List of Banks in VidyaLakshmi Portal: A Comprehensive Guide

Vidya Lakshmi Portal Bank List
Home » Education Loan » List of Banks in VidyaLakshmi Portal: A Comprehensive Guide

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.

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 loans from multiple banks through the portal, 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 LimitedKarnataka Bank Ltd
Andhra Pragathi Grameena BankKarnataka Vikas Grameen Bank
Axis BankKarur Vysya Bank
Bank of BarodaKerela Gramin Bank
Bank of IndiaKotak Mahindra Bank Ltd
Bank of MaharashtraNew India Cooperative Bank Limited
Canara BankPunjab and Sind Bank
Central Bank of IndiaPunjab National Bank
Chhattisgarh Rajya Gramin BankRajasthan Marudhara Gramin Bank
City Union Bank LimitedRBL Bank Limited
Dombivli Nagari Sahakari Bank LimitedState Bank of India
Federal BankTamilnad Mercantile Bank Limited
GP Parsik Bank LtdThe Kalupur Commercial Co-Op Bank Ltd
HDFC BankThe South Indian Bank Ltd
ICICI BankUCO Bank
IDBI BankUnion Bank of India
IDFC First BankYES 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:

Vidya Lakshmi Education Loan Federal BankIndian Bank Education Loan Vidya Lakshmi Portal
Vidya Lakshmi Education Loan Punjab And Sind BankBank Of Maharashtra Vidya Lakshmi Education Loan
Vidya Lakshmi Education Loan Bank Of BarodaCanara Bank Vidya Lakshmi Education Loan
Vidya Lakshmi Education Loan SBIVidya Laxmi Portal Punjab National Bank
Vidya Lakshmi Kalupur Bank Education LoanVidya Lakshmi Portal IDBI Bank
Vidya Lakshmi Portal Axis BankVidya Lakshmi Portal Indian Overseas Bank
Jagananna Videshi Vidya Deevena ScholarshipVidya Lakshmi Portal Karur Vysya Bank
Vidya Lakshmi Portal Central Bank Of IndiaVidya Lakshmi Portal HDFC Bank
Vidya Lakshmi Portal Documents RequiredVidya Laxmi Portal UCO Bank Education Loan

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 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. 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.

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 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.

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 on List of Banks in Vidya Lakshmi Portal

How many banks are under the 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

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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