How To Apply Education Loan In Vidyalakshmi Portal?: Are you finding a suitable education loan to fulfill studying your dream course and build the best career? LearnCBSE.in can be your savior as it comes up with a great portal that provides educational loans for students.
The portal is vidyalakshmi.co.in and it says getting an educational loan was never this easy. So, why don’t you gather the required information on the same? And decide to apply for a suited education loan.
The procedure on How to Apply for an Education Loan in Vidyalakshmi Portal is explained here in a stepwise manner. Do check it with other mandatory details like What is VidyaLakshmi Education Loan, Key Features, Eligibility, Documents required, Registration process, and more.
What Is VidyaLakshmi Education Loan? – Vidyalakshmi.Co.In Features And Benefits
Vidyalakshmi Education Loan is the loan provided for students through the vidyalakshmi portal. Vidya Lakshmi portal is a one-stop destination for various student loan information. After getting information from the portal, you can apply for education loans on the same site.
Vidya Lakshmi’s website is undertaken by the Department of Financial Services (Ministry of Finance) in partnership with the Indian Bank Association and the Department of Higher Education (MHRD, India).
You can avail of accessible services such as common application forms, Central Loan Interest Subsidy Scheme compliance, data security, and remote assistance through the vidyalakshmi portal.
Students who have applied for an education loan under this portal can save the maximum amount of study loans with less interest rates.
Want to know the full features and benefits of the Vidyalakshmi Education Loan Portal? Look at the below points:
- Everything is performed remotely.
- One Centralized Education Loan application service for all banks
- Gather everything about education loan schemes of banks
- A quick process with no hidden charges
- Compliance with CSIS for student loan interest advantages
- Direct transfer with no loan agent in the middle
- Possibility of Max loan amount
- Students can check all banks available on the portal
- Easy to apply for educational loans via multiple banks
List of Banks & Educational Loan Schemes At Vidyalakshmi Portal
As per the latest information, currently36 Indian Banks are enrolled with the Vidyalakshmi Education Loan Schemes at the vidya lakshmi portal to provide different types of study loans for students.
The below-tabulated data is completely related to the banks and their loan scheme names. Do look at the table and choose the beneficial loan for you.
| 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 VidyaLaxmi 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 | Vidya Jyothi 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 |
Eligibility Requirements To Apply For Study Loan Via Vidyalakshmi Website
Satisfying the eligibility criteria is a must for all candidates who want to apply for a student loan via the vidyalakshmi portal. You all know that there are various banks enrolled at the vidya lakshmi portal so the eligibility conditions may vary from bank to bank and scheme to scheme.
Hence, aspirants are requested to check the bank website for detailed requirements. Meanwhile, keep an eye on the below furnished general eligibility conditions:
- Only Indian citizens can register and apply for the study loan at the vidyalakshmi site.
- Need to have a 10+2 certificate or a respective degree certificate.
- Must have finished an entrance test or get a merit-based admission to the college/university.
- You can even apply for an education loan from colleges to study in India and India.
Documents Needed to Apply for VidyaLakshmi Student Loan
Below are some of the important documents required for the Vidya Lakshmi Education Loan application:
- Last six months’ statements of the Bank Passbook
- Business transactions of last 1 year if self-employed
- KYC documents
- Guarantor Form (Optional)
- Marksheets of 10th, 12th and degree courses
- Copy of the admission letter of the college or university with fee details
- Fee structure
- Required to submit the latest address proof in the form of an Aadhar card, Voter ID card, or electricity bill
- Moreover, Any collateral documents are also mandatory to submit when you choose a collateralized loan
How To Register For Vidya Lakshmi Education Loan Portal?
Getting into the vidyalakshmi portal is very beneficial so registering with the portal is a must. Students who are passionate to fulfill their career dreams can register with the vidyalakshmi portal and avail of the suited education loan from banks.
This Vidya Lakshmi Portal Registration Procedure helps you check the student loan schemes from banks and apply for them directly. Apart from the application, you can even benefit from various features.
