Vidyalakshmi Portal – Government Education Loan Services

Vidyalakshmi Portal is a Central IT-based Education Loan portal to provide student finance services for young Indians. It is an interface that helps students to apply for student loan online through a centralized website. Vidyalakshmi allows students to apply for multiple banks with a single Vidyalakshmi common education loan application form (CELAF). This is also helps students in managing their Education Loan Status on Vidyalakshmi Portal and keeps the information of applicant/student/parents safe with the government. All of it can be done without visiting the bank and online.

Vidyalakshmi Portal is a one stop solution for students looking for study loan information. Not only can you apply for Education Loans on Vidyalakshmi Website but also compare student loan services, apply for education loan interest subsidy and even refinance your studebt loan.

It is a platform run under the guidance of Department of Financial Services (Ministry of Finance) in collaboration with Indian Bank Association and Department of Higher Education (MHRD, India)

Vidyalakshmi Education Loan: Features of Website and Other Benefits

Vidyalakshmi Portal provides easy services like common application form, data security, CSIS: Central Loan Interest Subsidy Scheme compliance and remote service. With VidyaLakshmi Education Loan students can secure maximum amount of study loan, with least possible interest rates.

Main benefits for students looking for Student Loan from Vidyalakshmi Education Loan Portal are:-

• One Centralized Education Loan application service for all banks
• Remote Service with no need for Branch Visit
• Compliance to CSIS (Central Sector Interest Subsidy) for Education Loan Interest benefits
• Maximum Loan Amount possibility
• Online troubleshooting and complaint management
• Direct transfer without any Loan agents in between
• Faster processing and elimination of hidden charges

VidyaLakshmi Portal: Features and Benefits

• Information about Educational Loan Schemes of Banks
• Common Educational Loan Application Form for Students
• Apply to multiple Banks for Educational Loans
• Facility for Banks to download Students Loan Applications
• Facility for Banks to upload loan processing status
• Facility for Students to email grievances/queries relating to Educational Loans to Banks
• Linkage to National Scholarship Portal for information and application for Govt Scholarships

If this information seems promising to your study loan need then keep reading and we’ll provide you information about loan facilities on Vidyalakshmi Education Loan Website. We’re going to provide you information about:

• List of Banks and Education Loan Schemes available on VidyaLakshmi Portal
• Process of registration and login on Vidyalakshmi Portal
• Process of searching and comparing study loan schemes on the website
• Benefits of Loan Application via Vidyalakshmi Portal
• Loan Application Process and Vidyalakshmi CELAF (Common Education Loan Application form filling guidance.
• Post Application Process and Loan Repayment Methods

VidyaLakshmi Education Loan Portal: Banks List

Almost all Indian Banks that are member of Indian Banking Association are obligated to provide loans to students. This includes Government-Private Banks, and even NBFC (Non-Banking Financial Institutions) and other entities.

Currently there are 36 Indian Banks enlisted with the Vidyalakshmi Education Loan Schemes providing 96 different types of loans for education of students. The different schemes appeal to the needs of students from different region, education levels, institutions and courses. A detailed list of all these schemes and banks is mentioned below

Vidyalakshmi Education Loan Interest Rates

All Indian Banks provide education loans on the basis of standard lending rates as set by the Reserve Bank of India and Indian Banking Association. These rates are called Marginal cost of Credit based Lending Rates. Every Student Loan interest rate commonly known as ROI is based on a percentage addition to these basic rates. Almost all banks add from a range of 2% to 6% higher than their designated MCLR. Knowing these MCLR allow students to analyse on their own the expected interest rates of Education for various banks.  MCLR rates for Vidyalakshmi Education Loan Banks are mentioned as follows. They are updated on monthly basis and you can revisit to check out monthly updates of MCLR rates for various banks.

Latest: MCLR Rates for March 2019. Source: Reserve Bank of India, release date: 04 April 2019

Vidyalakshmi Portal: How to Register and Apply

Vidyalakshmi Education Loan Portal: Registration Process

Registering with Vidyalakshmi Education Loan Website has many benefits, even if you’re not applying for loan from there. The registration alone provides you access to student loan schemes which you can refer from bank branches and apply directly.

