The Vidya Lakshmi Portal is government-backed and provides a single-window facility for students seeking education loans for higher studies. The portal facilitates access to student loans from various banks and financial institutions. The list of banks in Vidya Lakshmi Portal includes 38 banks. Students can register on the portal and fill out a common application form. Each bank has a separate page that allows students to understand the loan process better, including interest rates, repayment options, and eligibility criteria.
Table of Contents
- List of Banks in Vidya Lakshmi Portal
- Details on Banks in Vidya Lakshmi Portal
- Eligibility Criteria for Banks in Vidya Lakshmi Portal
- Major Features of Associated Banks in Vidya Lakshmi Portal
- Documents Required by Banks in Vidya Lakshmi Portal
- Vidya Lakshmi Portal College List
- Vidya Lakshmi Portal University List
- FAQs on List of Banks in Vidya Lakshmi Portal
List of Banks in Vidya Lakshmi Portal
The Vidya Lakshmi Portal offers a comprehensive list of 38 banks that provide student education loans. Students can apply for education loan on Vidya Lakshmi portal from multiple banks, streamlining the application process. Here’s the list of banks on the portal that assist in the education loan application form process-
| Abhyudaya Cooperative Bank Limited | Karnataka Bank Ltd |
| Andhra Pragathi Grameena Bank | Karnataka Vikas Grameen Bank |
| Axis Bank | Karur Vysya Bank |
| Bank of Baroda | Kerela Gramin Bank |
| Bank of India | Kotak Mahindra Bank Ltd |
| Bank of Maharashtra | New India Cooperative Bank Limited |
| Canara Bank | Punjab and Sind Bank |
| Central Bank of India | Punjab National Bank |
| Chhattisgarh Rajya Gramin Bank | Rajasthan Marudhara Gramin Bank |
| City Union Bank Limited | RBL Bank Limited |
| Dombivli Nagari Sahakari Bank Limited | State Bank of India |
| Federal Bank | Tamilnad Mercantile Bank Limited |
| GP Parsik Bank Ltd | The Kalupur Commercial Co-Op Bank Ltd |
| HDFC Bank | The South Indian Bank Ltd |
| ICICI Bank | UCO Bank |
| IDBI Bank | Union Bank of India |
| IDFC First Bank | YES Bank |
| Indian Bank | |
| Indian Overseas Bank | |
| Jammu and Kashmir Bank Ltd |
You can check the details of major banks’ education loan schemes present in the list of Vidya Lakshmi Portal banks:
Details on Banks in Vidya Lakshmi Portal
Check out the interest rates and repayment times of various banks under the Vidya Lakshmi scheme:
| Vidyalakshmi Banks List | Interest rate | Repayment time |
| Abhyudaya Cooperative Bank Limited | Male (Fixed): – Upto Amount 4 Lakhs: No Fixed Rate of Interest is Offered – Rs. 4 Lakh to Rs. 7.5 Lakh: No Fixed Rate of Interest is Offered – Above Rs. 10 Lakh: No Fixed Rate of Interest is Offered Male (Floating): – Up to Rs. 10.00 Lakh @ ROI = PLR – 0.5% i.e.12.50% p.a. – Above Rs. 10.00 Lakh up to Rs. 20.00 Lakh @ ROI = PLR +0.50% i.e.13.00% p.a. Female (Fixed): – Upto Amount 4 Lakhs: No Fixed Rate of Interest is Offered – Rs. 4 Lakh to Rs. 7.5 Lakh: No Fixed Rate of Interest is Offered – Above Rs. 10 Lakh: No Fixed Rate of Interest is Offered Female (Floating): – Upto Rs. 10 Lakh @ ROI = PLR – 1% i.e.12.00% p.a – Above Rs. 10.00 Lakh up to Rs. 20.00 Lakh @ ROI = PLR i.e.13.00% p.a. | 15 years |
