A lot of students in India aspire to get admission to a foreign university. However, studying abroad often comes with a huge cost which is difficult for many students. Hence, an education loan is required in order to gain admission and to sustain in a foreign country. For example, if you are studying in USA you will have to plan the expenses for tuition fees as well as your accommodation.
Vidya Lakshmi portal is developed to help students get a hassle-free education loan from banks in India. There are around 44 banks registered with Vidya Lakshmi and around 138 loan schemes are available for the students. Let’s understand how it works and what is the range of Vidya Lakshmi Education Loan Interest Rate.
Also Read: Vidya Lakshmi Portal Education Loan
Vidya Lakshmi Education Loan: Participating Banks
There are 44 banks registered with Vidya Lakshmi for providing education loans at affordable interest rates to students who want to pursue higher education. Some of the major banks are SBI, PNB, Uco Bank, Indian Overseas Bank, Axis Bank, Federal Bank, RBL Bank etc. All these banks operate as per the instructions of the Reserve Bank of India and are bound to charge interest as per the policies framed by RBI.
Students who apply through the Vidya Lakshmi Portal get a call from banks with an offer for an education loan at certain interest rates.
Also Read: SBI Student Loan vs Sbi Global Ed-vantage Scheme
Interest Rate by Bank through Vidya Lakshmi Portal
Usually, the interest rate for an education loan through the Vidya Lakshmi portal ranges between 8.40% to 15%. It may differ based on the revision in interest rates offered by the banks. Usually, the State Bank of India, Bank of Baroda, Punjab National Bank etc. provides both fixed and floating interest rate on education loans to study abroad based on loan amount. Check the interest rates on education loans of the top 10 banks associated with Vidya Lakshmi:
| Name of the Bank | Interest Rates (Per Annum) |
| State Bank of India | 8.15% to 11.15% Floating Interest Rate |
| Union Bank | 11.40% to 12.65% Fixed Interest Rate (for loan repayment period up to 5 years) |
| Axis Bank | 13.70% to 15.20% |
| Indian Bank | 10.50% to 10.75% |
| UCO Bank | 11.70% to 12.10% |
| Bank of Baroda | 10.95% to 11.75% |
| HDFC Bank | 9.50% onwards |
| IDBI Bank | 10.60% to 11.10% |
| Federal Bank | 12.55% onwards |
| Karur Vyasya Bank | 9.99%. to 13.98% |
Note: The above-mentioned interest rates of different banks associated with Vidya Lakshmi are as per the current data mentioned on the banks’ official websites. Students are suggested to check with their bank and understand properly the rate of interest and other terms and conditions.
FAQs
A student can get as much as INR 1.5 crores in education loans to study abroad.
Education loans taken through Vidya Lakshmi are basically from the banks associated with it. All the banks charge a particular rate of interest on education loans. No banks will provide interest-free loans to study in India or abroad.
Vidya Lakshmi has a huge network of as many as 44 banks in India. You will be getting a centralised platform where you can choose your lender/bank as per your requirements. Also, you don’t need to visit a particular branch of any bank and all the process will be done through online mode.
Vidya Lakshmi education loan interest rate will vary depending on the bank which you are selecting as your lender. You can contact the bank directly for interest rates at the time when you are taking an education loan.
To know more about the education loan to study abroad, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience. Follow our social media handles on Twitter, LinkedIn and Instagram.
