{"id":7487,"date":"2023-10-06T16:49:26","date_gmt":"2023-10-06T11:19:26","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=7487"},"modified":"2023-10-06T16:49:26","modified_gmt":"2023-10-06T11:19:26","slug":"vidya-lakshmi-portal-idbi-bank","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-idbi-bank\/","title":{"rendered":"Vidya Lakshmi Portal IDBI Bank: Check Interest Rates, Eligibility, Terms and Conditions"},"content":{"rendered":"\n<p>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 <a href=\"https:\/\/leverageedu.com\/blog\/universities-in-usa\/\"><strong>university in USA<\/strong><\/a>, Ireland or any other country.&nbsp;<\/p>\n\n\n\n<p>The <a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-education-loan\/\"><strong>Vidya Lakshmi porta<\/strong><\/a>l was launched by the government of India for students who want to pursue higher studies in India or abroad. Let\u2019s go through all the major features of Vidya Lakshmi Portal IDBI Bank.<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-vidya-lakshmi-education-loan-from-idbi-bank\" data-level=\"2\">Vidya Lakshmi Education Loan from IDBI Bank<\/a><\/li><li><a href=\"#h-how-to-apply-for-an-idbi-education-loan-from-the-vidya-lakshmi-portal\" data-level=\"2\">How to Apply for an IDBI Education Loan from the Vidya Lakshmi Portal?<\/a><\/li><li><a href=\"#h-vidya-lakshmi-portal-idbi-bank-education-loan-eligibility-criteria\" data-level=\"2\">Vidya Lakshmi Portal IDBI Bank Education Loan Eligibility Criteria<\/a><\/li><li><a href=\"#h-vidya-lakshmi-portal-idbi-bank-interest-rate-and-processing-fee\" data-level=\"2\">Vidya Lakshmi Portal IDBI Bank Interest Rate and Processing Fee<\/a><\/li><li><a href=\"#h-vidya-lakshmi-portal-idbi-bank-education-loan-terms-conditions\" data-level=\"2\">Vidya Lakshmi Portal IDBI Bank Education Loan: Terms &amp; Conditions<\/a><\/li><li><a href=\"#h-faqs\" data-level=\"2\">FAQs<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-vidya-lakshmi-education-loan-from-idbi-bank\"><span id=\"vidya-lakshmi-education-loan-from-idbi-bank\">Vidya Lakshmi Education Loan from IDBI Bank<\/span><\/h2>\n\n\n\n<p>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:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Categories&nbsp;<\/strong><\/td><td><strong>Description<\/strong><\/td><\/tr><tr><td>Mode of Application<\/td><td>Online through Vidya Lakshmi Portal<\/td><\/tr><tr><td>Courses Eligible&nbsp;<\/td><td>Any regular Degree or diploma courses like Aeronautical, pilot training etc. The course shall be recognised by competent regulatory bodies in India or abroad.&nbsp;<\/td><\/tr><tr><td>Maximum Amount for Study Abroad<\/td><td>Studies in India &#8211; Maximum Rs.10 LakhStudies abroad &#8211; Maximum Rs. 20 Lakh<strong>*subject to repaying capacity<\/strong><\/td><\/tr><tr><td>Rate of Interest<\/td><td>Up to INR 10 lakhs: 11.00% (BR+1%) FloatingAny amount above INR 10 lakhs: 12.00% (BR+2%) Floating<strong>*Including Base Rate + 2% Floating rate of Interest<\/strong><\/td><\/tr><tr><td>Repayment Period<\/td><td>For loans up to Rs. 7.5 lakh: up to 10 years.For loans above Rs. 7.5 lakh: up to 15 years<strong>*excluding moratorium period<\/strong><\/td><\/tr><tr><td>Moratorium Period&nbsp;<\/td><td>Course Duration + 1 year or 6 months after getting a job, whichever is earlier.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-apply-for-an-idbi-education-loan-from-the-vidya-lakshmi-portal\"><span id=\"how-to-apply-for-an-idbi-education-loan-from-the-vidya-lakshmi-portal\">How to Apply for an IDBI Education Loan from the Vidya Lakshmi Portal?<\/span><\/h2>\n\n\n\n<p>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:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Visit the Vidya Lakshmi Portal and register yourself by providing basic details like name, contact number, email ID etc and create a password.<\/li>\n\n\n\n<li>After logging in click on Loan Application Form<\/li>\n\n\n\n<li>Fill in all the details source of finance, cost of the program, relationship with the bank, details of securities etc.<\/li>\n\n\n\n<li>Upload all the mandatory documents. You can also upload optional documents which will ultimately increase the chances of getting a loan.&nbsp;<\/li>\n\n\n\n<li>Submit the form and wait for the call from the bank which you selected as the lender.&nbsp;<\/li>\n\n\n\n<li>The bank will contact you within 30 days from the date of submission of the application form.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-background\" style=\"background:linear-gradient(145deg,rgb(255,245,203) 0%,rgb(182,227,212) 50%,rgb(51,167,181) 100%)\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-indian-overseas-bank\/\"><strong>Vidya Lakshmi Portal Indian Overseas Bank<\/strong><\/a><strong>&nbsp;<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-vidya-lakshmi-portal-idbi-bank-education-loan-eligibility-criteria\"><span id=\"vidya-lakshmi-portal-idbi-bank-education-loan-eligibility-criteria\">Vidya Lakshmi Portal IDBI Bank Education Loan Eligibility Criteria<\/span><\/h2>\n\n\n\n<p>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:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The applicant should be an Indian Citizen and must have secured admission to a higher education course in recognized institutions in India or Abroad<\/li>\n\n\n\n<li>The admission shall be obtained through an entrance test or any merit-based selection process.<\/li>\n\n\n\n<li>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&nbsp;<\/li>\n\n\n\n<li>The student must have completed HSC (10 plus 2 or equivalent) OR have secured<\/li>\n\n\n\n<li>The applicant must be over 18 years of age.