To register on VidyaLakshmi Education Loan Portal, follow these steps:-

• Visit the Vidyalakshmi Website
• Click on the ‘Register’ option from top strip/pane of the website
• Fill the details as requested (Name, Age, DOB, Email ID and Mobile No.)
• Read the Official Terms and Conditions, by clicking on the text “website (click wrap) agreement terms & conditions” at the bottom of registration page. Mandatory!!
• Click on the Submit button

Wait! the registration process is not yet over. You’ll shortly receive a confirmation link on your email address. This will be the same email address that you might have filled in the application form.

• You’ll need to confirm your registration by clicking on the confirmation link received via email.
• This would mark completion of your registration process.

VidyaLakshmi Education Loan Login and Education Loan Search

Vidyalakshmi Login Process: Step-by-Step Guide and Troubleshooting

Now that you’ve registered on the portal, all that’s left is filling the Vidyalakhsmi common education loan application form (CELAF). Then you can easily search from numerous Study loan Schemes and apply for them from the portal. Vidyalakshmi Login process and loan search process is as follows:-

1. Visit the Vidyalakshmi Education Loan Portal Website
2. From the options on top of the page select ‘Login’ and then ‘Student Login’
3. Enter your registration email address and password
4. Enter the Captcha Code shown in the text box below
5. Click on ‘Login button’

Caution: If you’re facing any problems like ‘Account not activated’ or ‘Unable to Login’. Please follow these steps:-

• Revisit the Student Login Page
• Under the Login Button, you’ll find a link named ‘Resend Activation Link’. Click on it.
• Enter your registration email address in the ‘User ID’ Text Box.
• Click on Send Activation Link Button
• You’ll get an email from Vidyalakshmi Portal on your registered email address.
• Follow the instructions in that email and your account will be re-activated.

With this part of registration you have finally completed the toughest part of your study loan application process. Any step after this only involved uploading or entering what you already know, for filling application form or for application of loan. After logging in you’ll be taken to the home section of Vidyalakshmi Student Page.

Vidyalakshmi Education Loan Portal: Searching for Education Loan

Vidyalakshmi Education Loan Search is easier to use because it separates the student loan requirements in various categories. The various types of student loan combinations that you can find on Vidyalakshmi Website are:-

Education Loan by Location of Study	Education Loan by Course Type	Education Loan by requirement of Loan Amount
India	Under Graduation	Below 4.0 Lakhs
Study Abroad	Post-Graduation	Between 4.0 Lakhs and 7.5 Lakhs
All/Both	Professional Course	More than 7.5 Lakhs
	Vocational Course	All loan values
	All Courses

Vidyalakshmi Portal: Steps to Search Education Loan

The key to a good education loan search is doing it in an organized manner. If you search for all schemes available then it’ll cause confusion. To search for an appropriate loan scheme on Vidyalakshmi Website; follow these simple steps:-

1. Login to your Vidyalakshmi Student Panel by following above instructions
2. On the student home page you’ll find an option ‘Search for Loan Scheme’
3. Click on the option and it’ll lead you to the Education Loan Search panel
4. Select your study loan category based on Location of Education, Type of Course and Loan Amount required from the left panel options
5. Click on Search Button and a list of all Banks along with their respective Education Loan Schemes for your requirement will appear on the screen.

You can directly start your application for the Education Loan Scheme of your choice, check for the address of closest branch, and know the details of education loan like loan amount, student loan interest rate, repayment period, etc.

Vidyalakshmi CELAF Common Education Loan Application Form Guidelines

To apply for an education loan from Vidyalakshmi Portal you’ll need to fill the CELAF. CELAF helps you to know what information and documents required for Student Loan Scheme. It also lets the bank get your documents all in one place so that you don’t have to run behind bank officials at the time of Student Loan Sanction.

Vidyalakshmi CELAF contains following fields of information which an study loan applicant needs to fill:-

1. Personal Information
2. Details of relationship with Bank
3. Particulars of course, for which loan is required
4. Cost of course / source of finance
5. Details of securities offered
6. Prospects of earning after completion of the course
7. Supporting Documents.

