Vidya Lakshmi portal education loan complete guide on registration, documents required, eligibility criteria & more.
Interest in Finance with a flair for writing, Vishakha has written on education loans and the study abroad field for the last two years with articles published in Times of India, Outlook India, The.
Updated on: 04 Sep 2024 | Reviewed By: AmanAman Jain graduated from IIT Kanpur, and currently functions as the CMO at GyanDhan. He is deeply passionate about creating equality in higher education and has directly interacted with 2 Lakh.
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Education is a transformative tool that has the power to unlock opportunities, empower individuals, and shape a brighter future. However, the cost of education can often act as a barrier for many aspiring students. Recognizing this challenge, and as part of its education loan scheme by government, the Indian government has taken significant strides to facilitate access to education loans and scholarships through initiatives like the Vidya Lakshmi portal.
Established in August 2015, under the Pradhan Mantri education loan, the Vidya Lakshmi Portal is an innovative online platform for students to explore, compare, and apply for educational loans and scholarships. This PM education loan scheme by government aims to make higher education accessible to all.
The Vidya Lakshmi platform, a pivotal element of the PM education loan scheme by government, was launched to simplify the process of availing educational loans and scholarships. It serves as a one-stop solution for students seeking financial assistance to pursue higher education in India or abroad. The portal provides a user-friendly interface, enabling students to browse through various loan schemes and scholarships offered by different banks and government bodies.
To answer what is Vidya Lakshmi education loan, encompasses financial support provided to students to cover various educational expenses, including tuition fees, books, accommodation, and other necessary costs associated with pursuing higher education. This initiative ensures that financial constraints do not hinder a student's educational aspirations.
The Vidya Lakshmi education loan eligibility is designed to ensure that a broad range of students can avail of this opportunity. By meeting the Vidya Lakshmi education loan eligibility criteria, students can unlock the doors to their future and embark on a journey of learning and growth without the burden of financial constraints. The Vidya Lakshmi loan eligibility is as follows:
The Vidya Lakshmi portal provides students with a one-stop platform to access extensive information about different education loan schemes and government scholarships and subsidy schemes. It serves as a centralized hub for education loans and scholarships, offering a single window for students to explore their options. With the Vidya Lakshmi portal, students have the convenience of tracking their education loans anytime and anywhere, ensuring easy accessibility and monitoring.
For students wondering which bank is best for Vidya Lakshmi loan, the answer lies in the portal's ability to compare different banks' offerings. This feature ensures that students can identify the bank that best suits their needs in terms of interest rates, loan terms, and repayment schedules.
To use the Vidya Lakshmi portal, students need to follow the following steps to outline how to log in:
The Vidya Lakshmi dashboard consists of six orange tabs that serve different purposes:
By understanding the functionality of each tab on the dashboard, you can effectively navigate the Vidya Lakshmi portal for your education loan-related activities.
To search and apply for education loans on the Vidya Lakshmi portal dashboard, follow these steps:
Step 1: Start by filling out the Common Education Loan Application Form (CELAF). This is a crucial initial step for your loan application. Access the dashboard and click on the 'Loan Application Form' tab.
Step 2: Next, click on the orange tab labeled 'Search and Apply for Loan Scheme' on the dashboard. This will allow you to explore and apply for various education loan schemes available.
Step 3: Use the provided filters to refine the search results according to your specific requirements. You can filter the schemes based on factors such as whether it is for domestic or international study, the level of the course, and the desired loan amount.
Step 4: Once you have applied the filters, a list of suitable loan schemes will be displayed. Each scheme will have an option to apply for it.
Step 5: Click on a particular scheme that interests you, and you will be redirected to a page providing detailed information about that specific scheme. Review the details carefully to ensure it aligns with your needs.
Important Note: Keep in mind that you can apply for a loan from a maximum of three banks, and only one scheme per bank can be selected for the application.
As mentioned, you must first fill out the Common Education Loan Application Form (CELAF) to apply for education loans on the Vidya Lakshmi portal. There are 6 sections you must fill in to complete an education loan application. They are:
This section includes three questions: are you pursuing higher studies in India or not; is your parental income more than INR 4,50,000; have you been admitted to a NAAC/NBA accredited university or not? If you are applying for education abroad, the questions regarding your parental income limit and NAAC/NBA accreditation are not applicable.
This section asks for the applicant’s and his/her parent’s details. You must submit the details, including basic personal data of you and your parent/husband, contact details, parental income, PAN number, and your academic score in the last qualifying exam.
Here you have to give details of the bank which facilitates your current transactions. In this section, you will see questions for the IFSC code, account details, whether you have any liability with the bank, and whether you are related to the present bank’s or any other bank’s chairman/ director/ employee.
In this section, you must include whether you are admitted in the merit quota or in the management quota, the name of the course and institution, and starting and ending dates of the course.
In the cost of finance section, you must give details including the tuition fees, exam fees, books, stationery, equipment or computer, hostel expenses, sundries or travel, total amount needed, own source or scholarship, and loan required every year. You also have to fill in the details of the security that you pledge and a proposed repayment period.
This is the final section of the application form where you upload all the mandatory Vidya Laksmi portal documents required. You must upload the following documents in this section: mark sheet, proof of admission to the course, proof of income, schedule of expenses for the course as given by the institution, form 16 (latest), IT returns (latest), copy of land records, undertaking letter if no PAN and Aadhar, and photos of the applicant, parent, and co-borrower. After uploading all these documents you submit the declaration, and your application is completed.
The following are the Vidya Lakshmi education loan documents required:
