items Single window system: Vidya Lakshmi portal serves as a single window system for students to apply for education loans. Rather than visiting multiple bank branches individually, students can apply online through the portal. This saves time and effort as they can explore various loan options and submit applications from a centralized platform.
  • list items Feedback and grievance redressal: The portal allows students to provide feedback on their loan experiences and rate the banks or institutions they have borrowed from. Additionally, it provides a grievance redressal mechanism to address any issues faced by students during the loan application or repayment process.  
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    For students wondering which bank is best for Vidya Lakshmi loan, the answer lies in the portal's ability to compare different banks' offerings. This feature ensures that students can identify the bank that best suits their needs in terms of interest rates, loan terms, and repayment schedules.

     

     

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    How to Use the Vidya Lakshmi Portal?

    To use the Vidya Lakshmi portal, students need to follow the following steps to outline how to log in:

  • list items Visit the Vidya Lakshmi website.
  • list items Locate the 'Register' option in the top right corner.
  • list items Register on the portal by creating a login ID and password.
  • list items Check your email inbox and click on the verification link sent to you. Remember that the link is valid for only 24 hours.
  • list items After successful verification, you will be redirected to the Vidya Lakshmi portal. Click on the 'Login' option located at the top right corner of the page and select 'Students Login'.
  • list items Enter the login credentials you created during the Vidya Lakshmi registration process.
  • list items Once logged in, you will be directed to the Vidya Lakshmi dashboard.
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    The Vidya Lakshmi dashboard consists of six orange tabs that serve different purposes:

    The Vidya Lakshmi Education Loan Application Form

  • Loan application form: This tab allows you to fill out the loan application form, which is the initial step for applying to Vidya Lakshmi education loan. It is a standardized document required for all loan applications on the Vidya Lakshmi portal.
  • Search & apply for loan schemes: Through this tab, you can search and discover suitable education loan schemes. Utilize the filter options available in the top left corner to customize the loan options displayed on your dashboard. It is important to complete the Vidya Lakshmi education loan application form before applying for specific schemes.
  • Application status: The Application Status tab provides real-time updates on the progress of your education loan application. It displays the current status of your application at each processing stage. The portal also facilitates communication with the bank, ensuring timely updates and information on your dashboard.
  • Grievance: This tab enables you to raise grievances related to your loan application. You can select the type of grievance you have and submit it through the portal. The concerned bank will review your grievance, and you can track the status of your complaint on the portal.
  • Edit profile: You have the option to edit your profile information on the Vidya Lakshmi portal. However, please note that the details in your profile do not directly impact your education loan application. While filling out the loan application form, you will be required to provide personal information separately.
  • Change password: If you wish to update your Vidya Lakshmi login password, you can do so by accessing the 'Change Password' tab. This allows you to modify your password for security purposes or in case you want to set a new password.
  • By understanding the functionality of each tab on the dashboard, you can effectively navigate the Vidya Lakshmi portal for your education loan-related activities.

    Read more about: A Complete Guide on JanSamarth Portal Education Loan

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    How to Apply for Vidya Lakshmi Education loan via Vidya Lakshmi Portal?

    To search and apply for education loans on the Vidya Lakshmi portal dashboard, follow these steps:

  • list items Step 1: Start by filling out the Common Education Loan Application Form (CELAF). This is a crucial initial step for your loan application. Access the dashboard and click on the 'Loan Application Form' tab.
  • list items Step 2: Next, click on the orange tab labeled 'Search and Apply for Loan Scheme' on the dashboard. This will allow you to explore and apply for various education loan schemes available.
  • list items Step 3: Use the provided filters to refine the search results according to your specific requirements. You can filter the schemes based on factors such as whether it is for domestic or international study, the level of the course, and the desired loan amount.
  • list items Step 4: Once you have applied the filters, a list of suitable loan schemes will be displayed. Each scheme will have an option to apply for it.
  • list items Step 5: Click on a particular scheme that interests you, and you will be redirected to a page providing detailed information about that specific scheme. Review the details carefully to ensure it aligns with your needs.
  • Important Note: Keep in mind that you can apply for a loan from a maximum of three banks, and only one scheme per bank can be selected for the application.

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    How to Fill Vidya Lakshmi Education Loan Form?

    How to Fill Vidya Lakshmi Education Loan Form?