Vidyalakshmi CELAF: How to fill the form for Study Loan

Generally Student Loan application forms of bank contain fields which are not explanatory enough. Students and parents often miss details or end up filling wrong details. In addition to this even Bank officials do not provide any guidance or help in this matter. With Vidyalakshmi Education Loan Portal you can easily fill you details from click and drop down options.

To fill you CELAF you need to know the following steps:

1. Login on Vidyalakshmi Student Loan website with your ID and password.
2. From your Vidyalakshmi Student Panel select the option ‘Loan Application Form’
3. Read the instructions on the Common Education Loan Application Form page.
4. Click on the tabs from above one by one and fill the details as mentioned in the list above
5. Save each page before moving to the next tab
6. On the final page upload necessary documents and save your complete application
7. Click the check box of declaration on the final page of documents upload
8. Click on the link ‘website (click wrap) agreement terms & conditions’ below the checkbox
9. Submit your application by clicking on ‘Submit’ button

Vidyalakshmi Portal: How to Apply for Education Loan

After you’ve gone through this process selecting and applying for a student loan scheme is pretty easy. We’re enlisting some important steps and peculiar points to remember while applying for a Vidyalakshmi Education Loan.

• Search for an appropriate Education Loan from the Vidyalakshmi Website as per the instructions laid above
• From the Vidyalakshmi Loan Scheme Search Screen click on loan schemes of your choice and check their details.
• Try to look for features like:-
  • Maximum Loan Amount
  • Minimum Education Loan Interest Rate
  • Minimum Margin Loan Payment
  • Maximum Loan repayment duration
  • Longer Moratorium period/Holiday Period/Loan Commencement Period
  • Least Extra charges like Collateral Inspection Charges/Documentation Charges etc.
• On the Loan Scheme Search Screen, you’ll find option of ‘Apply Now’ under each education loan scheme
• You can apply to a maximum of 3 Education Loan Scheme, so be careful.
• Clicking on Apply button will request you for confirmation. Confirm your selection

Vidyalakshmi Education Loan Portal: Checking Education Loan Application Status

It is very important for Student Loan applicants to keep a close check on the student loan application status for their online loan application. You should reply or follow instructions received from any communication by Bank officials or authorities. To check your Vidylakshmi Education Loan Status:-

• Visit the Vidyalakshmi Student Login and reach your Vidyalakshmi Student Home Screen
• You can find option for ‘Application Status’ on the home screen itself
• Click on it to find details about loan application status

Generally it takes any bank 15 days or less to respond for any loan query and raise demands for any supporting documents or undertakings.

Caution: Any email/phone call/sms request made by the bank for valid details, should be replied within 15 days of communication. Failing this step might lead to Education Loan Cancellation

Vidyalakshmi Education Loan Portal: Other Features

Education Loan Grievance option

Very often Education Loan requests are rejected by banks, but with Vidyalakshmi Education Loan Website; IBA (Indian Banking Association) and MHRD (Ministry of Human Resource Development) has resolved this issue. Now students can raise complaints if they believe that their study loan request was rejected for invalid reasons. The Grievance option on Student Home Page provides students with this option. The general turn-around time for any complaint is 15 days.

Education Loan Extension

If a student wishes to continue higher studies and apply for another study loan, he/she can edit their academic profile and apply for another student loan. The ‘Edit Profile’ option on Student Home page allows students to do so.

However there are limitations of such applications, like your previous education stage must have been cleared and that your credit score should be strong enough. It’s always good to do a pre-research of common Education Loan Terms and Terminologies before doing so.

Vidyalakshmi Portal: Education Loan Interest Subsidy Schemes

Students from economically weaker section can now avail study loan benefits without the burden of interest for certain period of time with Vidyalakshmi Portal. Even students trying to pursue international higher education courses, can avail these subsidies provided they fulfill the criteria. The Central Sector Interest Subsidy Scheme by MHRD, India after the recent update now provides study loan to students up to 7.5 Lakhs without any collateral or guarantee.