Do check the below-mentioned step-by-step procedure for vidyalakshmi portal registration and complete it with ease:
- Go to the official online portal of vidya lakshmi ie., Vidyalakshmi.co.in
- Look for the Register tab on the website homepage, at the top panel, and press on it.
- Enter the requested details like Name, Age, DOB, Email ID, Mobile No., and captcha.
- Before submitting, check the terms and conditions by tapping the text- “website (click wrap) agreement terms & conditions”. Agree to their terms by clicking the checkbox and proceed with the next step.
- Press the submit button and move to the next steps.
Within a short span, you will get a confirmation link on the email address which you’ve registered with.
- Check the email and confirm your registration by clicking on the confirmation link.
- Finally, you are done with the registration process for the vidyalakshmi portal.
Steps to Login to the Vidya Lakshmi Portal
If you’re done with the registration process with the vidyalakshmi portal then proceed with the login steps below
- First, visit the official portal of Vidya Lakshmi Education Loan.
- Click on the Login option on the homepage.
- Choose the Student Login tab.
- Type the registered login details like email ID, and password in the given fields along with the captcha code displayed on the screen.
- Cross-check the entered details and then press the Login button.
How To Search for Education Loan on Vidyalakshmi Site?
Searching for an Education loan on the Vidyalakshmi portal is simple as the feature itself divides the requirements of student loans into different categories. Here are the distinct combinations of study loan types:
| Education Loan by Location of Study | Education Loan by Course Type | Education Loan by Requirement of Loan Amount |
| Study Abroad | Post-Graduation | Between 4.0 Lakhs and 7.5 Lakhs |
| India | Under Graduation | Below 4.0 Lakhs |
| All/Both | Professional Course | More than 7.5 Lakhs |
| Vocational Course | All loan values | |
| All Courses |
Now, it’s time to learn the process to search for education loans offered by various banks. Once you log in to the website, follow the below steps and search for the loan plans:
- Tap on the ‘Search for Loan’ option.
- Login to the website,
- Choose the relevant options under the location of study, course type, and loan amount for achieving the proper student loan.
- After selection. tap on the Search option.
- Now, you will find the banks list with the respective loan schemes.
- Right next to the education loan scheme, you will find the Branch Locator and Apply buttons, click on the required one, and start applying for the loan via the vidyalakshmi portal.
Application Procedure For Vidya Lakshmi Portal Education Loan
The steps required to follow while applying for an education loan via the vidya lakshmi portal are as mentioned:
- First and foremost, search for the education loan schemes on the portal.
- Find the nearest bank branch and check for the loan schemes.
- Else, apply for the loan from the listed loans on the screen of the vidyalakshmi portal.
- After selecting a suitable student loan from the list, you will be moved to the next page.
- Now, you should fill out the Common Education Loan Application Form (CELAF).
- Once you are done with filling out the form, click on instructions> fill in all the requested details asked in “basic information,” “personal information,” “course details,” “cost of finance data,” and “upload papers.” tabs.
- If you’re done with entering the details, click on the Submit, Save, and Next buttons.
- Now, the application form is ready to be used for applying separately with the respective bank for the selected education loan scheme.
Is it Faster to Get a Loan Sanctioned if Applied via Vidya Lakshmi Portal?
Probably No, doesn’t ensure the sanction’s timeline or the portal’s most recent status by applying for the loan through the Vidya Lakshmi Portal. So there is no hope of diminishing the application phase time. But it functions great and reveals the banks’ progress in real-time.
Vidyalakshmi Education Loan Interest Rates
Almost all Indian banks offer education loans as per the regular lending rates fixed by the RBI and the Indian banking association. They are known as Marginal cost of Credit based Lending Rates (MCLR).
The ROI of every student loan is calculated as per the percentage with these basic rates. The range of 2% to 6% or higher than their specified MCLR is added by the banks.
