Vidya Lakshmi Education Loan

Vidya Lakshmi portal offers education loans to the students which has been developed and being maintained by Protean eGov Technologies Limited (Formerly NSDL eGovernance Infrastructure Limited). 

Benefits of Vidya Lakshmi Portal 

Here is the list of  benefits for students, banks, and the education sector as a whole offered by Vidya Lakshmi portal : 

1. Easy application process as it offers applying to multiple banks through single portal. 

1. Saves a lot of time and effort by applying to multiple banks through a single application. 

1. Provides comprehensive information about various loan schemes by different banks for easy analysis by the applicant. 

1. Integrates seamlessly with National Scholarship Portal. 

1. Ensures better operational efficiency at all levels with streamlined processes. 

1. Secure and speedy disbursement of funds directly to student’s account without any intermediary. 

1. Does not require need to visit any branch for accessible assistance and support, thereby ensuring remote services. 

1. Documents can be uploaded using a single window portal. 

1. No extra processing fees and other hidden charges. 

1. If any student is unable to repay, the government repays the loan. 

Features of Vidya Lakshmi Education Loan

Here is the list of features of Vidya Lakshmi loan: 

1. Easy linkage to National Scholarship Portal for information and application for Government Scholarships. 

1. Can be applied to multiple banks for Vidya Lakshmi loan. 

1. Provides information about Educational Loan Schemes of Banks. 

1. Facility to download Students Loan Applications through banks. 

1. Upload loan processing status facility for the banks. 

1. Students can email grievances or queries relating to Educational Loans to banks. 

1. Common Educational Loan Application Form.

Documents Required to Apply for Vidya Lakshmi Education Loan

The following are the documents required to apply for the Vidya Lakshmi Education Loan:

1. Last six months’ statements of the Bank Passbook
2. KYC documents
3. Marksheets of 10th, 12th and degree courses
4. Guarantor Form (Optional)
5. Copy of the admission letter of the college or university with fee details

Interest Rate of Educational Loan Under Vidya Lakshmi Portal 

Vidya Lakshmi education loan interest rate starts from 8.40% and varies from one bank to another. It allows students to secure up to Rs.4 lakh in funding without the need for collateral, with repayment periods extending up to 15 years. Applicants can check the interest rates offered by various banks for this loan scheme after logging into the portal and then checking for the same on the Loan Search page.

Here is a simple breakdown of what affects the Vidyalakshmi education loan interest rate: 

1. The Bank you choose affects the loan interest rates as they differ for every bank. 

1. Lower the loan amount, higher the interest rate and vice versa.  

1. You might get a lower interest rate if you have a good credit score.  

1. Collateral can also fluctuate your loan interest rate because it makes the loan secured for the bank. 

Vidya Lakshmi Portal Registration Procedure

To use the Vidya Lakshmi portal, you need to register yourself first. You can do so by following the process listed below:

Step 1: Visit the official website of Vidya Lakshmi

Step 2: Click on 'Register'

Step 3: Enter the basic details like name, mobile number, email ID, and password

Step 4: Enter the Captcha

Step 5: Agree to the terms and conditions and click on 'Submit'

Step 6: On doing so, an activation link will be sent to the email ID you provided

Step 7: You need to click on the link sent to your mail to activate the account

Vidya Lakshmi Portal Login Procedure

You can login to the portal after the registration process is completed. To login, you need to follow the steps mentioned below:

Step 1: Visit the official website

Step 2: Click on 'Login'

Step 3: Select 'Student Login'

Step 4: Enter the email ID, password created at the time of registration, and the captcha code displayed on the screen

Step 5: Select 'Login'

How to Search for Education Loan in Vidya Lakshmi Portal

Once you login to the portal, you can search for education loans offered by different banks. To search, follow the steps mentioned below:

Step 1: Click on the 'Search for Loan' tab

Step 2: Login to the portal

Step 2: Select the appropriate option under the location of study, course, and loan amount

Step 3: After doing that, click on 'Search'

Step 4: On doing that, a list of banks will be displayed along with the respective loan schemes

Vidya Lakshmi Portal Education Loan Application Procedure

The process involved when it comes to applying for an education loan through the Vidya Lakshmi portal is listed below: 

Step 1: You can choose to find the nearest bank branch or apply for an education loan when the loan listings are presented on the screen.

Step 2: On selecting the latter option, you will be redirected to fill in the Common Education Loan Application Form (CELAF) 

Step 3: Under "instructions," there are seven tabs, including "basic information," "personal information," "course details," "cost of finance data," and "upload papers."

