Vidya Lakshmi is a portal that helps students to get education loans from various banks in India. It is a first of its kind portal that was launched by the central government in 2015.
Vidya Lakshmi portal provides single window for students to access information about different loan schemes, apply online for education loans, and track the status of their applications. Vidya Lakshmi portal also helps students to apply for scholarships through the National Scholarship Portal.
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How to Register on Vidya Lakshmi Portal?
If you want to apply for education loan on Lakshmi portal, you must register on the portal first. To register on Vidya Lakshmi portal, you need to follow these steps:
- First of all you have to visit the official website of Vidya Lakshmi portal at https://www.vidyalakshmi.co.in
- After that Click on “Register” tab or “Apply Now” button on the homepage.
- Fill in the registration form with your name, email, mobile number, password, and captcha code.
- Click on “Submit” button after verifying your details.
- You will receive an email with a link to activate your account.
- Click on the link and login with your email and password.
Overview Of Vidya Lakshmi
| Feature | Description |
|---|---|
| Developed By | Department of Financial Services (Ministry of Finance), Department of Higher Education (Ministry of Education), and Indian Banks Association (IBA). |
| Managed By | NSDL e-Governance Infrastructure Limited. |
| Purpose | To provide a single platform for students seeking Education Loans. |
| Security | Ensures a robust and secure environment for financial assistance. |
| Registered Banks | Network of 40 registered banks offering diverse loan options. |
| Loan Schemes | Over 130 loan schemes available to cater to various student needs. |
| Application Process | Seamless and user-friendly with real-time tracking of loan status. |
| Interest Rates | Range from 8.40% to 18%, depending on student requirements. |
| Additional Features | Linked with the National Scholarship Portal for access to scholarships. |
This portal simplifies the process of applying for education loans and scholarships, making it more accessible for students to pursue their educational goals
How to Apply Online for Education Loan on Vidya Lakshmi Portal?
After registering on Vidya Lakshmi portal, you can apply online for education loan from any of the registered banks. To apply online for education loan on Vidya Lakshmi portal, you need to follow these steps:
- Login to your account on portal.
- Click on “Application Form” tab and fill in the common education loan application form (CELAF) with your personal, academic, and loan details.
- Getter can save your form and edit it later if needed.
- You can also upload your documents such as identity proof, address proof, income proof, etc. on the portal.
- After filling the form, you can search for the loan schemes that suit your needs and eligibility criteria.
- Beneficiary can select up to three loan schemes from different banks and apply for them by clicking on “Apply” button.
- Applier will receive an acknowledgement number for each loan scheme that you have applied for.
How to Check the Status of Education Loan Application ?
You can track the status of your education loan application on Vidya Lakshmi portal by following these steps:
- Login to your account on portal.
- Click on “Application Status” tab and enter your acknowledgement number or application ID.
- You can see the status of your application such as pending, approved, rejected, sanctioned, or disbursed.
- You can also contact the bank directly for any queries or issues regarding your loan application.
What are the Benefits of Education Loan ?
Some of the benefits of education loan on Vidya Lakshmi portal are:
- It provides a single platform for students to access information and apply for education loans from multiple banks.
- It simplifies the process of education loan application and reduces the paperwork and hassle for students and banks.
- It enables faster processing and approval of education loans by banks.
- It allows students to track the status of their education loan applications online anytime and anywhere.
- It helps students to avail scholarships through the National Scholarship Portal along with education loans.
What are the Eligibility Criteria for Education Loan on Portal?
The eligibility criteria for education loan on portal may vary from bank to bank and scheme to scheme. However, some of the common eligibility criteria are:
- The student must be an Indian citizen.
- The student must have secured admission in a recognized institution in India or abroad for a degree or diploma course.
- The student must have a good academic record and a valid score in entrance exams if applicable.
- The student must have a co-applicant such as parent, spouse, sibling, or guardian who can repay the loan in case of default.
- The student must have a minimum income or assets to support the repayment of the loan.
Frequently Asked Questions
Q . What is Vidya Lakshmi Portal?
A .Vidya Lakshmi Portal is a website that provides information and access to various education loan schemes offered by banks in India. Students can view, apply and track their loan applications online through this portal.
Q . Who can apply for education loan on Lakshmi Portal?
A . Any Indian citizen who wants to pursue higher education in India or abroad can apply for education loan on Vidya Lakshmi Portal. The eligibility criteria may vary depending on the loan scheme and the bank.
Q .How to register and login on Vidya Lakshmi Portal?
A . To register on Vidya Lakshmi Portal, you need to provide your name, email, mobile number, date of birth and a password. You will receive an activation link on your email to verify your account. To login, you need to enter your email and password.
Q .How to apply for education loan on Vidya Portal?
A .To apply for education loan on Vidya Lakshmi Portal, you need to fill up a Common Education Loan Application Form (CELAF) with your personal, academic and financial details. You can then search for the loan schemes that suit your needs and apply to multiple banks at once.
Q .How to track the status of education loan application on Lakshmi Portal?
A . To track the status of your education loan application on Vidya Lakshmi Portal, you need to login with your email and password. You can then view the status of your application, the bank’s response, the sanction letter and the disbursement details