    As mentioned, you must first fill out the Common Education Loan Application Form (CELAF) to apply for education loans on the Vidya Lakshmi portal. There are 6 sections you must fill in to complete an education loan application. They are:

    1. Basic information

    This section includes three questions: are you pursuing higher studies in India or not; is your parental income more than INR 4,50,000; have you been admitted to a NAAC/NBA accredited university or not? If you are applying for education abroad, the questions regarding your parental income limit and NAAC/NBA accreditation are not applicable. 

    How to Fill Vidya Lakshmi Education Loan Form?

  • list items Personal information
  • This section asks for the applicant’s and his/her parent’s details. You must submit the details, including basic personal data of you and your parent/husband, contact details, parental income, PAN number, and your academic score in the last qualifying exam. 

    How to Fill Vidya Lakshmi Education Loan Form?

  • list items Present banker details
  • Here you have to give details of the bank which facilitates your current transactions. In this section, you will see questions for the IFSC code, account details, whether you have any liability with the bank, and whether you are related to the present bank’s or any other bank’s chairman/ director/ employee. 

    How to Fill Vidya Lakshmi Education Loan Form?

  • list items Course details
  • In this section, you must include whether you are admitted in the merit quota or in the management quota, the name of the course and institution, and starting and ending dates of the course. 

    How to Fill Vidya Lakshmi Education Loan Form?

  • list items Cost of finance details
  • In the cost of finance section, you must give details including the tuition fees, exam fees, books, stationery, equipment or computer, hostel expenses, sundries or travel, total amount needed, own source or scholarship, and loan required every year. You also have to fill in the details of the security that you pledge and a proposed repayment period.

    How to Fill Vidya Lakshmi Education Loan Form?

  • list items Upload documents
  • This is the final section of the application form where you upload all the mandatory Vidya Laksmi portal documents required. You must upload the following documents in this section: mark sheet, proof of admission to the course, proof of income, schedule of expenses for the course as given by the institution, form 16 (latest), IT returns (latest), copy of land records, undertaking letter if no PAN and Aadhar, and photos of the applicant, parent, and co-borrower. After uploading all these documents you submit the declaration, and your application is completed. 

    How to Fill Vidya Lakshmi Education Loan Form?

    Check Your Education Loan Eligibility

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    What are the Documents Required for Vidya Lakshmi Education Loan?

    The following are the Vidya Lakshmi education loan documents required:

    1. Proof of identity: 
    2. list items Aadhaar Card
    3. list items Passport
    4. list items Voter ID Card
    5. list items Driving License
    6. list items PAN Card  
    7. Proof of address: 
    8. list items Aadhaar Card
    9. list items Passport
    10. list items Voter ID Card
    11. list items Driving License
    12. list items Utility bills (electricity bill, telephone bill, etc.)
    13. list items Bank statement with address  
    14. Admission letter: Offer letter from the educational institution where you have secured admission.
  • list items Academic records:  Mark sheets of class X, XII, and any previous qualifying exams. Graduation or post-graduation degree certificates (if applicable). Entrance exam scorecards (if required by the bank). Fee structure: A document provided by the educational institution that outlines the tuition fees, hostel fees, or any other relevant expenses for the course.
  • list items Income proof:  Salary slips or income certificates for salaried individuals. Income tax returns for the previous two or three years for self-employed individuals or business owners. Bank statements for the previous six months.
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    Need guidance on using the Vidya Lakshmi Portal for your education loan? Watch our video for a comprehensive walkthrough!


     

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    List of Banks for Education Loans through Vidya Lakshmi Portal

    As of 04 February 2023, there are 32 banks registered on the Vidya Lakshmi portal, offering various education loan schemes. One notable participant is the Indian bank, which provides education loans through the Vidya Lakshmi portal.

    Vidya Lakshmi Bank list Vidya Lakshmi Loan scheme

    Abhyudaya Cooperative Bank Limited

  • list items Educational loan under the scheme of Abhyudaya Gyan Vardhini
  • Allahabad Bank

  • list items Education loan
  • Axis Bank

  • list items Axis Bank education loan scheme
  • Bank of Baroda

  • list items Baroda Gyan
  • list items Baroda Scholar
  • list items Baroda education loan To students of premier institutions
  • list items Baroda Vidya
  • list items Baroda education loan for executive development programs (India)
  • list items Baroda education loan for executive development programs (Abroad)
  • list items Skill loan scheme
  • Bank of India

  • list items BOI star education loan scheme
  • Bank of Maharashtra

  • list items Model educational loan scheme
  • Canara Bank

  • list items IBAS Model education loan scheme for study in India and abroad
  • list items IBA Skill loan scheme
  • Central Bank of India

