Vidya Lakshmi Portal IDBI Bank: Check Interest Rates, Eligibility, Terms and Conditions

Vidya Lakshmi Portal IDBI Bank
Home » Education Loan » Vidya Lakshmi Portal IDBI Bank: Check Interest Rates, Eligibility, Terms and Conditions

IDBI bank is one of the major banks associated with the Vidya Lakshmi portal for education loans. Students can apply for education loans through the portal from IDBI Bank under its dedicated scheme i.e. IDBI Education Loan for Non-Vocational Courses. You can apply for a loan to pursue any top-notch course in a university in USA, Ireland or any other country. 

The Vidya Lakshmi portal was launched by the government of India for students who want to pursue higher studies in India or abroad. Let’s go through all the major features of Vidya Lakshmi Portal IDBI Bank.

Vidya Lakshmi Education Loan from IDBI Bank

Vidya Lakshmi portal is a unique initiative by the Indian Government that aims to help students get an education loan to study in India and Abroad. All the banks associated with Vidya Lakshmi provide loans as per the conditions prescribed by the Indian Banks Association (IBA). Check some of the key features of Vidya Lakshmi Portal IDBI Bank below:

Categories Description
Mode of ApplicationOnline through Vidya Lakshmi Portal
Courses Eligible Any regular Degree or diploma courses like Aeronautical, pilot training etc. The course shall be recognised by competent regulatory bodies in India or abroad. 
Maximum Amount for Study AbroadStudies in India – Maximum Rs.10 LakhStudies abroad – Maximum Rs. 20 Lakh*subject to repaying capacity
Rate of InterestUp to INR 10 lakhs: 11.00% (BR+1%) FloatingAny amount above INR 10 lakhs: 12.00% (BR+2%) Floating*Including Base Rate + 2% Floating rate of Interest
Repayment PeriodFor loans up to Rs. 7.5 lakh: up to 10 years.For loans above Rs. 7.5 lakh: up to 15 years*excluding moratorium period
Moratorium Period Course Duration + 1 year or 6 months after getting a job, whichever is earlier.

How to Apply for an IDBI Education Loan from the Vidya Lakshmi Portal?

In order to apply for Vidya Lakshmi Portal IDBI Bank education loan the students are required to register themselves on the portal. After registration, you will be required to mention all the important details like course details, source of income, required loan amount, bank details and relationship with the current banker etc. Check the step-by-step guide to apply online for IDBI education loan from the Vidya Lakshmi Portal:

  • Visit the Vidya Lakshmi Portal and register yourself by providing basic details like name, contact number, email ID etc and create a password.
  • After logging in click on Loan Application Form
  • Fill in all the details source of finance, cost of the program, relationship with the bank, details of securities etc.
  • Upload all the mandatory documents. You can also upload optional documents which will ultimately increase the chances of getting a loan. 
  • Submit the form and wait for the call from the bank which you selected as the lender. 
  • The bank will contact you within 30 days from the date of submission of the application form.

Also Read: Vidya Lakshmi Portal Indian Overseas Bank 

Vidya Lakshmi Portal IDBI Bank Education Loan Eligibility Criteria

There are certain eligibility criteria specified by the bank in order to get an education loan to study abroad or in India. The students are required to fulfil all the eligibility criteria at the time of applying for a loan. Check more details below:

  • The applicant should be an Indian Citizen and must have secured admission to a higher education course in recognized institutions in India or Abroad
  • The admission shall be obtained through an entrance test or any merit-based selection process.
  • If there is no entrance examination then the admission shall have been secured under the merit quota, i.e. marks secured are above the cut-off level 
  • The student must have completed HSC (10 plus 2 or equivalent) OR have secured
  • The applicant must be over 18 years of age. 

Vidya Lakshmi Portal IDBI Bank Interest Rate and Processing Fee

All the banks associated with the Vidya Lakshmi portal have specified the rate of interest charged upon the education loan. The interest rate varies according to the loan amount. As per the current information provided by the portal, the interest rate for any amount up to INR 10 lakhs will be 11 % (BR+1%) floating. The interest rate for an amount exceeding INR 10 lakh will be 12% (BR+2%) floating. The banks usually charge a percentage of interest above the base rate. Apart from the interest rate the bank will charge a processing fee. If you are taking an education loan to study abroad you need to pay 1% of the loan amount subject to a maximum of Rs. 5000/- plus applicable taxes. The amount will be refunded at the time of disbursement of the loan. 

Also Read: Vidya Lakshmi Portal Education Loan SBI

Vidya Lakshmi Portal IDBI Bank Education Loan: Terms & Conditions

It is very important to understand properly all the terms and conditions provided by the bank while taking an education loan. Always try to understand the entire process and terms from sanction to disbursement to repayment. This will help you to plan and manage your finances in a better way. Check some of the major terms and conditions specified by IDBI bank for education loans through the Vidya Lakshmi portal:

  • The repayment of the loan will be done through Standing instructions only i.e. a scheduled payment order ensuring regular funds transfer on a particular date. 
  • The bank will charge a penalty for any overdue amount.
  • Co-applicant is mandatory for the education loan and the loan documents should be executed by both the applicant and co-applicant.
  • In the case of a study abroad loan a margin of money is required to be paid upfront. For a loan up to INR.4 Lakh no margin money is required.
  • Any amount exceeding INR 4 Lakh will attract a margin of 15% of total course expenses.

FAQs

Can I get a collateral-free education loan from IDBI Bank through Vidya Lakshmi Portal?

You can get a collateral-free loan up to INR 4 lakh only. An amount between INR 4 lakh and 7.5 lakh will require a third-party guarantee. Amounts above 7.5 lakh will require collateral for which the minimum value shall be 1.33 times the total loan amount. 

What is the processing fee for the IDBI Bank Vidya Lakshmi education loan?

For an education loan to study abroad, you are required to pay 1% of the loan amount subject to a maximum of Rs. 5000/- plus applicable taxes. 

What if my loan gets rejected on the Vidya Lakshmi portal?

You can re-apply for the loan with the same or another bank subject to the eligibility criteria. 

Understanding education loans to study abroad is very important for a student. You should execute the entire process in a very efficient manner so that you do not face any kind of financial crunch. This blog contains major information regarding Vidya Lakshmi’s education loan from IDBI Bank. The students are still suggested to contact their bank for any kind of query regarding interest rates, repayment period, eligibility etc. 

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. Follow our social media handles on Twitter, LinkedIn and Instagram

About Shekhar Suman

Shekhar is a versatile writer with a passion for sharing knowledge and creativity. With expertise in crafting informative blogs on study abroad and finance, Shekhar helps readers navigate the complexities of education and financial planning. Most of his writings blend the practicality of finance and the beauty of language, making a meaningful impact in both spheres. Beyond his professional pursuits, he finds solace in the writing Shayari.

Leave a Comment

Top Banks Offering No-Collateral Loans Coverage Under Tata AIG Travel Health Insurance for Students Best Overseas Travel Policies for Students Cheapest Forex Cards for Students Best Picks for Student Travel Insurance Top Banks Offering Education Loans for New Zealand Studies! Apply for YES Bank Education Loan Top Up in Easy Steps Top Currency Exchange Providers in Toronto Documents Required for SBI Takeover of Education Loans Where to Exchange Currency in Birmingham?
×

Send Money Abroad in <15 mins

×

Request a callback

×

Get an education loan at the lowest interest rate

×

Thank you! Your call request has been submitted

Our team will connect with your shortly

aero Confused which education loan is the best for you?