| Andhra Bank | – Upto Rs.4.00 lakhs – 10% (Fixed) – Above 4- 7.5 lakhs – 10.5% (Fixed) – Above 7.5 lakhs – 11% (Fixed) | 15 years |
| Axis Bank | Male – Up to Rs 4 Lakh – MCLR +7.00% (Floating) – Rs. 4 lakh to Rs. 7.5 lakh – MCLR +8.00% (Floating) – Above Rs 7.5 Lakh – MCLR +6.00% (Floating) Female – Up to Rs 4 Lakh – MCLR +6.50% (Floating) – Rs. 4 lakh to Rs. 7.5 lakh – MCLR +7.50% (Floating) – Above Rs 7.5 Lakh – MCLR +5.50% (Floating) | For Loan Amount <= Rs 7.50 Lacs -10 Years MaximumFor Loan Amount > Rs 7.50 Lacs -15 Years Maximum |
| Bank Of Baroda | 8.35% | 15 years |
| Bank Of India | Upto Rs.7.50 lacs – 3% above Base Rate, (presently 12.95 %) Above Rs.7.50 lacs – 2.50% above Base Rate, (presently 12.45 %) | 15 lakhs |
| Bank Of Maharashtra | Upto Rs. 7.50 Lakh – RLLR + 2.00Above Rs. 7.50 Lakh – RLLR + 1.65 | 15 years |
| Canara Bank | – Loans up to Rs. 7.5 Lacs: MCLR(9.35%) + 2% = 11.35% – Loans above Rs.7.50 lacs: MCLR(9.35%) + 1.80% = 11.15% | 15 years |
| Central Bank Of India | Male: 09.95 % + 2.00% Female: 09.95 + 1.50% | 15 years |
| Federal Bank | Male (Floating) – Upto Rs.4 lakh: 10.72% to 15.32% – Rs.4 lakh to Rs.7.5 lakh: 10.72% to 15.32% – Above Rs.7.5 lakh: 10.72% to 15.32% Female (Floating) – Upto Rs.4 lakh: 10.72% to 15.32% – Rs.4 lakh to Rs.7.5 lakh: 10.72% to 15.32% – Above Rs.7.5 lakh: 10.72% to 15.32% | 15 years |
| GP Parsik Bank Ltd | Male – Upto Rs. 10 lakh -12.50 % pa (Fixed) – Above Rs. 10 lakh – 13.50 % pa (Fixed) – Up to Rs 10 Lakh -11% pa (Floating) – Above Rs 10 Lakh -12% pa (Floating) Female – Upto Rs. 10 lakh – 12.50% pa (Fixed) – Above Rs. 10 lakh – 13.50% pa (Fixed) – Upto Rs. 10 lakh – 11% pa (Floating) – Above Rs. 10 lakh – 12% pa (Floating) | 120 months |
| HDFC Bank | For loan amounts up to Rs. 4.00 lacs Min: 10.25% – Max: 12.25% For loan amounts more than Rs. 4.00 lacs Min: 10.25% – Max: 15.00% | 15 YEARS |
| ICICI Bank | Male (Floating): – Upto Amount 4 Lakhs – 13.60% (I Base + Applicable Margin (Currently: I BASE + 4.25 %) – Above Amount 4 Lakhs – 14.60% (I Base + – Applicable Margin (Currently: I BASE + 5.25 %) Female (Floating): – Upto Amount 4 Lakhs – 13.10% (I Base + Applicable Margin (Currently: I BASE + 3.75 %) – Above Amount 4 Lakhs – 14.10% (I Base + Applicable Margin (Currently: I BASE + 4.75 %) | 10-12 years |
| IDBI Bank | 11.00% (BR+1%) Floating | 15 years |
| Indian Bank | 8.25% | 15 years |
| Indian Overseas Bank | Male – 12.25 %Female – 11.75 % | 15 years |
| Karur Vysya Bank | Interest rate for Males (Floating): – Upto Rs. 4 lakhs =One year MCLR+3.10% Rs. 4 lakh to Rs. 7.5 lakh = One year MCLR+3.10% – Above Rs. 7.5 lakh to Rs 10.00 Lakh =One year MCLR+2.85%Above Rs 10.00 Lakhs =One year MCLR+2.60% Interest rate for Female (Floating): – Upto Rs. 4 lakhs =One year MCLR+2.60% Rs. 4 lakh to Rs. 7.5 lakh = One year MCLR+2.60% – Above Rs. 7.5 lakh =One year MCLR+2.35% – Above Rs 10.00 Lakhs =One year MCLR+2.10% | 15 years |