  • list items Cent Vidyarthi
  • Dena Bank

  • list items Skill loan scheme ( Kaushal Wrin Yojana)
  • list items Dena Vidya Laxmi education loan scheme for pursuing higher education in India and abroad
  • Dombivli Nagari Sahakari Bank Limited

  • list items Vidyavardhini education loan scheme
  • list items suvidya education loan scheme
  • Federal Bank

  • list items Federal special vidya loan scheme
  • list items fed scholars
  • GP Parsik Bank Ltd

  • list items Vidya Siddhi
  • HDFC Bank

  • list items Education loan
  • ICICI Bank

  • list items Education loan
  • IDBI Bank

  • list items Education loan for vocational courses
  • list items Education loan scheme for other management quota students
  • list items Education loans for students studying in premier education institutes
  • list items Education loan for courses offered by ICAI
  • list items Education loan for special courses
  • list items Education loan to physically challenged persons under NHFDC scheme
  • list items Education loan for non-vocational courses
  • Indian Bank

  • list items Revised IBA educational loan scheme – 2011
  • list items IB skill development
  • list items IB educational loan prime nit
  • list items Non- IBA educational loan
  • Indian Overseas Bank

  • list items Vidhyajyothi educational loan
  • list items IOB Scholar
  • list items IOB Vidya Suraksha
  • list items Vidya Jyothi educational loan scheme
  • list items IOB career dream
  • list items IOB Vidya Shrest
  • list items Skill loan scheme
  • Karnataka Bank Limited

  • list items KBL Vidyanidhi scheme
  • list items Skill loan scheme
  • Karur Vysya Bank

  • list items KVB educational loan
  • Kotak Mahindra Bank Limited

  • list items Kotak Mahindra Bank Ltd
  • New India Cooperative Bank Limited

  • list items Vidya Vikas loan scheme
  • Oriental Bank of Commerce

  • list items Oriental Bank of Commerce
  • Punjab and Sind Bank

  • list items Model education loan scheme for pursuing higher education in India and abroad
  • list items skill loan scheme
  • list items PSB Excellence- Education loan scheme for premier institutions (i.e. IITs/IIMs And ISB Hyderabad)
  • Punjab National Bank

  • list items PNB Kaushal
  • list items PNB Saraswati
  • list items PNB Pratibha
  • list items PNB Udaan
  • RBL Bank Limited

  • list items Education loan
  • State Bank of India

  • list items SBI student loan scheme
  • list items SBI Global Ed-Vantage scheme
  • list items SBI Scholar loan scheme
  • list items SBI Skill loan scheme
  • Syndicate Bank

  • list items Skill loan
  • list items Syndvidya
  • list items Syndsupervidya
  • Tamilnad Mercantile Bank Limited

  • list items TMB education loan
  • list items TMB-Skill development loan
  • list items TMB-Super education loan scheme
  • UCO Bank

  • list items UCO education loan
  • list items UCO super premier educational loan
  • list items UCO premier educational loan scheme
  • Union Bank of India

  • list items Union education
  • United Bank Of India

  • list items United education loan
  • list items United superb education loan
  • list items United education loan under management quota
  • Yes Bank

  • list items Yes education loan
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    What are Some Common Issues While Using Vidya Lakshmi Portal?

    Students often encounter issues with the Vidya Lakshmi portal, such as inadequate updates on their loan application status. This can occur when banks fail to provide timely updates or fail to respond within the designated 15-day period. However, it's important to note that this problem is not attributed to the portal itself but rather lies with the banks.

    Another challenge students face with Vidya education loan is the requirement to submit collateral documents for loan amounts exceeding INR 7.5 lakhs. This may pose difficulties for students studying abroad, as INR 7.5 lakhs might not be sufficient for their educational expenses. Additionally, students who lack the necessary collateral security or mandatory documents have limited options for negotiation on the portal.

    To address these challenges, GyanDhan offers assistance in securing education loans for studying abroad, with or without collateral. GyanDhan assesses your profile and connects you with suitable lenders while negotiating on your behalf to obtain the best education loan product. You can check your education loan eligibility and reach out to them for any inquiries related to studying abroad.

    In summary, the Vidya Lakshmi portal's limitations in providing comprehensive loan updates and restrictions on collateral requirements and negotiation options can be overcome by seeking assistance from platforms like GyanDhan.

