Government’s Vidyalakshmi portal : single window for students for educational loans

Government’s Vidyalakshmi portal : single window for students for educational loans

Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal. The portal also provides linkages to national scholarship portal. 

Vidya Lakshmi is a first of its kind portal for students seeking education loan. This portal has been developed under the guidance of the Department of Financial Services, (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA). The portal has been developed and is maintained by NSDL e-Governance Infrastructure Limited.

Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal. The portal also provides linkages to national scholarship portal. 

Features of the Vidyalakshmi portal:

Vidya Lakshmi Portal provides a single window for students to access information and make application for educational loans provided by banks and government scholarships. Here are some features

1. Information about Educational Loan Schemes of Banks
2. Common Educational Loan Application Form for Students
3. Apply to multiple Banks for Educational Loans
4. Facility for Banks to download Students Loan Applications
5. Facility for Banks to upload loan processing status
6. Facility for Students to email grievances/queries relating to Educational Loans to Banks
7. Linkage to National Scholarship Portal for information and application for Government Scholarships

Application Process:

In order to apply for an education loan the portal, the applicant must register and login to Vidya Lakshmi portal and then fill-up the Common Education Loan Application Form (CELAF) by providing all the necessary details. After filling the form, the applicant can search for Educational Loan and APPLY as per his/her needs, eligibility and convenience.

Alternatively, the applicant can also search for Educational Loan after login and apply for the suitable Educational Loan by filling the CELAF. The Bank will update the status of the application on Vidya Lakshmi portal. Students can view the status of the application on the applicant’s dashboard on the portal. Approved Educational Loan of an applicant will be disbursed directly by the bank outside the Vidya Lakshmi Portal.

It may be noted that a student can apply to a maximum of three Banks through Vidya Lakshmi portal using CELAF. The banks registered with the portal include Axis Bank, Union Bank of India, Bank of Baroda, Central Bank of India, HDFC Bank, IDBI Bank, Dena Bank, State Bank of India, Canara Bank, Bank of India, Corporation Bank, Punjab National Bank, RBL Bank, New India Bank, Allahabad Bank, Andhra Bank, Karur Vyasa Bank, Syndicate Bank and more.

Guidelines for Students:

  • Please carefully fill-in, submit the Common Education Loan Application Form and apply to selected loan schemes.
  • Please enter a valid mobile number in the Common Education Loan Application Form. Banks would contact you on the same number for any query related to your loan application.
  • Please check loan scheme details and eligibility criteria while selecting and applying for a loan.
  • Please check the dashboard and registered e-mail periodically to get updates about your loan application submitted to the bank.
  • Please respond to banks query/requirements within 15 days if the loan amount is equal to or less than Rs 7.5 Lakhs and within 30 days for loan amount more than Rs 7.5 Lakhs, else bank may mark your application as “Closed”.

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