| Kotak Mahindra Bank Limited | Male-Fixed ROI ROI is linked to the base rate whichever is applicable – Upto 4 Lakh – base rate + 7.25% – Greater than 4 Lakh – base rate + 8.25% Female-Fixed ROI ROI is linked to the base rate whichever is applicable – Upto 4 Lakh – base rate + 7.25% – Greater than 4 Lakh – base rate + 8.25% | 15 years |
| New India Cooperative Bank Limited | 12.00 to 13.00% | 15 years |
| Punjab And Sind Bank | For Male Borrowers: (Floating) – Upto Rs 4 Lakh: 10.75% – Between Rs 4 Lakh to Rs 7.5 Lakh: 10.75% – Above Rs 7.5 Lakh: 10.25% For Female Borrowers: (Floating)Upto Rs 4 lacs: 10.25% Between Rs 4 lacs to Rs 7.5 lacs: 10.25%Above Rs 7.5 lacs: 9.75% | 15 years |
| Punjab National Bank | Loan up to Rs.7.50 Lakh (covered under CGFSEL Scheme) RLLR + BSP + 2.00% Loan above Rs.7.50 Lakh RLLR + BSP + 2.75% | 15 years |
| RBL Bank Limited | Interest rate for Male (Floating): – Upto Amount (in Rs.): Upto Rs. 4 Lakh: Base + 5% – Between Rs. 4 Lakh and Rs. 7.5 Lakh: Base + 6% – Above Rs. 7.5 Lakh: Base + 4% Interest rate for Female (Floating): – Up to Rs. 4 lacs: Base + 5% – Between Rs. 4 lacs and Rs. 7.5 lacs: Base + 6% – Above Rs. 7.5 Lacs: Base + 4% | 15 years |
| State Bank Of India | Visit the official website of SBI | 15 years |
| Syndicate Bank | 9.55% to 13.25% | 15 years |
| UCO Bank | Upto Rs.7.50 lacs: Base Rate + 2.50% i.e. 12.20% p.a.(9.70+2.50). Above Rs.7.50 lacs: Base Rate + 2.25% i.e. 11.95% p.a.(9.70+2.25). | 15 years |
| Union Bank Of India | Upto Rs.4 lakh EBLR+3.25% i.e.10.45% Rs.4 to Rs.7.5 lakh EBLR+3.00% i.e. 10.20% Above Rs.7.5 lakh EBLR+2.10% i.e. 9.30% | 15 years |
Note: All data discussed above is based on the information available on the bank’s official website. Students are advised to check with their bank to understand the interest rate and other terms.
Also Read: SBI Education Loan
Eligibility Criteria for Banks in Vidya Lakshmi Portal
Every bank has its own terms and conditions regarding the eligibility criteria. However, most of the eligibility criteria of the banks present in the Vidya Lakshmi portal bank list will be common as they are framed as directed by the Indian Bank Association. Below are the general eligibility criteria for the Vidya Lakshmi Education Loan Scheme of individual banks.
| Nationality | Indian |
| Education Qualification | An intermediate/plus-2 exam with a minimum score of 50% |
| Courses Eligible | ● Graduation● Post-Graduation● Regular Technical● Professional Degree● Diploma Courses(approved by UGC, AICTE, IMC, or government) |
| parents income | 4-5 lakhs p.a. |
Must Read: VIDYA LAKSHMI EDUCATION LOAN INTEREST RATE: KNOW THE DETAILS HERE
Major Features of Associated Banks in Vidya Lakshmi Portal
Vidya Lakshmi portal aims to provide financial assistance to students who want to pursue higher education in India or abroad. Students can check different schemes and apply for education loans provided by as many as 44 banks associated with the portal. Check other features of Vidyalakshmi portal below:
- The Vidya Lakshmi platform makes it simple for students to apply for a student loan.
