About Vidyalakshmi Education Loan
For students who are seeking Education Loan, VidyaLakshmi is the best portal for them. It is developed under the Department of Financial Services (Ministry of Finance)/ Department of Higher Education and Indian Banks Association. This portal has been developed as well as maintained by NSDL that is e-Governance Infrastructure Limited. Also, students have the right to view/ apply and can track the education loan applications anytime and anywhere just by accessing the portal.
Vidyalakshmi Education Loan Features
Features of Vidyalakshmi education loan are mentioned below:
- It is a Single platform for study loan schemes of various banks.
- There is one common Application form for Education loans for all the banks.
- An individual dashboard that provides the status of applications of various banks.
- For queries related to Educational loans, students are provided e-mail support.
Eligibility Criteria for Vidyalakshmi Education Loan
The student should check the eligibility criteria for Education Loan before proceeding.
- The student should be a citizen of India.
- The student should have completed his 10+2/ graduation.
- Income proof of co-applicant is required.
- An offer letter from a recognised university is also needed.
- The student should have cleared all the necessary qualification exams, including TOEFL/IELTS, GMAT, GRE, etc.
Interest Rate of Vidyalakshmi Education Loan
- Educational loan is offered to the students for the purpose of pursuing their higher studies.
- Students can apply through the VidyaLakshmi portal in online mode only.
- The interest rate on an educational loan starts from 8.40%.
- The loan amount can be disbursed within 15 days after submission of the loan application form.
- Applicant/Students can apply to a max of three banks at a time.
Documents required for Vidyalakshmi Education Loan
The Documents that are required while applying for a Vidyalakshmi Education Loan are as follows:
- Students have to submit the self-attested application form.
- 2 Passport size photos.
- Identity proofs such as Aadhaar Card, Pan Card etc.
- Marksheets of 10th, +2 or graduation
- Address proof such as Adhaar card, passport etc.
- An offer letter from the recognised university
- Visa approvals and test papers
How To Apply For Vidyalakshmi Education Loan
There are 3 steps that students can follow while applying for an education loan:
- The student should click on the ‘Register Now’ tab.
- Then students should fill-up the form with all necessary details.
- At last, students can apply to multiple banks.
FAQ’s about Vidyalakshmi Education Loan
✅ How can one apply for an education loan through Vidyalakshmi?
Firstly, students should register and log in to the Vidyalakshmi portal and fill up the CELAF that stands for the Common Education Loan Application Form. After filling the form, the student can search for an Educational Loan and apply according to their needs, convenience, and eligibility.
✅ How much loan amount can one get from Vidya Lakshmi?
It varies from bank to bank and also from scheme to scheme. Thus, the student is advised to check everything related to the loan by clicking on the Loan Search page just after the login.
✅ How many applications are allowed for an Educational Loan that a student can submit?
A student has the right to apply to a maximum of three Banks. It is possible through the VidyaLakshmi portal and by using CELAF.