    Read more about

  • list items Study aborad scholarships for Indian students
  • list items Education Loan for Abroad Studies by Indian Government
  • list items Documents required for abroad education loan
  • list items Abroad education loan without parental income
  • list items Education loan for abroad studies
  • list items Expenses covered under abroad education loan
  • list items Types of collateral security for abroad education loan
  • list items Education loan without collateral for abroad studies
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    Frequently Asked Question

    What is Vidya Lakshmi education loan?

    The Vidya Lakshmi education loan is an education loan scheme by government to provide financial aid and allow students to apply for educational loans and scholarships via the Vidya Lakshmi portal. This loan aims to support students in covering their educational expenses, including tuition fees, books, and accommodation, ensuring that financial barriers do not hinder their pursuit of higher education.

    How to select a loan scheme on Vidya Lakshmi Portal?

    To select a loan scheme on the Vidya Lakshmi portal, register an account, log in, explore the available loan schemes, compare their features, select the desired scheme, and proceed with the application process. Follow the instructions provided by the respective bank, submit the required documents, and track your application through the portal. If you have any questions, contact the bank directly using the provided contact information. Remember to review the terms and conditions before applying.

    How to cancel loan application in Vidya Lakshmi portal?

    To cancel loan applications on the Vidya Lakshmi portal, follow these steps:

    1. Log in to your account on the Vidya Lakshmi portal using your credentials.
    2. Navigate to the section or page where you can view your loan applications.
    3. Locate the specific loan application you wish to cancel.
    4. Look for an option or button that allows you to cancel or withdraw the application.
    5. Click on the cancel or withdraw option and follow any prompts or instructions provided.
    6. Confirm the cancellation when prompted.
    7. Ensure that you receive a confirmation message or notification stating that your loan application has been successfully canceled.

    What are the Vidya Lakshmi loan terms and conditions?

    The Vidya Lakshmi loan terms and conditions include coverage of various educational expenses, competitive interest rates with possible concessions for female students, and varying loan amounts based on the course and institution. Repayment terms are structured to begin after the completion of studies, with specific conditions varying across different banks and financial institutions.

    How to edit loan application form in Vidya Lakshmi portal?

    To edit loan application form in Vidya Lakshmi portal, follow these steps:

    1. Log in to your account on the Vidya Lakshmi portal using your credentials.
    2. Navigate to the section or page where you can view your loan applications.
    3. Locate the specific loan application form you want to edit.
    4. Look for an option or button that allows you to edit the application.
    5. Click on the edit option and make the necessary changes to the form.
    6. Review the updated information and ensure its accuracy.
    7. Save the changes before exiting the form.

    Can I apply for multiple education loan schemes through the Vidya Lakshmi portal application?

    Yes, you can apply for multiple education loan schemes available on the Vidya Lakshmi portal. However, you can only apply for a loan from a maximum of three banks, and only one scheme per bank can be selected.

    How can I track the status of my education loan application on the Vidya Lakshmi portal?

    You can track the status of your education loan application by logging into your account on the Vidya Lakshmi portal and clicking on the 'Application Status' tab. It will provide real-time updates on the progress of your application at various stages.

    Is the Vidya Lakshmi portal limited to specific courses or institutions?

    No, the Vidya Lakshmi portal is not limited to specific courses or institutions. Students can apply for education loans for a wide range of courses and institutions within India and abroad through the portal.

    What should I do if I face any issues or have queries while using the Vidya Lakshmi portal?

    If you encounter any issues or have queries related to the Vidya Lakshmi portal, you can reach out to their support team for assistance. Contact information and support options can usually be found on the portal's website.

    Is there any fee or charge for using the Vidya Lakshmi portal?

    No, there is no fee or charge for using the Vidya Lakshmi portal. It is a free platform provided by the government to simplify the process of applying for education loans.

    Why is my Vidyalakshmi loan application rejected?

    Your Vidyalakshmi loan application is rejected because you may not be eligible as per the norms of the selected bank. In such a case, you should contact the bank and enquire further.

    What is the maximum loan amount for Vidya Lakshmi?

    Vidya Lakshmi portal education loan offers loan amounting to 1.5 Crore. However, applicants must fulfill the eligibility criteria laid out by their chosen bank.

    What is the interest rate for Vidya Lakshmi education loan?

    The interest rate for the Vidya Lakshmi portal education loan depends on your chosen bank and profile. The interest rate usually starts from 8.4%

    Check Your Education Loan Eligibility


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