Vidyalakshmi Portal is a Central IT-based Education Loan portal to provide student finance services for young Indians. It is an interface that helps students to apply for student loan online through a centralized website. Vidyalakshmi allows students to apply for multiple banks with a single Vidyalakshmi common education loan application form (CELAF). This is also helps students in managing their Education Loan Status on Vidyalakshmi Portal and keeps the information of applicant/student/parents safe with the government. All of it can be done without visiting the bank and online.
Vidyalakshmi Portal is a one stop solution for students looking for study loan information. Not only can you apply for Education Loans on Vidyalakshmi Website but also compare student loan services, apply for education loan interest subsidy and even refinance your studebt loan.
It is a platform run under the guidance of Department of Financial Services (Ministry of Finance) in collaboration with Indian Bank Association and Department of Higher Education (MHRD, India)
Vidyalakshmi Portal provides easy services like common application form, data security, CSIS: Central Loan Interest Subsidy Scheme compliance and remote service. With VidyaLakshmi Education Loan students can secure maximum amount of study loan, with least possible interest rates.
Main benefits for students looking for Student Loan from Vidyalakshmi Education Loan Portal are:-
If this information seems promising to your study loan need then keep reading and we’ll provide you information about loan facilities on Vidyalakshmi Education Loan Website. We’re going to provide you information about:
Almost all Indian Banks that are member of Indian Banking Association are obligated to provide loans to students. This includes Government-Private Banks, and even NBFC (Non-Banking Financial Institutions) and other entities.
Currently there are 36 Indian Banks enlisted with the Vidyalakshmi Education Loan Schemes providing 96 different types of loans for education of students. The different schemes appeal to the needs of students from different region, education levels, institutions and courses. A detailed list of all these schemes and banks is mentioned below
| Vidyalakshmi Banks List | Vidyalakshmi Education Loan Schemes (Each Bank) |
| 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 |
All Indian Banks provide education loans on the basis of standard lending rates as set by the Reserve Bank of India and Indian Banking Association. These rates are called Marginal cost of Credit based Lending Rates. Every Student Loan interest rate commonly known as ROI is based on a percentage addition to these basic rates. Almost all banks add from a range of 2% to 6% higher than their designated MCLR. Knowing these MCLR allow students to analyse on their own the expected interest rates of Education for various banks. MCLR rates for Vidyalakshmi Education Loan Banks are mentioned as follows. They are updated on monthly basis and you can revisit to check out monthly updates of MCLR rates for various banks.
Latest: MCLR Rates for March 2019. Source: Reserve Bank of India, release date: 04 April 2019
| Vidyalakshmi Banks List | Allahabad Bank | Andhra Bank | Bank of Baroda | Bank of India | Bank of Maharashtra | Canara Bank | Central Bank of India | Corporation Bank | Dena Bank | IDBI Bank | Indian Bank | Indian Overseas Bank | Oriental Bank of Commerce | Punjab and Sind Bank | Punjab National Bank | State Bank of India | Syndicate Bank | UCO Bank | Union Bank of India | United Bank of India | Vijaya Bank | Axis Bank Ltd. | Bandhan Bank Ltd. | Catholic Syrian Bank Ltd. | City Union Bank Ltd. | Development Credit Bank Ltd. | Dhanalaxmi Bank Ltd. | Federal Bank Ltd. | HDFC Bank Ltd. | ICICI Bank Ltd. | IDFC Bank Ltd | Indusind Bank | Jammu and Kashmir Bank Ltd. | Karnataka Bank Ltd. | Karur Vysya Bank Ltd. | Kotak Mahindra Bank | Laxmi Vilas Bank Ltd. | Nainital Bank | RBL Bank | South Indian Bank Ltd. | Tamilnad Mercantile Bank Ltd. | Yes Bank Ltd. |
| MCLR | 8.65 | 8.75 | 8.65 | 8.65 | 8.75 | 8.65 | 8.65 | 8.90 | 8.80 | 9.05 | 8.65 | 8.70 | 8.75 | 8.85 | 8.45 | 8.55 | 8.65 | 8.70 | 8.60 | 8.85 | 8.75 | 8.90 | 10.45 | 9.90 | 9.30 | 10.84 | 9.90 | 9.20 | 8.75 | 8.80 | 9.25 | 9.90 | 9.00 | 9.45 | 9.65 | 9.00 | 9.90 | 8.45 | 10.25 | 9.45 | 9.20 | 9.70 |
Registering with Vidyalakshmi Education Loan Website has many benefits, even if you’re not applying for loan from there. The registration alone provides you access to student loan schemes which you can refer from bank branches and apply directly.