The Subsidy Scheme also covers the interest paid by students during their course duration for their student loans. All Vidyalakshmi Education Loan Schemes consider applicants for interest subsidy and the applicants don’t have to apply specially for this benefit. Some peculiar features of the Education Loan Subsidy Scheme of CSIS by Indian Government are mentioned below:

• This scheme is only applicable to students with annual family income from all sources below INR 4.5 Lakhs (INR 450000)
• The scheme can only be availed once, either in post-graduation or graduation.
• The Scheme covers interest free student loan for up to 7.5 Lakhs
• The interest subsidy only applies till the course duration for which your student is taking the loan
• The Interest subsidy shall be revoked if the student leaves the educational institution due to any reason. The loan may continue and the student might have to keep paying EMIs with interest in such cases.

Vidyalaksmi Karyakram: Vidyalakshmi

Prime Minister’s Flagship Program for unified Scholarship & Education Loan Portal

Launched in 2015-16 by Hon’ble Finance Minister Arun Jaitley, the Vidyalakshmi Portal is aimed at resolving the financial limitations of students in India. With Education in India becoming more expensive, with a triple fold increase from last census (Yr. 2010-11), government wanted to help students in making education more affordable. Government Scholarships are also another option that students choose to fund their education. Vidyalakshmi Portal links to the National Scholarship portal in helping students avail these scholarships along with the study loans.

With this portal students can apply for education loan to various banks without worrying for hidden charges. Students can choose the student loan that fits their requirement and course structure. They can apply for the loan without visiting the branch and complete the process leading to their excellent education.

Vidyalakshmi: Education Loan Application to Education Loan Sanction

Public Expenditure in Education has increased from 3.03 Lakh Crores of Indian rupees to almost 4.90 Lakh Crore Indian rupees according to 2018 Education Finance report. An average household now roles out INR 3061 per year for primary education compared to INR 897 year in 2007-08.

Vidyalakshmi Portal provides additional services like data security and maximum amount of student loan, with least possible interest rates. The Portal also supports services like loan renewal and Education Loan tenure extension, which helps students relieve from the fees and tuition worries. The best benefit that has transferred to the students with the NSDL run Vidyalakshmi Karyakram Loan Website; is the elimination of loan agents from between.

Note – For more details on student loans from Vidyalakshmi portal read the education loan series of articles on our website or call our Education Counsellors.

Vidyalakshmi Education Loans: FAQs

Q1: Can I get education loan from multiple banks with Vidyalakshmi Portal?

A1: Vidyalakshmi Portal is a student loan application portal by Government of India. It allows students to apply for at most 3 different student loans from various banks. Currently students can only proceed one sanctioned student loan application on the Vidyalakshmi Portal but it lies completely on the discretion of lending bank if they wish to merge the loan with other banks and help the student to pursue higher education. Students may try offline consultation for such requests with the respective banks, after they have approved the Vidyalakshmi Education Loan Application.

Q2: How much time does it take for an average education loan approval from Vidyalakshmi Portal?

A2: As the complete loan application process on Vidyalakshmi Portal is completely digitised, the loan approval always takes comparatively lesser than offline applications at the bank branches. The average turn-around-time for an student loan application with the portal is 10-12 days. It depends on the magnitude of the study loan requested and if the education loan is for domestic studies or foreign education. The maximum time that any application may take is 20 days.

Q3: Can I apply for NBFC Education Loans from Vidyalakshmi Portal?

A3: No, Vidyalakshmi Portal is only meant for Indian Nationalised or Private Banks. The portal keeps on adding more banks and loan schemes to its lists. Students can choose from various interest rate options and avail education loan subsidy directly from the portal. Thus it is always beneficial to consider all student loan options from authorised banks on the portal before searching for any un-secured student loans as provided by NBFCs.

Q4: How many banks and education loan options are there on the VIdyalakshmi Portal?

A4: There are currently 36 banks enlisted on the Vidyalakshmi Portal for various Domestic and International Student loan services. These banks in combination are providing a total of 110 student loan schemes at various interest rates ranging from 7.00% to 18% based on various eligibility criteria for student loans. Students may fill the Common Education Loan Application Form (CELAF) to submit applications for as many as three different Loan Programs.