Step 4: You must proceed and provide the requested information. Once you have finished filling out each tab's details, click "Submit," "Save," and then "Next." 

Step 5: The form will be used to apply individually to the respective bank and scheme chosen by you

Vidya Lakshmi Portal Check the Education Loan Status   

To check the status of your education loan application on the Vidya Lakshmi Portal, follow these simple steps:   

1. Log in to your Vidyalakshmi Student account. 

1. On the Student Home Screen, look for the "Application Status" option. 

1. Click to view details of your loan application status. 

1. On the dashboard, you will find more details about your application, such as the form you filled out, any issues reported by you, and your profile details. 

1. Do not forget to check the dashboard for updates or the email address you used to register. 

How to Cancel Education Loan on Vidya Lakshmi Portal  

To cancel a loan application in the Vidya Lakshmi portal, follow these steps: 

Step 1: Access your account on the Vidya Lakshmi portal using your login credentials. 

Step 2: Find the section or page where your loan applications are listed. 

Step 3: Identify the specific loan application you wish to cancel from the list. 

Step 4: Look for an option or button that allows you to cancel or withdraw the application. 

Step 5: Click on the cancel or withdraw option and follow any prompts or instructions provided. 

Step 6: Confirm the cancellation when prompted. Make sure to receive a confirmation message or notification stating that your loan application has been successfully cancelled. 

How to Edit Education Loan on Vidya Lakshmi Portal 

To edit a loan application form in the Vidya Lakshmi portal, follow the instructions given below: 

Step 1: Sign in to your account on the Vidya Lakshmi portal using your login credentials. 

Step 2: Navigate to the section or page where your loan applications are displayed. 

Step 3: Locate the specific loan application form that you want to edit. 

Step 4: Look for an option or button that allows you to edit the application form. Click on the edit option and make the necessary changes to the form as required. 

Step 5: Review the updated information thoroughly and ensure its accuracy. Save the changes before exiting the form.   

What is the Processing Time for Vidya Lakshmi Loan?   

The processing time depends on the two types of college locations and those are:  

1. Processing Time for Study in India 

1. The processing time is usually 15 days for a loan up to 7.5 lakh for education loan taken for studing within the country.  

1. Clear your application within 15 days by responding to the bank communication. 

1. The application is marked as rejected by the bank after 15 days if not responded and you will need to reapply.  

1. The processing time is 30 days for loan amount exceeding Rs.7.50 lakh  

1. Processing Time for Study Abroad 

The time taken for processing of this loan is usually 30 days when applied through the Vidya Lakshmi portal for studying aborad as the loan is usually more than Rs.7.50 lakh. 

Expenses Covered by Vidya Lakshmi Education Loans

Here is the list of expenses covered by Vidya Lakshmi education loans: 

1. College, School, or Hostel Fees: The money to be paid to the educational institutions by the students. 

1. Examination, Library, or Laboratory Fees: The fees required for appearing for exams, using the library, availing for laboratory facilities. 

1. Travel Expenses for Studies Abroad: Expenses related to traveling or ticket costs for students studying abroad. 

1. Purchase of Books, Equipment, Uniforms, or Computer: Expesnes on buying books, equipment, uniforms, or a computer required for your course and the amount should not exceed 20% of the total tuition fees for the course. 

1. Other Course-Related Expenses: Expenses such as project work, study tours, or thesis costs can also be included in the loan which should not surpass 20% of the total tuition fees. 

1. Caution Deposit, Building Fund, or Refundable Deposit: Money you need to deposit as caution or building fund, which should not exceed 10% of the total tuition fees. 

1. Two-Wheeler Cost: Two-wheeler cost can also be included in your loan if you need a two-wheeler to travel between your hostel and college, but this cost should not exceed Rs.50,000 and must be secured by a third-party guarantee or collateral security. 

How to Reapply for Vidya Lakshmi Education Loan? 

Here are the details about reapplication for Vidya Lakshmi education loan: 

1. Find out the exact reason for loan rejection by contacting the bank and request for closure of existing loan application by either writing a mail or visiting the bank. 

1. Submit the closure request and once it has been approved it will be updated on the portal. 

1. Track the closure request because reapplying for loan will not be possible until existing application gets closed. 

1. Proceed with reapplication once your previous application is cancelled by the bank. 

1. Visit the portal and navigate to the ‘Reapply for Loan Scheme’ and make the necessary changes as required. 

1. Check out the loan schemes offered by all 44 banks on the portal, after filling in the application form. 

1. Check the loan features, interest rates repayment options, eligibility criteria, and other details. 

1. Submit the application to selected banks after comparing the loans and selecting the loan options as per your requirements.

