Vidya Lakshmi Education Loan

Vidya Lakshmi Education Loan

The Vidya Lakshmi educational portal was developed in conjunction with the Indian Banks Association, the Ministry of Finance, and the Ministry of Education. It acts as a go-between for banks and students to finance students’ education. Students can apply for and track their applications for education loans from the many banks that have taken part in the program through the platform, which is managed by NSDL e-Governance Infrastructure Limited. Students may now more easily view loan information, apply for different education loan programs, and monitor the progress of their loan application thanks to the one-stop platform. The website is accessible 24/7 from any internet-connected device and is free for everyone to use.

Features of Vidya Lakshmi Portal

The features of Vidya Lakshmi Portal are listed below:

  • You can apply for educational loans in multiple banks using the portal
  • You do not need to submit multiple application forms for availing an education loan
  • You can avail information about the different educational loan schemes offered by banks
  • Banks can easily download your loan application
  • Banks can upload the loan processing status on the portal
  • You can email grievances or queries to banks regarding the educational loan
  • For details and applications for government scholarships, you can link it to the National Scholarship Portal.

Eligibility Criteria for Subsidy

The eligibility criteria for availing an educational loan through the portal are:

  • An education loan must be availed under the IBA Model Education Loan Scheme
  • Parental income should not be more than Rs.4.5 lakhs per annum
  • Students should be admitted to the NAAC, NBA, Central Funded Technical Institutions, or other nationally significant institutions. Professional institutions not affiliated with the NAAC or NBA would need permission from the relevant regulating body.

    Documents Required to Apply for Vidya Lakhsmi Education Loan

    The following are the documents required to apply for the Vidya Lakshmi Education Loan:

    • Last six months statements of Bank Passbook
    • KYC documents
    • Marksheets of 10th, 12th and degree courses
    • Guarantor Form (Optional)
    • Copy of the admission letter of the college or university with fee details

    Interest Rates

    Depending on the bank and the educational program, different interest rates apply to student loans. Before applying, you can verify the precise percentage on the portal. 


    Vidya Lakshmi Portal Registration Procedure

    To use the Vidya Lakshmi portal, you need to register yourself first. You can do so by following the process listed below:

    Step 1: Visit the official website of Vidya Lakshmi

    Step 2: Click on ‘Register’

    Step 3: Enter the basic details like name, mobile number, email ID, and password

    Step 4: Enter the Captcha

    Step 5: Agree to the terms and conditions and click on ‘Submit’

    Step 6: On doing so, an activation link will be sent to the email ID you provided

    Step 7: You need to click on the link sent to your mail to activate the account

  • Vidya Lakshmi Portal Login Procedure

    You can login to the portal after the registration process is completed. To login, you need to follow the steps mentioned below:

    Step 1: Visit the official website

    Step 2: Click on ‘Login’

    Step 3: Select ‘Student Login’

    Step 4: Enter the email ID, password created at the time of registration, and the captcha code displayed on the screen

    Step 5: Select ‘Login’

    How to Search for Education Loan in Vidya Lakshmi Portal

    Once you login to the portal, you can search for education loans offered by different banks. To search, follow the steps mentioned below:

    Step 1: Click on ‘Search for Loan’ tab

    Step 2: Login to the portal

    Step 2: Select the appropriate option under the location of study, course, and loan amount

    Step 3: After doing that, click on ‘Search’

    Step 4: On doing that, a list of banks will be displayed along with the respective loan schemes


    Vidya Lakshmi Portal Education Loan Application Procedure

    The process involved when it comes to applying for an education loan through the Vidya Lakshmi portal is listed below: 

    Step 1: You can choose to find the nearest bank branch or apply for an education loan when the loan listings are presented on the screen.

    Step 2: On selecting the latter option, you will be redirected to fill in the Common Education Loan Application Form (CELAF) 

    Step 3: Under “instructions,” there are seven tabs, including “basic information,” “personal information,” “course details,” “cost of finance data,” and “upload papers.”

    Step 4: You must proceed and provide the requested information. Once you have finished filling out each tab’s details, click “Submit,” “Save,” and then “Next.” 

    Step 5: The form will be used to apply individually to the respective bank and scheme chosen by you 

    How Can You Check the Application Status of the Education Loan?

    After your application has been filed, you can check its status by heading to the “Application Status” area of the home page. The bank whose academic program you choose when you applied can also be contacted.

Yes, in addition to the head office located in Mumbai, Vidya Lakshmi has four branches across the country. They are in Kolkata, Chennai, New Delhi, and Ahmedabad.

The money will be disbursed directly by the bank. To know the details, you need to contact the bank where you have applied for the loan.

In such a scenario, you can send a mail at

Yes, it is possible. This is because almost all the banks operating in the country are listed in the portal.

Yes, a loan can be availed for a vocational course.

The moratorium period will be course period plus one year.

The CSIS scheme is implemented through Canara Bank.

The student will see an on-hold status if the bank requires some documents or more information about the loan application.

  1. A student can make up to three loan applications through Vidya Lakshmi portal.


Anjali Kanaujia
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