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-vidya-lakshmi-portal-idbi-bank-interest-rate-and-processing-fee\"><span id=\"vidya-lakshmi-portal-idbi-bank-interest-rate-and-processing-fee\">Vidya Lakshmi Portal IDBI Bank Interest Rate and Processing Fee<\/span><\/h2>\n\n\n\n<p>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.\u00a0<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-education-loan-sbi\/\"><strong>Vidya Lakshmi Portal Education Loan SBI<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-vidya-lakshmi-portal-idbi-bank-education-loan-terms-conditions\"><span id=\"vidya-lakshmi-portal-idbi-bank-education-loan-terms-conditions\">Vidya Lakshmi Portal IDBI Bank Education Loan: Terms &amp; Conditions<\/span><\/h2>\n\n\n\n<p>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:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>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.&nbsp;<\/li>\n\n\n\n<li>The bank will charge a penalty for any overdue amount.<\/li>\n\n\n\n<li>Co-applicant is mandatory for the education loan and the loan documents should be executed by both the applicant and co-applicant.<\/li>\n\n\n\n<li>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.<\/li>\n\n\n\n<li>Any amount exceeding INR 4 Lakh will attract a margin of 15% of total course expenses.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1696588223761\"><strong class=\"schema-faq-question\">Can I get a collateral-free education loan from IDBI Bank through Vidya Lakshmi Portal?<\/strong> <p class=\"schema-faq-answer\">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.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1696588243744\"><strong class=\"schema-faq-question\">What is the processing fee for the IDBI Bank Vidya Lakshmi education loan?<\/strong> <p class=\"schema-faq-answer\">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.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1696588252250\"><strong class=\"schema-faq-question\">What if my loan gets rejected on the Vidya Lakshmi portal?<\/strong> <p class=\"schema-faq-answer\">You can re-apply for the loan with the same or another bank subject to the eligibility criteria.\u00a0<\/p> <\/div> <\/div>\n\n\n\n<p>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&#8217;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.&nbsp;<\/p>\n\n\n\n<p>To know more about the Vidya Lakshmi education loan, the best <a href=\"https:\/\/fly.finance\/international-bank-account\"><strong>international bank accounts for students<\/strong><\/a>, forex and banking experience for global students or <a href=\"https:\/\/fly.finance\/blog\/money-transfer\/\"><strong>international money transfers<\/strong><\/a>, reach out to our experts at 1800572126 to help ease your <a href=\"https:\/\/leverageedu.com\/\"><strong>study abroad<\/strong><\/a> experience. Follow our social media handles on <a href=\"https:\/\/twitter.com\/flydotfinance\"><strong>Twitter<\/strong><\/a>, <a href=\"https:\/\/www.linkedin.com\/company\/flyfinance\/\"><strong>LinkedIn<\/strong><\/a> and <a href=\"https:\/\/instagram.com\/flydotfinance\"><strong>Instagram<\/strong><\/a>.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &#8230; <a title=\"Vidya Lakshmi Portal IDBI Bank: Check Interest Rates, Eligibility, Terms and Conditions\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-idbi-bank\/\" aria-label=\"Read more about Vidya Lakshmi Portal IDBI Bank: Check Interest Rates, Eligibility, Terms and Conditions\">Read more<\/a><\/p>\n","protected":false},"author":24,"featured_media":7495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-7487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Vidya Lakshmi Portal IDBI Bank: Check Interest Rates, 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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.","sameAs":["https:\/\/in.linkedin.com\/in\/thahankmoody","https:\/\/www.tumblr.com\/blog\/dhanlabh"],"url":"https:\/\/fly.finance\/blog\/author\/shekhar\/"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-idbi-bank\/#faq-question-1696588223761","position":1,"url":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-idbi-bank\/#faq-question-1696588223761","name":"Can I get a collateral-free education loan from IDBI Bank through Vidya Lakshmi Portal?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"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.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-idbi-bank\/#faq-question-1696588243744","position":2,"url":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-idbi-bank\/#faq-question-1696588243744","name":"What is the processing fee for the IDBI Bank Vidya Lakshmi education loan?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"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.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-idbi-bank\/#faq-question-1696588252250","position":3,"url":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-idbi-bank\/#faq-question-1696588252250","name":"What if my loan gets rejected on the Vidya Lakshmi portal?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"You can re-apply for the loan with the same or another bank subject to the eligibility criteria.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/comments?post=7487"}],"version-history":[{"count":3,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7487\/revisions"}],"predecessor-version":[{"id":7496,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7487\/revisions\/7496"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media\/7495"}],"wp:attachment":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media?parent=7487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/categories?post=7487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/tags?post=7487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}