Education loans can be easily applied through the Vidya Lakshmi Portal. It was started in 2015 by the Indian government which aims to provide financial assistance to students planning for their higher education. A student applying for an education loan through the Vidya Lakshmi portal can compare around 130 education loan schemes offered by banks and choose the one that best suits their needs. The major advantage of this portal is the ease of the application process.
Want to know how to apply for an education loan through the Vidya Lakshmi Portal? If the answer is yes, then this blog will help you greatly by providing all the important information. Keep reading further to know more!
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How to Apply for an Education Loan through the Vidya Lakshmi Portal?
The application process is very simple. Students must begin by registering themselves on the portal. Vidya Lakshmi education loan registration process takes 5-10 minutes. Make sure that you remember your username and password and register only once. Here are simplified steps for applying for an education loan through the Vidya Lakshmi portal:
- Sign up on the Vidya Lakshmi website by entering your basic information and confirming your email.
- After registering, log in using your login details. You’ll see a dashboard with options like loan application, application status, and loan schemes.
- Click on “search for loan schemes” and provide information about where you want to study, your course, and how much money you need.
- You’ll then get a list of different education loan options that match your needs.
- You can simply search for the Bank name if you have already decided from which bank to take an education loan.
- Choose the loan scheme you want and click on “Apply Now.”
- Fill out the Common Education Loan Application Form (CELAF) for loans and scholarships.
- You can track the status of your application on the portal to see if it’s been approved or rejected by the bank.
- While on the loan application page, you can also check if you’re eligible for the Central Sector Interest Subsidy Scheme (CSIS).
- Keep scanned copies of your documents ready.
- Carefully review the document checklist.
- Make sure to save your information at each step while filling out the application on the Vidya Lakshmi loan portal.
Also Read: If you have already applied on the portal for education loans, read this blog to find out How to Download the Application Form From the Vidya Lakshmi Portal.
Eligibility Criteria
Mentioned below are the general eligibility criteria that a candidate needs to fulfil in order to apply for an education loan through the Vidya Lakshmi portal.
- You have to be an Indian citizen to get a loan from the Vidya Lakshmi portal.
- You need to get admission to a college either on the basis of merit or by passing an entrance exam.
- You should have finished your 10+2 or equivalent.
Documents Required
The table below contains the list of general documents that will required during the education loan application process.
| Applicant’s Academic Documents | Admission proof reflecting the duration of the course. Mark sheets of 10th, 12th and undergraduate (if applicable). Scorecard of language proficiency tests and relevant competitive exams. Fee structure and University ranking where the candidate has taken admission. |
| Applicant’s Other Documents | Provide the latest address proof in the form of an Aadhar card, Voter ID card, or electricity bill. PAN, Aadhar, or Passport (if going abroad) as proof of your identity. |
| Co- applicant’s Documents | Business transactions of last 1 year if self-employed. Latest payslips of 6 months if salaried. |
| Documents of Financial Co-applicant | Address proof of the business. Balance sheet and profit and loss account for the last 3 years. Last 3 months’ salary slips. |
| Other Documents | A letter mentioning that the leftover expenses will be taken care of by the co-applicant. Notarised joint affidavit with co-applicant and the student. |
| Additional Documents | Explain in an INR 100 stamp paper, the reason for any gap that you have had in your studies. Receipts of any payments made to the university. Loan account statement of any pending loans. |
How to Know the Application Status?
To check the status of their education loan application, students first need to log in using their credentials. Once they are logged in, students can easily track their application status on the dashboard. If there is any discrepancy in documents or they are incomplete, then the application process will be kept on hold and the same will be updated on the dashboard. Similarly, loan approvals are also updated on the dashboard.
Also Read: Know all about the IBA Model Education Loan Scheme and learn about the eligibility criteria, documents required, maximum loan amount, interest rates and much more.
Benefits of the Vidya Lakshmi Portal
The main reason behind the creation of the Vidya Lakshmi portal was to ease the education loan application process for students. Apart from this, there are many other benefits of the Vidya Lakshmi portal which are mentioned below:
- Convenience in Applying – With the help of this portal, students can easily apply for an education loan. The banks update the status of the candidate’s application on a timely basis which helps the student track their application status hassle-free without having to stand in the loan queue at the bank.
- Grievance Redressal – If the student encounters some issue then they can easily reach out to the bank via email.
- Apply for Scholarship – Students can easily access information related to various scholarships and easily apply for the same as the Vidya Lakshmi Portal is linked with the National Scholarship Portal.
- Multiple Loan Schemes – On the Vidya Lakshmi portal, students get to choose from around 130 loan schemes offered by various banks in one place. Some of the banks registered with the portal are Bank of India, Central Bank of India, Axis Bank, HDFC Bank, State Bank of India, J&K Bank, etc.
- Security – Vidya Lakshmi Portal is maintained by NSDL e-Governance Infrastructure Ltd. This portal is 100% secured and authentic as it was created under the guidance of the Ministry of Education, the Ministry of Finance, and the Indian Banks Association (IBA).
FAQs
Students can easily apply for education loans through the Vidya Lakshmi portal by registering themselves. After registering, you need to log in and search for the education loan scheme or the bank through which you wish to avail of education loans.
The interest rate levied on education loans offered on the Vidya Lakshmi portal starts at 8.40% and can go up to 18%.
According to the Vidyalaksmi portal, it takes around 15 working days to process the education loan from the application date.
To help students planning to apply for education loans, the Vidya Lakshmi portal offers a single window from which students can get information about various loan schemes out there. To apply for an education loan through the Vidya Lakshmi portal, the student first needs to register on the portal.
To check the status of their education loan application, students first need to log in using their credentials. Once they are logged in, students can easily track their application status on the dashboard.
Vidya Laksmi is a great initiative by the government to provide convenience to students who wish to apply for education loans. Through this portal, they get to compare various loan schemes on a single portal which helps them choose the best option for themselves. In addition to the hassle-free application process, the Vidya Lakshmi portal also provides the benefit of timely grievance redressal and data security. Before starting the application process, students are advised to go through the eligibility criteria and also keep the necessary documents ready.
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