- The portal lists many government educational programmes and educational loans that make it easier for students to obtain loans. As a result, it makes it less expensive to continue your education.
- The moratorium period will be a course period + 1 year or 6 months after the commencement of the job, whichever is earlier.
Documents Required by Banks in Vidya Lakshmi Portal
In order to apply through the Vidya Lakshmi portal, every bank needs the following basic documents.
- Aadhaar Cards or any other accepted form of official identification
- Passport-size photograph.
- Certificates or mark sheets from the 10th, 12th, and graduation or qualifying exams
- a letter of acceptance from the college
- Statement of the applicant’s or co-applicants bank accounts
- The course’s cost structure
- Income documentation for parents or guardians (payslips, tax returns, etc.)
Vidya Lakshmi Portal College List
The Vidya Lakshmi Portal offers a comprehensive list of colleges across India that are approved for education loans under various government and private bank schemes. Here is a Vidya Lakshmi portal college list:
| College | State |
| Hindu College | Delhi |
| Miranda House | Delhi |
| St. Stephen’s College | Delhi |
| Rama Krishna Mission Vivekananda Centenary College | West Bengal |
| Atma Ram Sanatan Dharm College | Delhi |
| St. Xavier’s College | West Bengal |
| PSGR Krishnammal College for Women | Tamil Nadu |
| Loyola College | Tamil Nadu |
| Kirori Mal College | Delhi |
| Lady Shri Ram College for Women | Delhi |
| PSG College of Arts and Science | Tamil Nadu |
| Hans Raj College | Delhi |
| Presidency College | Tamil Nadu |
| Madras Christian College | Tamil Nadu |
| Thiagarajar College | Tamil Nadu |
| Deshbandhu College | Delhi |
| Ramakrishna Mission Vidyamandira | West Bengal |
| Acharya Narendra Dev College | Delhi |
| Shri Ram College of Commerce | Delhi |
| Rajagiri College of Social Sciences | Kerala |
| Sri Venkateswara College | Delhi |
| University College, Thiruvananthapuram | Kerala |
| Lady Irwin College | Delhi |
| Ramakrishna Mission Residential College | West Bengal |
| St. Joseph’s College, Tiruchirappalli | Tamil Nadu |
| Deen Dayal Upadhyaya College | Delhi |
| Bhaskaracharya College of Applied Sciences | Delhi |
| V.O. Chidambaram College | Tamil Nadu |
| Maitreyi College | Delhi |
| Stella Maris College for Women | Tamil Nadu |
| Gargi College | Delhi |
| Midnapore College | West Bengal |
| Bishop Heber College | Tamil Nadu |
| Dyal Singh College | Delhi |
| Pachhunga University College | Mizoram |
| St. Xavier’s College, Palayamkottai | Tamil Nadu |
| Sri Krishna Arts and Science College | Tamil Nadu |
| Shaheed Rajguru College of Applied Sciences for Women | Delhi |
| Jesus & Mary College | Delhi |
| Sri Guru Gobind Singh College of Commerce | Delhi |
| Holy Cross College, Tiruchirappalli | Tamil Nadu |
| Nesamony Memorial Christian College, Marthandam, Kanyakumari Dist. | Tamil Nadu |
| Kamala Nehru College | Delhi |
| Dhanalakshmi Srinivasan College of Arts and Science for Women | Tamil Nadu |
| Fergusson College (Autonomous) | Maharashtra |
| St. Teresa’s College, Ernakulam | Kerala |
| Sacred Heart College (Autonomous) | Tamil Nadu |
| Sacred Heart College | Kerala |
| Shivaji College | Delhi |
| Govt. College for Women, Thiruvananthapuram | Kerala |
| Govt Home Science College | Chandigarh |
| Kongunadu Arts and Science College | Tamil Nadu |
| Maharaja’s College, Ernakulam | Kerala |
| The American College | Tamil Nadu |
| St. Joseph’s College of Commerce | Karnataka |