List of Banks Registered on Vidya Lakshmi Portal 

According to the official website of Vidya Lakshmi portal, there are 38 banks are registered under the scheme. Here is the list of banks registered on the portal of Vidya Laxmi: 

1. HDFC Bank 

1. ICICI Bank 

1. IDBI Bank 

1. IDFC First Bank 

1. Abhyudaya Cooperative Bank Limited 

1. Andhra Pragathi Grameena Bank 

1. State Bank of India 

1. AXIS BANK 

1. Bank of Baroda 

1. Bank of India 

1. Bank of Maharashtra 

1. Canara Bank 

1. Kerala Gramin Bank 

1. Kotak Mahindra Bank 

1. New Indian Cooperative Bank Limited 

1. Punjab and Sindh Bank 

1. Central Bank of India 

1. Chhattisgarh Rajya Gramin Bank 

1. CITY UNION BANK LIMITED 

1. The Kalupur Commercial Co Op Bank LTD 

1. The South Indian Bank LTD 

1. UCO Bank 

1. Union Bank of India 

1. Yes Bank 

1. Dombivli Nagari Sahakari Bank Limited 

1. Federal Bank 

1. GP PARSIK BANK LTD 

1. Indian Bank 

1. Indian Overseas Bank 

1. Jammu and Kashmir Bank Limited 

1. Karnataka Bank Limited 

1. Karnataka Gramin Bank 

1. Karnataka Vikas Grameena Bank 

1. Karur Vysya Bank 

1. Punjab National Bank 

1. Rajasthan Marudhara Gramin Bank 

1. RBL Bank Limited 

1. Tamilnad Mercantile Bank Limited 

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FAQs on Vidya Lakshmi Education Loan

• Does Vidya Lakshmi have any branches?

  Yes, in addition to the head office located in Mumbai, Vidya Lakshmi has four branches across the country. They are in Kolkata, Chennai, New Delhi, and Ahmedabad.

• How many applications can be made through Vidya Lakshmi portal?

  A student can make up to three loan applications through Vidya Lakshmi portal.

• If my application for the education loan is approved, how will the money be disbursed?

  The money will be disbursed directly by the bank. To know the details, you need to contact the bank where you have applied for the loan.

• In case I have any grievances, whom do I contact?

  In such a scenario, you can send a mail at [email protected]

• Can I avail myself of a loan from a private sector bank using the portal?

  Yes, it is possible. This is because almost all the banks operating in the country are listed in the portal.

• Can an education loan be availed for a vocational course?

  Yes, a loan can be availed for a vocational course.

• What is the moratorium period if I avail the Central Sector Interest Subsidy Scheme?

  The moratorium period will be course period plus one year.

• Which is the nodal bank when it comes to the CSIS scheme?

  The CSIS scheme is implemented through Canara Bank.

• What does the on-hold status mean?

  The student will see an on-hold status if the bank requires some documents or more information about the loan application.

• Can I register on Vidya Lakshmi portal multiple times?

  No, students cannot register on Vidya Lakshmi portal multiple times to apply for an education loan and can use a single account to apply for multiple education loans and track the status of their application. 

• What happens if I forget my password for Vidya Lakshmi Portal login ID?

  If you forget your password for Vidya Lakshmi Portal login ID, visit the login page of Vidya Lakshmi and click on ‘Forget Password’. Enter your email id and reset your password through the system generated email and following the instruction given there.

• How much money can I borrow from Vidya Lakshmi?

  You can borrow up to Rs.1.50 crore of education loan amount through Vidya Lakshmi as it offers 135 loan options. 

• Is Vidya Lakshmi loan interest-free?

  No, Vidya Lakshmi loans are not interest free and interest rates are associated with all loan schemes. 

• Does the Vidya Lakshmi loan cover education in other countries?

  Yes, the Vidya Lakshmi Portal offers education loans for international courses as well. 

• Is Vidya Lakshmi loan interest free?

  No, Vidya Lakshmi loans are not interest-free. Based on the prevailing interest rates set by various lenders they accrue interest, typically ranging from 7% to 15% per annum depending on multiple factors.

• What is the limit of Vidya Lakshmi education loan?

  Depending on factors such as the course, institution, and the borrower's repayment capacity, the limit of Vidya Lakshmi education loans amounts ranges up to several lakhs of rupees. No collateral is required for amounts below Rs.7.50 lakh.

• What is the tenure for Vidya Lakshmi education loan?

  Depending on the loan issuing bank, Vidya Lakshmi education loan has a maximum tenure of 10 to 15 years.