List of Banks in VidyaLakshmi Portal: A Comprehensive Guide

Vidya Lakshmi Portal Bank List

The Vidya Lakshmi Education Loan Scheme helps students pay for their higher education. Students are eligible for loans under this programme from a variety of Indian banks and financial entities. As many as 44 Indian banks are associated with and are present in the Vidya Lakshmi portal bank list for education loans. The programme was started as part of the country’s effort to increase literacy rates, the Pradhan Mantri Vidya Lakshmi Karyakram.

The Pradhan Mantri Vidya Lakshmi Karyakram proposes the Vidya Lakshmi Portal, a totally IT-based Student Financial Aid Authority. Students can pursue higher education without financial restrictions thanks to the site. It supports monitoring and regulating student loan and scholarship programmes. 

List of Banks in Vidya Lakshmi Portal

With over 40+ banks affiliated with Vidya Lakshmi Education Loan Scheme, students can take advantage of 138 loan programmes and the interest starts from 8.40%. Go through the table for more. Check the major banks present in the list of Vidya Lakshmi portal bank list:

Vidyalakshmi Banks ListInterest rateRepayment time
Abhyudaya Cooperative Bank LimitedMale (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 BankMale 

– 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 Baroda8.35%15 years
Bank Of IndiaUpto 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 MaharashtraUpto Rs. 7.50 Lakh – RLLR + 2.00Above Rs. 7.50 Lakh – RLLR + 1.6515 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 IndiaMale: 09.95 % + 2.00%
Female: 09.95 + 1.50%
15 years
Federal BankMale (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 LtdMale 
– 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 BankFor 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 BankMale (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 Bank11.00% (BR+1%) Floating15 years
Indian Bank8.25%15 years
Indian Overseas BankMale – 12.25 %Female – 11.75 %15 years
Karur Vysya BankInterest 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 LimitedMale-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 Limited12.00 to 13.00%15 years
Punjab And Sind BankFor 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 BankLoan 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 LimitedInterest 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 IndiaVisit the official website of SBI15 years
Syndicate Bank9.55% to 13.25%15 years
UCO BankUpto 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 IndiaUpto 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. It is advised that students 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.

NationalityIndian
Education QualificationAn 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 income4-5 lakhs p.a.

Must Read: VIDYA LAKSHMI EDUCATION LOAN INTEREST RATE: KNOW THE DETAILS HERE

Major Features of VidyaLakshmi 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.

Required Documents 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

Who is eligible to apply for a student loan under the Vidyalakshmi programme?

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.

How much is the Loan of the Vidya Lakshmi Scheme?

Depending on the course, institution, and lender, the programme offers education loans ranging from Rs. 10,000 to Rs. 1.5 crore.

How many banks can you apply to simultaneously?

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.

To know more about the Vidya Lakshmi Education Loan, 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.

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