To allow the students avail information on education loans and apply for them, the Government has been running an education loan portal. Named Vidya Lakshmi, the portal has been developed under the guidance of the Department of Financial Services, Ministry of Finance; Department of Higher Education, Ministry of Education; and Indian Banks Association (IBA). The portal is maintained by NSDL e-Governance Infrastructure Limited.
Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the Vidya Lakshmi portal. The portal acts as a single window for students to access information and make applications for educational loans and government scholarships.
Vidya Lakshmi Portal: Features
Information about educational loan schemes of banks
Common educational loan application form for students
Apply to multiple banks for educational loans
Facility for banks to download students loan applications
Facility for banks to upload loan processing status
Facility for Students to email grievances or queries relating to educational loans to banks
Linkage to National Scholarship Portal for information and application for government scholarships
Here is a list of Vidya Lakshmi Portal FAQs that have often been asked by the students.
How can I apply for an 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 the needs, eligibility and convenience.
The applicant can also search for Educational Loan after login and apply for the suitable Educational Loan by filling the CELAF.
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 the rate of interest for the educational loan?
The interest rate varies from bank to bank and scheme to scheme.
How is the money or the educational loan disbursed?
Approved loan amount of an applicant will be disbursed directly by the bank outside the Vidya Lakshmi Portal.
How will I know once an 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.
What if I forget the password of my Login ID of Vidya Lakshmi portal?
Students can click on the 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.