| Sri Ramakrishna College of Arts and Science | Tamil Nadu |
| St. Thomas College, Thrissur | Kerala |
| St. Aloysius College | Karnataka |
| Jamal Mohamed College, Tiruchirappalli | Tamil Nadu |
| Kristu Jayanti College | Karnataka |
| St. Joseph’s College, Devagiri | Kerala |
| Bishop Moore College | Kerala |
| Ayya Nadar Janaki Ammal College | Tamil Nadu |
| Government Institute of Science, Nagpur | Maharashtra |
| Ramanujan College | Delhi |
| Mar Ivanios College | Kerala |
| Women’s Christian College | Tamil Nadu |
| Government Arts College | Tamil Nadu |
| S.B. College, Changanassery | Kerala |
| Goswami Ganesh Dutta S.D. College | Chandigarh |
| Queen Mary’s College | Tamil Nadu |
| Daulat Ram College | Delhi |
| Madras School of Social Work | Tamil Nadu |
| Mar Athanasius College | Kerala |
| Dr. N. G. P. Arts and Science College | Tamil Nadu |
| Alagappa Government Arts College | Tamil Nadu |
| Kanchi Mamunivar Govt. Institute for PG Studies and Research | Pondicherry |
| A.P.C. Mahalaxmi College for Women | Tamil Nadu |
| Ethiraj College for Women | Tamil Nadu |
| Vimala College, Thrissur | Kerala |
| S S Jain Subodh P G College | Rajasthan |
| National College | Tamil Nadu |
| Sri Ramakrishna Mission Vidyalaya College of Arts and Science | Tamil Nadu |
| Government Victoria College | Kerala |
| St. Joseph’s College | Kerala |
| Maharaja Agrasen College | Delhi |
| M S Ramaiah College of Arts, Science, and Commerce | Karnataka |
| Scottish Church College | West Bengal |
| Guru Nanak College | Tamil Nadu |
| St. Xavier’s College | Maharashtra |
| Bethune College | West Bengal |
| CMS College Kottayam | Kerala |
| Keshav Mahavidyalya | Delhi |
| Dr. S. N. S. Rajalakshmi College of Arts and Science | Tamil Nadu |
| Virudhunagar Hindu Nadars Senthikumara Nadar College | Tamil Nadu |
| Government Arts College | Tamil Nadu |
| Delhi College of Arts and Commerce | Delhi |
| Sadakathullah Appa College | Tamil Nadu |
| Shri Shivaji Science College | Maharashtra |
| Scott Christian College | Tamil Nadu |
Vidya Lakshmi Portal University List
The Vidya Lakshmi Portal provides access to a curated list of recognized universities eligible for education loans. These universities are approved by government bodies and meet the necessary accreditation standards.
Here is a Vidya Lakshmi portal university list:
| University | State |
| Indian Institute of Science | Karnataka |
| Jawaharlal Nehru University | Delhi |
| Jamia Millia Islamia | Delhi |
| Manipal Academy of Higher Education | Karnataka |
| Banaras Hindu University | Uttar Pradesh |
| University of Delhi | Delhi |
| Amrita Vishwa Vidyapeetham | Tamil Nadu |
| Aligarh Muslim University | Uttar Pradesh |
| Jadavpur University | West Bengal |
| Vellore Institute of Technology | Tamil Nadu |
| Saveetha Institute of Medical and Technical Sciences | Tamil Nadu |
| SRM Institute of Science and Technology | Tamil Nadu |
| Anna University | Tamil Nadu |
| Siksha ‘O’ Anusandhan | Odisha |
| Kalinga Institute of Industrial Technology | Odisha |
| Homi Bhabha National Institute | Maharashtra |
| University of Hyderabad | Telangana |
| Calcutta University | West Bengal |
| BITS Pilani | Rajasthan |
| Chandigarh University | Punjab |
| Kerala University | Kerala |
| Koneru Lakshmaiah Education Foundation University (KL University) | Andhra Pradesh |
| Savitribai Phule Pune University | Maharashtra |
| JSS Academy of Higher Education and Research | Karnataka |
| Andhra University | Andhra Pradesh |
| Bharathiar University | Tamil Nadu |
| Lovely Professional University | Punjab |
| Shanmugha Arts Science Technology and Research Academy | Tamil Nadu |
| Thapar Institute of Engineering and Technology | Punjab |
| Kalasalingam Academy of Research and Education | Tamil Nadu |
| Symbiosis International | Maharashtra |
| Amity University | Uttar Pradesh |
| Babasaheb Bhimrao Ambedkar University | Uttar Pradesh |
| Cochin University of Science and Technology | Kerala |
| Institute of Chemical Technology | Maharashtra |
| Bharathidasan University | Tamil Nadu |
| Mahatma Gandhi University | Kerala |
| Panjab University | Chandigarh |
| University of Madras | Tamil Nadu |
| Jamia Hamdard | Delhi |
| Gauhati University | Assam |
| Datta Meghe Institute of Higher Education and Research | Maharashtra |
| Osmania University | Telangana |
| Dr. D. Y. Patil Vidyapeeth | Maharashtra |
| University of Kashmir | Jammu and Kashmir |
| UPES | Uttarakhand |
| Alagappa University | Tamil Nadu |
| Delhi Technological University | Delhi |
| SVKM’s Narsee Monjee Institute of Management Studies | Maharashtra |
| University of Jammu | Jammu and Kashmir |
| Sathyabama Institute of Science and Technology | Tamil Nadu |
| Graphic Era University | Uttarakhand |
| King George’s Medical University | Uttar Pradesh |
| Mysore University | Karnataka |
| Sri Ramachandra Institute of Higher Education and Research | Tamil Nadu |
| Periyar University | Tamil Nadu |
| Punjab Agricultural University | Punjab |
| Tata Institute of Social Sciences | Maharashtra |
| Acharya Nagarjuna University | Andhra Pradesh |
| Christ University | Karnataka |
| Mumbai University | Maharashtra |
| Shiv Nadar University | Uttar Pradesh |
| Madurai Kamaraj University | Tamil Nadu |
| Manipal University, Jaipur | Rajasthan |
| Jain University | Karnataka |
| NITTE | Karnataka |
| Banasthali Vidyapith | Rajasthan |
| Sri Balaji Vidyapeeth Mahatma Gandhi Medical College | Puducherry |
| Tezpur University | Assam |
| Shoolini University of Biotechnology and Management Sciences | Himachal Pradesh |
| Maharishi Markandeshwar (Deemed to be University) | Haryana |
| Vignan’s Foundation for Science, Technology and Research | Andhra Pradesh |
| Bharath Institute of Higher Education and Research | Tamil Nadu |
| IIIT Hyderabad | Telangana |
| Visvesvaraya Technological University | Karnataka |
| Gujarat University | Gujarat |
| Mizoram University | Mizoram |
| Bharati Vidyapeeth | Maharashtra |
| Chettinad Academy of Research and Education | Tamil Nadu |
| Guru Gobind Singh Indraprastha University | Delhi |
| Bangalore University | Karnataka |
| Birla Institute of Technology | Jharkhand |
| Central University of Punjab | Punjab |
| Tamil Nadu Agricultural University | Tamil Nadu |
| Sant Longowal Institute of Engineering and Technology | Punjab |
| Sharda University | Uttar Pradesh |
| Sri Venkateswara University | Andhra Pradesh |
| G.B. Pant University of Agriculture and Technology | Uttarakhand |
| Calicut University | Kerala |
| Chitkara University | Punjab |
| University of Agricultural Sciences | Karnataka |
| Manav Rachna International Institute of Research and Studies | Haryana |
| Manonmaniam Sundaranar University | Tamil Nadu |
| Madan Mohan Malaviya University of Technology | Uttar Pradesh |
| Yenepoya University | Karnataka |
| Vel Tech Rangarajan Dr. Sagunthala R&D Institute of Science and Technology | Tamil Nadu |
| University of Lucknow | Uttar Pradesh |
| Avinashilingam Institute for Home Science and Higher Education for Women | Tamil Nadu |
| Central University of Tamil Nadu | Tamil Nadu |
| Netaji Subhas University of Technology (NSUT) | Delhi |
What is the PM Vidyalaxmi Scheme?
