Vidya Lakshmi Portal for Education Loans: Features & Application

Vidya Lakshmi Portal

Vidya Lakshmi portal enables students with financial constraints to fulfill their study abroad dream. Many students want to pursue their education at world-renowned universities. However, due to high tuition fees and living costs, many aspirants find it unachievable. Vidya Lakshmi portal is one such service that provides financial assistance to those wishing to study abroad.

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Features of the Vidya Lakshmi portal 

  • Security:

NSDL e-Governance Infrastructure Limited maintains the Vidya Lakshmi portal. Since the Vidya Lakshmi portal was created under the guidance of the Ministry of Finance, Indian Banks Association (IBA), and Ministry of Education, the portal is 100% secure and authentic. You can safely apply for loans through it. 

  • Multiple choices:

Many banks are registered with the Vidya Lakshmi portal, which provides a wide variety of loan providers for students to choose from. Currently, 39 banks are registered with the portal. Some registered banks are Axis Bank, Bank of Baroda, Central Bank of India, HDFC Bank, IDBI Bank, Syndicate Bank, State Bank of India, Canara Bank, Bank of India, IOB, J&K Bank, GP Parsik Bank, etc.

  • Ease of Application:

It is easy for students to apply for a loan through this portal. The banks update the status of the loan timely. Hence, it is effortless to track the loan status and avoid the queues of the banks. 

  • Multiple Loan Schemes:

There are multiple loan schemes for the students to choose from. As of now, there are 130 loan schemes made available by different registered banks.

  • Faster approvals:

It usually takes a long time for a loan to get passed. However, the portal facilitates faster and convenient student transactions, making the process hassle-free. 

  • Ear for grievances:

In case of any issue or grievance related to the loan, students can conveniently approach the banks and reach out to them via email. 

  • Links:

Vidya Lakshmi portal is linked to the National Scholarship Portal, from where you can access vital information regarding the scholarships and can easily apply for those.

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Eligibility for Loan Application

The loan eligibility differs for every bank and the scheme you apply to. Therefore, you need to check requirements with individual banks. 

However, some of the standard eligibility criteria are:

  1. The student applying for the Vidya Lakshmi portal education loan should be an Indian citizen.
  2. Must have secured admission in the institution either through merit or entrance examination.
  3. Should have completed 10+2 or equivalent.
  4. Students who are willing to apply for a loan for universities to study abroad and India are eligible.

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Interest Rates on Education Loans

The interest rates charged on the student loans are minimal. However, the interest rates vary from bank to bank and the scheme you have chosen to apply. You can also compare the interest rates of different banks on the portal itself. 

The portal is known to give the minimum interest rates possible for the students to study further.

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Registration Procedure on the Portal

For Vidya Lakshmi portal registration, you need to click the “Register” button on the top right side of the screen. You will be redirected to the registration page, where you will need to fill in details such as:

● First Name

● Middle Name

● Last Name

● Mobile No.

● Email ID

● Password

After entering all these details, you need to verify by entering the captcha.

Next, you need to agree to the terms and conditions mentioned in the link by clicking on the check box. 

After completing these steps, click on the submit button.

Later you will be sent an email for activating your account. Open that email and enter the registered email ID and password. Your account will be successfully created.

Some guidelines for Vidya Lakshmi portal registration are:

● The name you enter must match with your 10th-grade mark sheet.

● The email ID, once entered, cannot be changed. Hence, enter an active email ID.

● Enter a valid mobile number. You can also enter your parent/guardian’s mobile number.

● The password that is entered must fulfill the requirements.

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Documents Required for Loan Application

The documents to be submitted for the application process vary for different banks. However, some documents that are a must with all the banks include the following: 

● Two passport-size photographs of the applicant as well as the co-applicant.

● Photo IDs such as PAN card, Aadhar Card, Voter ID, etc.

● Birth certificate of the applicant. 

● 10th-grade passing certificate. 

● Proof of educational qualification (12th-grade board examination mark sheet, certificate of the degree course, graduation certificate, post-graduation certificate, if any). 

● Letter of admission from the institute one is applying to (on the institute letterhead). 

● Fee structure from the concerned institution.

● In the case of international education, VISA approval and relevant travel documents need to be mandatorily submitted.

If the applicant is a salaried individual:

● Salary slip must be compulsorily submitted.

● Form 16, along with IT return. 

● Side income proof (if any). 

If the applicant is self-employed:

● Bank statement of last six months. 

● IT returns of last two years. 

● Proof of office. 

● Side income proof (if any). 

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Method to Search Loans in the Portal

To apply for the loan:

● Search for Vidya Lakshmi portal login on google.

● You need to log in to the portal as a student.

● After logging in, you will see a “search for loan and apply” button. Click on that.

● The next page will show the Vidya Lakshmi portal bank list and the name of the loan scheme within a specific bank.

● After clicking the apply button, you will be required to fill an online application form.

● After filling in the relevant details, you can go back to the previous page and apply!

Note: You can apply for a loan in a maximum of three banks and under one scheme of each bank.

Recommended Read: Optional Practical Training: Eligibility and Types

Loan Application Procedure

Filling in the Vidya Lakshmi portal application form is mandatory for all applicants, without which you cannot proceed further. 

The application form consists of the following information:

● Basic Information

● Personal Information

● Present Banker Details

● Course Details

● Cost of finance details (Tuition fees, Exam fees, Books/Stationery, Equipment/computer, Hostel Expenses, Sundry/Travel, Total)

● Upload Documents (Mark sheet, Proof of Admission, Proof of Income, Form 16, IT Returns, Applicant photograph, Parent photograph, etc.)

Checking Application Status for the Vidya Lakshmi Portal Education Loan

The student can check the status of the loan applied on the dashboard, which can be accessed on the portal after logging in. If the documents are incomplete, the loan will be kept on hold, and the same will be shown on the dashboard. In the same way, when the loan is approved, it will be notified on the applicant’s dashboard.

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Q1. Is Vidya Lakshmi a government portal?

A. Yes, Vidya Lakshmi is a single-window government portal for students seeking loans. It provides information related to the scholarships and banks that offer student loans. It has been created under the guidance of the Ministry of Finance, the Indian Banks Association (IBA), and the Ministry of Education.

Q2. How can I contact the Vidya Lakshmi support team?

A. On the top right of the Vidya Lakshmi Home page, you will see a “Contact us” button. You can click it, or you can call 020-2567-8300 for support. You can also reach out to them by sending a mail on [email protected]

Q3. How can I check my Vidya Lakshmi Loan status?

A. It is very easy to check the loan status. You can do it by logging in to your account and clicking the “Application Status” button. The page will show you the loan status and remarks (if any).

Q4. Is the Vidya Lakshmi portal useful?

A. Yes, the Vidya Lakshmi portal is useful for students willing to study abroad or even in India and need financial assistance for their higher education. Moreover, there are many schemes to avail and get a loan. You can also access information on the interest rates the banks are charging and choose the most suited one.

Q5. How to cancel loan applications on the Vidya Lakshmi portal?

A. If you need to cancel your loan application, you need to contact the concerned bank where you have applied for the loan. There is no option to discontinue your loan application from the portal itself.

Q6. How to edit the loan application form in the Vidya Lakshmi portal?

A. There is no option for you to edit the Vidya Lakshmi portal application form. For any changes in the bank selection, you need to contact the bank for changes. However, you can change your profile details, such as name and contact number.

Q7. How to change bank in Vidya Lakshmi portal?

A. You need to choose the bank carefully at the time of registration on the portal. Once selected, you cannot change the bank through the portal. You will need to contact the bank directly in such a case.

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