Vidya Lakshmi is a government run education loan portal that allows students to avail information and apply for education loans offered by different banks. 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) and it is maintained by NSDL e-Governance Infrastructure Limited.
Students can view, apply and track education loan applications to banks by accessing the Vidya Lakshmi portal.
To get information about education loans, students will have to register to the portal and generate their login credentials.
After registration, they can login to know about loans and apply directly through the portal.
Students will have to apply through a Common Education Loan Application Form (CELAF) hosted on the Vidya Lakshmi portal, search for educational loan, and apply as per their needs, eligibility and convenience.
Alternatively, applicants can also search for education loans after logging in to the portal and apply for the suitable loan by filling the CELAF.
CLEAF is a single form which students can fill to apply for educational loans at multiple banks or schemes. CELAF is the application form prescribed by Indian Banks Association and accepted by all banks.
Apply for an education loan at Vidya Lakshmi
Status of loan applications will be updated by banks on the Vidya Lakshmi portal. Students can view the status of their applications on the applicant's dashboard on the portal. Acceptance of applications depends on eligibility criteria set by the particular bank.
A student can apply to a maximum of three Banks through Vidya Lakshmi portal. The interest rate varies from bank to bank and scheme to scheme.