Vidya Lakshmi Portal Education Loan Scheme
On 15 August, 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 to students applying for loans or scholarship by filling up a single form. The portal provides 22 different education loan schemes.
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.
Benefits of the 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 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 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
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.
For further queries
Tel – (022) 2499 4200
Fax – (022) 2497 6351
e-mail ID : email@example.com
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