Vidya Lakshmi Educational Loan: Portal, Scheme
Vidya Lakshmi Portal Education Loan is a scheme for meritorious students introduced by the national government to provide a collateral-free and guarantor-free loan for Indian students.
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Vidya Lakshmi Educational Loan: Vidya Lakshmi Portal Education Loan is a scheme for meritorious students introduced by the national government to provide a collateral-free and guarantor-free loan for Indian students, including Non-Resident Indians (NRI) and Overseas Citizens of India (OCI). The online portal offers a website for students to apply and track education loan applications offered at banks registered with the scheme.
You can apply for an education loan through the Vidya Lakshmi portal by creating an account in the portal, then logging in and entering the necessary information to fill out the Common Education Loan Application Form (CELAF). After that, you have to search and apply for a loan as per your needs and eligibility.
Vidya Lakshmi Portal Documents Required
While the specific requirements vary slightly from bank to bank, applying for an education loan through the Vidya Lakshmi portal requires the applicant to upload KYC proofs, academic records, admission letter, and cost of study details.
KYC Documents: These include photo IDS like Aadhaar card, PAN card, or voter ID, and address proof.
Passport-size Photographs: Recent photographs are required for both the applicant and co-applicant.
Income Proof (for co-applicant/guarantor): The income proofs of the co-applicant or guarantor that is to provide financial support, like their salary slips, IT returns or other relevant documents, if applicable.
Vidya Lakshmi Portal Documents Required for Students
Academic Records: Marksheets and certificates for Class 10 and 12 (or equivalent), and any other relevant educational qualifications.
Admission Letter: A copy of the admission letter from the college or university, including fee structure details.
Proof of Admission: This may include entrance exam results or other relevant documents confirming your admission.
Statement of Cost of Study: A copy of your estimated expenses for the time period of your education completion.
Bank Account Statement: You need to submit the last 6 months bank statement for the application.
Collateral Documents (if applicable): If the loan requires collateral, documents related to the collateral property may be needed.
Other Documents: Depending on the bank and the specific loan type, other documents may be required, such as income certificates, property documents, or guarantees.
How to apply for Vidya Lakshmi Educational Loan
To fill the form, first create an account in the portal, enter the required details, verify your email, log in to access the Common Education Loan Application Form (CELAF). Then fill out CELAF, select the bank and upload the necessary documents.
Steps of filling out the form
1. Registration:
Visit the Vidya Lakshmi website.
Click on "Register".
Enter the basic details as shown in the portal.
Click "Submit".
You will get an email from Vidya Lakhmi. Click on it to activate your Vidya Lakshmi account.
2. Login and Accessing CELAF:
Go back to the Vidya Lakshmi portal.
Click on "Login" and select "Student Login".
Enter your email ID, password, and captcha code.
Click "Login".
Access the Common Education Loan Application Form (CELAF).
3. Filling out the CELAF:
Carefully read the instructions for the CELAF.
Fill the necessary details accurately, which include personal information, course details, loan requirements, and co-applicant details (if applicable).
Select a maximum of three preferred banks where you wish to apply for the loan.
4. Document Upload:
Upload scanned copies of the required documents in the given slots.
The documents include identity proof, birth date proof, photographs, academic documents, and admission letters.
5. Submission:
Review the information entered and ensure that it is accurate.
Click "Submit" to continue with the application.
6. Checking Application Status:
The portal allows you to track the status of your loan application online.
Vidya Lakshmi Yojana Kya Hai
Here is the overview of the Vidya Lakshmi Yojana.
Collateral and Guarantor-Free Loans: The scheme makes it easier for students to access education loans, as it does not require collateral and third-party guarantees.
Potential Interest Subsidy: For the benefit of eligible students coming from a family whose income is lower than ₹8 lakhs, the government has given a 3% interest subsidy of upto ₹10 lakhs.
Online Application and Tracking: The application process and tracking can be easily done online through this portal.
Access to Education Loans: The PM Vidya Lakshmi Scheme gives education loans to students, mainly which are in Economically Weaker Sections (EWS) with net family income up to ₹4.5 lakhs.
One-time Subsidy: The Central Sector Interest Subsidy Scheme provides a one-time subsidy for undergraduate, postgraduate, or integrated courses.
Single Window for Information: The Vidya Lakshmi Portal provides a platform for students to access information about education loan schemes offered by various banks and the Government of India.
List of Banks in Vidya Lakshmi Portal
State Bank of India (SBI)
Bank of Baroda
Bank of India
Abhyudaya Cooperative Bank Limited
Andhra Pragathi Grameena Bank
Axis Bank
Bank of Maharashtra
Canara Bank
Central Bank of India
ICICI Bank
HDFC Bank
Punjab National Bank
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