The PM Vidyalaxmi Scheme, launched on November 6, 2024, by the Union Cabinet, is a Central Sector initiative designed to empower meritorious students by removing financial barriers to higher education in India. Aligned with the National Education Policy (NEP) 2020, it provides collateral-free and guarantor-free education loans for students admitted to Quality Higher Education Institutions (QHEIs) ranked by the National Institutional Ranking Framework (NIRF).
With a budget of INR 3,600 crore from 2024 to 2031, the scheme aims to support over 22 lakh students annually across 860 top institutions. Here are the key features of PM Vidyalaxmi scheme:
- Coverage: Full tuition fees and course-related expenses (e.g., books, hostel fees).
- Eligibility: Students admitted to NIRF-ranked QHEIs (government and private).
- Credit Guarantee: 75% guarantee on loans up to INR 7.5 lakh.
- Interest Subventions:
- Full interest subvention during moratorium for family incomes up to INR 4.5 lakh.
- 3% interest subvention for family incomes up to INR 8 lakh.
- Digital Access: Fully digital application process via the PM-Vidyalaxmi portal.
- Scale: Supports over 22 lakh students annually with a focus on accessibility.
What is the PM Vidya Lakshmi Education Loan?
The PM Vidya Lakshmi education loan refers to education loans facilitated under the PM Vidyalaxmi Scheme through the Vidya Lakshmi Portal, a unified digital platform developed by the Ministry of Finance, Ministry of Education, and Indian Banks Association (IBA).
This portal simplifies the loan process, allowing students to apply to multiple banks seamlessly and track their applications in real time. Here is the key details:
| Aspect | Description |
|---|---|
| Purpose | Financial support for students at NIRF-ranked QHEIs. |
| Loan Type | Collateral-free, guarantor-free education loans. |
| Coverage | 100% tuition fees + course-related expenses (e.g., books, hostel, equipment). |
| Application Process | Single Common Education Loan Application Form (CELAF) for up to 3 banks via the Vidya Lakshmi Portal. |
| Credit Guarantee | 75% guarantee on loans up to INR 7.5 lakh. |
| Interest Subventions | – Full subvention for incomes ≤ INR 4.5 lakh (moratorium period).<br>- 3% subvention for incomes ≤ INR 8 lakh. |
| Digital Tools | Application tracking and subvention claims via the “PM Vidyalaxmi Digital Rupee” app. |
| Accessibility | User-friendly portal with transparent processes. |
The PM Vidya Lakshmi Education Loan ensures that students can focus on their studies without financial stress, supported by a robust digital ecosystem and tailored financial incentives.
FAQs on List of Banks in Vidya Lakshmi Portal
There are 38 banks registered under Vidya Lakshmi portal. A few of the banks are:
Abhyudaya Cooperative Bank Limited
Andhra Bank
Bank Of Baroda
Axis Bank
Bank Of India
Canara Bank
Central Bank Of India
Federal Bank
Bank Of Maharashtra
GP Parsik Bank Ltd
HDFC Bank
ICICI Bank
IDBI Bank
Indian Bank
Indian Overseas Bank
To apply for an education loan through the Vidya Lakshmi programme, you must be admitted to your desired course after passing the pertinent entrance exam. Students must also adhere to the eligibility requirements established by the relevant lender.
Depending on the course, institution, and lender, the programme offers education loans ranging from Rs. 10,000 to Rs. 1.5 crore.
Three banks may be requested at once.
Vidya Lakshmi Portal’s extensive bank list offers a ray of hope to countless students aspiring for higher education in India. With more than 40+ affiliated banks and 138 loan programs, it provides a wealth of options. The portal’s user-friendly interface and streamlined application process make accessing education loans easier than ever, fostering academic dreams for India’s youth.
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