To register on VidyaLakshmi Education Loan Portal, follow these steps:-
Wait! the registration process is not yet over. You’ll shortly receive a confirmation link on your email address. This will be the same email address that you might have filled in the application form.
Vidyalakshmi Login Process: Step-by-Step Guide and Troubleshooting
Now that you’ve registered on the portal, all that’s left is filling the Vidyalakhsmi common education loan application form (CELAF). Then you can easily search from numerous Study loan Schemes and apply for them from the portal. Vidyalakshmi Login process and loan search process is as follows:-
Caution: If you’re facing any problems like ‘Account not activated’ or ‘Unable to Login’. Please follow these steps:-
With this part of registration you have finally completed the toughest part of your study loan application process. Any step after this only involved uploading or entering what you already know, for filling application form or for application of loan. After logging in you’ll be taken to the home section of Vidyalakshmi Student Page.
Vidyalakshmi Education Loan Search is easier to use because it separates the student loan requirements in various categories. The various types of student loan combinations that you can find on Vidyalakshmi Website are:-
| Education Loan by Location of Study | Education Loan by Course Type | Education Loan by requirement of Loan Amount |
| India | Under Graduation | Below 4.0 Lakhs |
| Study Abroad | Post-Graduation | Between 4.0 Lakhs and 7.5 Lakhs |
| All/Both | Professional Course | More than 7.5 Lakhs |
| Vocational Course | All loan values | |
| All Courses |
The key to a good education loan search is doing it in an organized manner. If you search for all schemes available then it’ll cause confusion. To search for an appropriate loan scheme on Vidyalakshmi Website; follow these simple steps:-
You can directly start your application for the Education Loan Scheme of your choice, check for the address of closest branch, and know the details of education loan like loan amount, student loan interest rate, repayment period, etc.
To apply for an education loan from Vidyalakshmi Portal you’ll need to fill the CELAF. CELAF helps you to know what information and documents required for Student Loan Scheme. It also lets the bank get your documents all in one place so that you don’t have to run behind bank officials at the time of Student Loan Sanction.
Vidyalakshmi CELAF contains following fields of information which an study loan applicant needs to fill:-
Generally Student Loan application forms of bank contain fields which are not explanatory enough. Students and parents often miss details or end up filling wrong details. In addition to this even Bank officials do not provide any guidance or help in this matter. With Vidyalakshmi Education Loan Portal you can easily fill you details from click and drop down options.
To fill you CELAF you need to know the following steps:
After you’ve gone through this process selecting and applying for a student loan scheme is pretty easy. We’re enlisting some important steps and peculiar points to remember while applying for a Vidyalakshmi Education Loan.
It is very important for Student Loan applicants to keep a close check on the student loan application status for their online loan application. You should reply or follow instructions received from any communication by Bank officials or authorities. To check your Vidylakshmi Education Loan Status:-
Generally it takes any bank 15 days or less to respond for any loan query and raise demands for any supporting documents or undertakings.
Caution: Any email/phone call/sms request made by the bank for valid details, should be replied within 15 days of communication. Failing this step might lead to Education Loan Cancellation
Very often Education Loan requests are rejected by banks, but with Vidyalakshmi Education Loan Website; IBA (Indian Banking Association) and MHRD (Ministry of Human Resource Development) has resolved this issue. Now students can raise complaints if they believe that their study loan request was rejected for invalid reasons. The Grievance option on Student Home Page provides students with this option. The general turn-around time for any complaint is 15 days.
