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 37 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.
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List of Banks in Vidya Lakshmi Portal
The Vidya Lakshmi Portal offers a comprehensive list of 37 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.)
FAQs on List of Banks in Vidya Lakshmi Portal
There are 37 banks registered under Vidya Lakshmi portal. A few of the banks are:
Abhyudaya Cooperative Bank Limited
Andhra Bank
Axis Bank
Bank Of Baroda
Bank Of India
Bank Of Maharashtra
Canara Bank
Central Bank Of India
Federal Bank
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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