On August 15, 2015, “Vidya Lakshmi Portal

Education Loan Scheme” was launched by the

Finance ministry. This portal has been developed
and maintained by NSDL e-Governance
Infrastructure Limited in collaboration with the
Department of Financial Services, Department of
Higher Education, Indian Banks Association and the
Ministry of Human Resource Development. This
portal is a gateway for all students to access funds
and information related to educational loans as well
as government scholarships. It provides a single window platform to students applying for
loans or scholarship by filling up a single form. The portal provides 111 different education
loan schemes from 36 banks. Also, there is an integrated link to the National Scholarship
Portal through which a student can search and apply for suitable scholarships.

Objective Of Vidya Lakshmi Portal Education Loan Scheme:

The basic objective of the scheme is to provide easy and effective system of getting
educational loans so that no student leaves his or her education mid-way due to lack of funds.
It also enables students living in remote areas but aspiring for higher education in fields such
as medical, technical or management to apply for education loans online.

Website:
www.vidyalakshmi.co.in

Benefits of Vidya Lakshmi Portal Education Loan :

 The students get information about educational loan schemes of banks.

 Common educational loan application form is available to students.
 There is a provision to apply to various banks for educational loans through a single
form.
 The site is linked to the national scholarship portal for information and to apply for
government scholarships.
 Students can view the status of their loan application at any time and at any place with
an easy access to the dashboard facility of the website.
 Students can also send to the banks e-mail grievances/queries for any kind of issues or
difficulties relating to educational loans.
 Banks can also upload loan processing status.
 Banks can also download student’s loan applications.
 How to apply for educational loan through the Vidya Lakshmi portal?

 Register yourself on the portal.

 Fill up the Common Application form for scholarship referred as the Common
Education Loan Application Form (CELAF). This form is prescribed by Indian Banks
Association (IBA) and is accepted by all banks.
 Based on the eligibility criteria, the portal itself suggests the various schemes for
which a student is eligible.
 The applicant can now choose Educational Loan as per his/her requirements,
eligibility and convenience.

Once registration is done and the CELAF is filled, you will be updated about your loan
approval or disapproval on the portal. If your loan is approved, the loan amount will be
transferred directly to your account. If your loan is disapproved, you have to contact the bank
itself. You may also get an ON HOLD update on your loan status. It means that the bank
requires more information from your end, which will be mentioned in the remark column. E-
mail and SMS alert will also be generated for processing of scholarship.

Names of prominent banks which have integrated their system with the online portal are:

 State Bank of India

 Industrial Development Bank of India
 Bank of India
 Canara Bank
 Union Bank of India
 Corporation Bank
 United Bank of India
 Punjab National Bank
 Punjab and Sindh Bank
 Oriental Bank of Commerce
 Central Bank of India
 Kotak Mahindra Bank
 Vijaya Bank
 Punjab and Sind Bank
 Bank of Baroda
 Andhra Bank
 Federal Bank
 HDFC Bank
 ICICI Bank
 Axis Bank
 UCO Bank
 Indian Bank
 Bank of Maharashtra
 Indian Overseas Bank
 RBL Bank
 Syndicate Bank
 Abhyudaya Co-operative Bank Limited
 DNS bank
 Karur Vysya Bank
 Tamilnad Mercantile Bank Ltd

The students have the advantage of applying to three banks at a time. However, the interest
rate will be as per the applicable rules of an individual bank. This reduces the student’s time
of approaching different banks.