If a student wishes to continue higher studies and apply for another study loan, he/she can edit their academic profile and apply for another student loan. The ‘Edit Profile’ option on Student Home page allows students to do so.
However there are limitations of such applications, like your previous education stage must have been cleared and that your credit score should be strong enough. It’s always good to do a pre-research of common Education Loan Terms and Terminologies before doing so.
Students from economically weaker section can now avail study loan benefits without the burden of interest for certain period of time with Vidyalakshmi Portal. Even students trying to pursue international higher education courses, can avail these subsidies provided they fulfill the criteria. The Central Sector Interest Subsidy Scheme by MHRD, India after the recent update now provides study loan to students up to 7.5 Lakhs without any collateral or guarantee.
The Subsidy Scheme also covers the interest paid by students during their course duration for their student loans. All Vidyalakshmi Education Loan Schemes consider applicants for interest subsidy and the applicants don’t have to apply specially for this benefit. Some peculiar features of the Education Loan Subsidy Scheme of CSIS by Indian Government are mentioned below:
Launched in 2015-16 by Hon’ble Finance Minister Arun Jaitley, the Vidyalakshmi Portal is aimed at resolving the financial limitations of students in India. With Education in India becoming more expensive, with a triple fold increase from last census (Yr. 2010-11), government wanted to help students in making education more affordable. Government Scholarships are also another option that students choose to fund their education. Vidyalakshmi Portal links to the National Scholarship portal in helping students avail these scholarships along with the study loans.
With this portal students can apply for education loan to various banks without worrying for hidden charges. Students can choose the student loan that fits their requirement and course structure. They can apply for the loan without visiting the branch and complete the process leading to their excellent education.
Public Expenditure in Education has increased from 3.03 Lakh Crores of Indian rupees to almost 4.90 Lakh Crore Indian rupees according to 2018 Education Finance report. An average household now roles out INR 3061 per year for primary education compared to INR 897 year in 2007-08.
Vidyalakshmi Portal provides additional services like data security and maximum amount of student loan, with least possible interest rates. The Portal also supports services like loan renewal and Education Loan tenure extension, which helps students relieve from the fees and tuition worries. The best benefit that has transferred to the students with the NSDL run Vidyalakshmi Karyakram Loan Website; is the elimination of loan agents from between.
Note – For more details on student loans from Vidyalakshmi portal read the education loan series of articles on our website or call our Education Counsellors.
A1: Vidyalakshmi Portal is a student loan application portal by Government of India. It allows students to apply for at most 3 different student loans from various banks. Currently students can only proceed one sanctioned student loan application on the Vidyalakshmi Portal but it lies completely on the discretion of lending bank if they wish to merge the loan with other banks and help the student to pursue higher education. Students may try offline consultation for such requests with the respective banks, after they have approved the Vidyalakshmi Education Loan Application.
A2: As the complete loan application process on Vidyalakshmi Portal is completely digitised, the loan approval always takes comparatively lesser than offline applications at the bank branches. The average turn-around-time for an student loan application with the portal is 10-12 days. It depends on the magnitude of the study loan requested and if the education loan is for domestic studies or foreign education. The maximum time that any application may take is 20 days.
A3: No, Vidyalakshmi Portal is only meant for Indian Nationalised or Private Banks. The portal keeps on adding more banks and loan schemes to its lists. Students can choose from various interest rate options and avail education loan subsidy directly from the portal. Thus it is always beneficial to consider all student loan options from authorised banks on the portal before searching for any un-secured student loans as provided by NBFCs.
A4: There are currently 36 banks enlisted on the Vidyalakshmi Portal for various Domestic and International Student loan services. These banks in combination are providing a total of 110 student loan schemes at various interest rates ranging from 7.00% to 18% based on various eligibility criteria for student loans. Students may fill the Common Education Loan Application Form (CELAF) to submit applications for as many as three different Loan Programs.
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