Vidya Lakshmi Education Loan Portal: Application, Eligibility and More

Many students finance their goal of studying abroad by taking out education loans from banks or other financial institutions. Examining and contrasting the many student loan options accessible to overseas students can be challenging. In August 2015, the Indian government created the Vidya Lakshmi Education Loan Portal to address this problem with students. The Ministry of Finance, the Ministry of Education, and Indian Banks Association (IBA) are the organisations behind developing the Vidyalaxmi Education loan portal. We’ll discuss the Vidya Lakshmi Portal in this blog, including topics like eligibility, interest rates, application requirements, and required paperwork.

What is VidyaLakshmi Education Loan?

With the Vidya Lakshmi Portal, the Indian government hopes to ensure that no student is denied access to higher education due to financial constraints. The unique Vidya Lakshmi Education Loan Portal is devoted to helping students who are looking for student loans or scholarships. Protean eGov Technologies Limited (formerly NSDL eGovernance Infrastructure Limited) is responsible for maintaining this gateway for student loans.

Students can research, evaluate, and apply for student loans and scholarships using the Vidya Lakshmi Portal online at any time or place. Links to the National Scholarship Portal are also available on the portal. Without a doubt, Indian students looking for student loans or those planning to study abroad would find the Vidya Laxmi portal useful.

What is the benefit of the VidyaLakshmi Education Loan Portal?

Under the government’s guarantee insurance policy for Indian banks, the Government of India provides support for this portal. The government would cover the cost of a student who borrowed 7.5 lakhs to study in India is unable to pay back the loan.

It takes time to compare various student loan options and use the education loan EMI calculator to get the final repayment amount. The Vidya Lakshmi Portal saves the day for pupils in this situation. It is an easy-to-use gateway with a single window that addresses financial concerns for postsecondary education. Students can realize their desire to pursue a higher education even if they reside in remote or rural places. Let’s talk about this portal’s benefits.

Other Benefits of Vidya Lakshmi Education Loan 

The purpose of Vidya Lakshmi Portal is to facilitate student loan applications. This site offers several features and perks that are specifically designed to make it easier for students to apply for student loans.

  • To apply for the many student loans that different banks offer, use a single application.
  • Students can obtain information about any bank’s educational loan program.
  • Students can use the Vidyalaxmi site in place of physically visiting bank branches.
  • Through a single window site, students can upload the necessary documentation for loans.
  • Banks can quickly obtain your application for an education loan and change the loan’s status.
  • Students can mail the bank with any questions they may have.
  • The ability for pupils to apply simultaneously to three different banks is the best feature.
  • Other hidden costs and additional processing fees are eliminated with Vidya Lakshmi Portal.
  • This webpage is useful for students planning to study in India or elsewhere.
  • With 139 education loan schemes available, 45 Indian banks are listed on the Vidyalakshmi loan platform.
  • Through the Vidya Laxmi site, students can have access to the National Scholarship site.
  • If a student is unable to repay, the government will cover the loan balance.
  • You now understand the advantages of applying for student loans using this single-window interface. Let’s talk about who can use this gateway to apply for an education loan.

Vidya Lakshmi Education Loan- Application Process

Students must register on the Vidyalaxmi site and create a new user profile to start the application process. The procedure to set up a new profile on the portal is outlined here.

Step 1-  Applying for the Vidya Lakshmi Scheme

  • Go to, the official Vidya Lakshmi Portal website.
  • Go to “New User? Register Now” and click.
  • Make a new account using your contact information (name, email, phone number, etc.).
  • A verification link will be sent to the email address you registered with. To validate your account, click the activation link that was supplied.

Step 2- 

To apply for a Vidhya Laxmi education loan, follow the steps listed below after registering as a new user. To access your account on the portal, use your login credentials. The detailed procedure to assist you with the Vidya Lakshmi application process is provided below.

