The Central Government has launched Pradhan Mantri Vidya Laxmi Yojana for the students who are unable to complete their studies due to money problems.
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 131 different education loan schemes from 40 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.
Benefits of Vidya Lakshmi Portal Education Loan Scheme
- 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:
- Bank of India
- Canara Bank
- Union Bank of India
- Corporation Bank
- Dena Bank
- 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.
PM Vidyalakshmi Yojana provides support to all those students and girl students who want to study to strengthen their life financially but weak economic conditions prevent them from doing so.
Any student can choose the scheme according to their need. Students can also get better information about scholarship and loan from there website.
It simply means – the department related to Vidya Lakshmi Education Loan Scheme is ‘Department of Financial Services (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development), Indian Banks Association (IBA)’. Its purpose is to provide loans to financially weak students and students to continue their studies.
For further queries
Tel – (022) 4090 4757
E-mail ID : [email protected]