Vidhyalakshmi – How to Apply Vidhyalakshmi Education Loan 1.5 Crore – Vidhyalakshmi Education Loan

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.

The Ministry of Education, the Indian Banks Association, and the Ministry of Finance collaborated to create Vidya Lakshmi, an educational portal. Its purpose is to serve as a conduit for education loans between students and banks. Students can use the portal, which is run by NSDL e-Governance Infrastructure Limited, to apply for and track education loan applications from the various banks that have participated with the scheme. This makes it easier for students to view loan details, apply for various educational loan schemes through the one-stop portal, and track the status of their loan application. The portal is open to everyone and may be accessed from any computer with an internet connection, from anywhere and at any time.

Features of Vidya Lakshmi Portal

The features of Vidya Lakshmi Portal are listed below:

  • You can apply for educational loans in multiple banks using the portal
  • You do not need to submit multiple application forms for availing an education loan
  • You can avail information about the different educational loan schemes offered by banks
  • Banks can easily download your loan application
  • Banks can upload the loan processing status on the portal
  • You can email grievances or queries to banks regarding the educational loan
  • You can link it to the National Scholarship Portal for information and application of government scholarships.

Eligibility Criteria for Subsidy

The eligibility criteria for availing an educational loan through the portal are:

  • An education loan must be availed under the IBA Model Education Loan Scheme
  • Parental income should not be more than Rs.4.5 lakhs per annum
  • Students should be enrolled in NAAC and NBA accredited institutions, institutions of national importance or Central Funded Technical Institutions. Professional institutions which do not come under NAAC or NBA would need the approval of the respective regulatory body

Documents Required to Apply for Vidya Lakhsmi Education Loan

The following are the documents required to apply for the Vidya Lakshmi Education Loan:

  • Last six months statements of Bank Passbook
  • KYC documents
  • Marksheets of 10th, 12th and degree courses
  • Guarantor Form (Optional)
  • Copy of the admission letter of the college or university with fee details

Interest Rates

The education loan interest rate varies depending on the bank and the education scheme. You can check the exact percentage on the portal before applying.

Vidya Lakshmi Portal Registration Procedure

To use the Vidya Lakshmi portal, you need to register yourself first. You can do so by following the process listed below:

Step 1: Visit the official website of Vidya Lakshmi

Step 2: Click on ‘Register’

Step 3: Enter the basic details like name, mobile number, email ID, and password

Step 4: Enter the Captcha

Step 5: Agree to the terms and conditions and click on ‘Submit’

Step 6: On doing so, an activation link will be sent to the email ID you provided

Step 7: You need to click on the link sent to your mail to activate the account

Vidya Lakshmi Portal Login Procedure

You can login to the portal after the registration process is completed. To login, you need to follow the steps mentioned below:

Step 1: Visit the official website

Step 2: Click on ‘Login’

Step 3: Select ‘Student Login’

Step 4: Enter the email ID, password created at the time of registration, and the captcha code displayed on the screen

Step 5: Select ‘Login’

How to Search for Education Loan in Vidya Lakshmi Portal

Once you login to the portal, you can search for education loans offered by different banks. To search, follow the steps mentioned below:

Step 1: Click on ‘Search for Loan’ tab

Step 2: Login to the portal

Step 2: Select the appropriate option under the location of study, course, and loan amount

Step 3: After doing that, click on ‘Search’

Step 4: On doing that, a list of banks will be displayed along with the respective loan schemes

Vidya Lakshmi Portal Education Loan Application Procedure

The process involved when it comes to applying for an education loan through the Vidya Lakshmi portal is listed below:

  • Once the loan listings are displayed on the screen, you have the option of locating the closest bank branch or applying for the education loan
  • On selecting the latter option, you will be redirected to fill in the Common Education Loan Application Form (CELAF)
  • There, you will see seven tabs under the heading of instructions, basic information, personal information, present banker details, course details, cost of finance details, and upload documents
  • You need to go ahead and fill in the details asked for. Once you are done with filling in the details in every tab click on ‘Submit’, then ‘Save’ and finally ‘Next’
  • The form will be used to apply individually to the respective bank and scheme chosen by you

How Can You Check the Application Status of the Education Loan?

You can check the progress of your application after it has been filed by going to the ‘Application Status’ option on the home page. You can also get in touch with the bank whose education program you selected when you applied.


    1. Does Vidya Lakshmi have any branches?

Yes, in addition to the head office located in Mumbai, Vidya Lakshmi has four branches across the country. They are in Kolkata, Chennai, New Delhi, and Ahmedabad.

    1. If my application for the education loan is approved, how will the money be disbursed?

The money will be disbursed directly by the bank. To know the details, you need to contact the bank where you have applied for the loan.

    1. In case I have any grievances, whom do I contact?

In such a scenario, you can send a mail at [email protected]

    1. Can I avail a loan from a private sector bank using the portal?

Yes, it is possible. This is because almost all the banks operating in the country are listed in the portal.

    1. Can an education loan be availed for a vocational course?

Yes, a loan can be availed for a vocational course.

    1. What is the moratorium period if I avail the Central Sector Interest Subsidy Scheme?

The moratorium period will be course period plus one year.

    1. Which is the nodal bank when it comes to the CSIS scheme?

The CSIS scheme is implemented through Canara Bank.

    1. What does the on-hold status mean?

The student will see an on-hold status if the bank requires some documents or more information about the loan application.

    1. How many applications can be made through Vidya Lakshmi portal?

A student can make up to three loan applications through Vidya Lakshmi portal.

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