  • Choose the option that says “Search and Apply for Loan.”
  • Choose the nation where you wish to study (in India or overseas) now.
  • Decide the path you wish to take.
  • Decide how much you’ll need to pay for your further education.
  • To apply for a Vidya Lakshmi education loan, choose three preferable banks and appropriate terms and conditions for repayment.
  • Upload the necessary files that are requested there.
  • Examine the information you plan to submit in brief.
  • Once you’ve completed every step outlined above, select “Submit.”
  • As banks update the status, you can now check the status of your loan on the portal. If you have any questions about your education loan, you can also ask banks.

Vidya Lakshmi Education Loan- Documents Required 

The list of documentation that students must have on hand when submitting their application is provided below.

  • Two passport-sized pictures of the applicants and pupils
  • government-approved photo ID cards, such Aadhar, PAN, and others.
  • When applying for the Vidya Lakshmi Scheme, students who plan to study abroad must have a valid passport, proof of study visa permission, and other pertinent documentation.
  • the student’s birth certificates.
  • Academic transcripts for grades 10 and 12, with a passing grade certificate or its equivalent.
  • admissions letter from the university and the course cost schedule.
  • If the candidates are salaried workers, they must also provide Form-16, the IT return, and the salary slip.

Also Read: HDFC Bank Education Loan: Interest Rate, Features, How to Apply

List of Banks Listed on the Vidya Lakshmi Website

The list of banks that have registered on Vidya Laxmi’s platform is provided here. Students can apply for these banks’ educational loans.

  • Abhyudaya Cooperative Bank Limited
  • Allahabad Bank
  • Andhra Bank
  • Andhra Pragathi Grameena Bank
  • Axis Bank
  • Bank of Baroda
  • Bank Of India
  • Bank Of Maharashtra
  • Canara Bank
  • Central Bank Of India
  • Corporation Bank
  • Dena bank
  • Development Credit Bank Ltd.
  • Dhanlaxmi Bank
  • Dombivli Nagri Sahakari Bank ltd
  • Federal Bank
  • GP Parsik Bank Ltd
  • HDFC Bank
  • ICICI Bank
  • IDBI Bank
  • Indian Bank
  • Indian Overseas Bank
  • J&K Bank
  • Karnataka Bank Ltd
  • Karur Vysya Bank Ltd
  • Kerala Gramin Bank
  • Kotak Bank
  • Nainital Bank
  • New India Bank
  • New India Cooperative Bank Ltd
  • Oriental Bank of Commerce
  • Pragathi Krishna Gramin Bank
  • Punjab and Sind Bank
  • Punjab National Bank 
  • RBL Bank Ltd
  • State Bank of India
  • Syndicate Bank
  • Tamiland Mercantile Bank
  • Uco Bank
  • Union Bank of India
  • United Bank of India
  • Vijaya Bank
  • Yes Bank


Who is eligible for Vidya Lakshmi loan?

An overview of the features and advantages of the Vidya Lakshmi Portal

Typical qualifying standards established by banks include Indian Citizenship: To apply for an education loan through the Vidyalakshmi portal, a candidate must be an Indian citizen. Level of Education: To be qualified to apply for a loan, the candidate must possess a 10+2 completion certificate.

What is the interest rate of Vidya Lakshmi education loan?

The interest rate on Vidya Lakshmi education loans begins at 8.40%. With repayment terms of up to 15 years, it enables students to obtain finance of up to INR 4 lakh without requiring collateral.

What is the maximum loan from the Vidya Lakshmi portal?

Up to INR 1.5 crores is the maximum loan amount that students can obtain through the Vidya Lakshmi Portal. This does not imply that all students are qualified for this amount of loan, though. The loan amount that you will receive is determined by your eligibility, your course, and your loan requirements.

Ayushi Singh Content Writer
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Ayushi is a content writer passionate about helping students achieve their study abroad dreams. With expertise in the study abroad domain, She provides practical tips and clear guidance on choosing universities and navigating the application process. Additionally, she is an amateur artist. An ever-curious learner, she enjoys reading good books in her free time. She thinks that all she has been given is not hers to retain, but rather to put to good use for others, and she lives by the word 'kindness.'

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