How To Apply Education Loan In Vidyalakshmi Portal, Here we have mentioned the MCLR rates for Vidyalakshmi Education Loan Banks as per the report of the Reserve Bank of India in March 2019.
| Vidyalakshmi Banks List | MCLR |
| Allahabad Bank | 8.65 |
| Andhra Bank | 8.75 |
| Bank of Baroda | 8.65 |
| Bank of India | 8.65 |
| Bank of Maharashtra | 8.75 |
| Canara Bank | 8.65 |
| Central Bank of India | 8.65 |
| Corporation Bank | 8.90 |
| Dena Bank | 8.80 |
| IDBI Bank | 9.05 |
| Indian Bank | 8.65 |
| Indian Overseas Bank | 8.70 |
| Oriental Bank of Commerce | 8.75 |
| Punjab and Sind Bank | 8.85 |
| Punjab National Bank | 8.45 |
| State Bank of India | 8.55 |
| Syndicate Bank | 8.65 |
| UCO Bank | 8.70 |
| Union Bank of India | 8.60 |
| United Bank of India | 8.85 |
| Vijaya Bank | 8.75 |
| Axis Bank Ltd. | 8.90 |
| Bandhan Bank Ltd. | 10.45 |
| Catholic Syrian Bank Ltd. | 9.90 |
| City Union Bank Ltd. | 9.30 |
| Development Credit Bank Ltd. | 10.84 |
| Dhanalaxmi Bank Ltd. | 9.90 |
| Federal Bank Ltd. | 9.20 |
| HDFC Bank Ltd. | 8.75 |
| ICICI Bank Ltd. | 8.80 |
| IDFC Bank Ltd | 9.25 |
| IndusInd Bank | 9.90 |
| Jammu and Kashmir Bank Ltd. | 9.00 |
| Karnataka Bank Ltd. | 9.45 |
| Karur Vysya Bank Ltd. | 9.65 |
| Kotak Mahindra Bank | 9.00 |
| Laxmi Vilas Bank Ltd. | 9.90 |
| Nainital Bank | 8.45 |
| RBL Bank | 10.25 |
| South Indian Bank Ltd. | 9.45 |
| Tamilnad Mercantile Bank Ltd. | 9.20 |
| Yes Bank Ltd. | 9.70 |
The above MCLR rates are gonna be updated every month with the latest rates so don’t rely on the same table all the time. Do check the bank portal for the updated rates or comment with us for the current MCLR rates. How To Apply Education Loan In Vidyalakshmi Portal
FAQs On Vidyalakshmi Portal – Education Loan & Application Process
- Why Vidyalakshmi portal is different from others?
Vidya Lakshmi portal is a one-stop contact to apply for educational loans and government scholarships. It has many features that make it different from other education loan portals:
- Helps in applying for educational loans from various banks.
- Find the complete details about Bank educational loan programs.
- Direct way to download student loan applications for banks.
- Common educational loan application form for students
- Banks can directly upload/update applicants’ loan processing status.
- However, students can also communicate with banks by emailing their queries or complaints regarding education loans.
- How Can I Check My Loan Application Status?
Banks or lenders will update the loan application progress report on the dashboard of the vidya lakshmi portal. So applicants can check their application status from there or else they can also view the ‘application status’ page on the portal.
- How will I know once an education loan is approved?
Your bank will update the status of the approval on the vidyalakshmi portal. Candidates can know the approval status on the dashboard of the portal after login with their details.
- What if I forget the password of my vidyalakshmi site login?
If you forget the Vidyalakshmi login password, click on the forgot password option on the login page and enter the registered email id in the required field. You will immediately receive a system-generated password through an e-mail.
Final Words
We are glad to provide the data on How To Apply Education Loan In Vidyalakshmi Portal above. Do read all the modules of the guide and submit the education loan application through the vidyalakshmi portal.
Hoping that the shared information on the same benefitted you a lot while applying. If you need to see articles like What is Education Loan, How to get Education loan from the government, and more from the available links or look at our website @LearnCBSE.in