Education loan for Vidya Lakshmi scheme
PM Vidya Lakshmi Yojana is an initiative by the Government of India that offers students a single online platform to apply for multiple education loans. Through the Vidya Lakshmi Portal, applicants can fill out one Common Education Loan Application Form (CELAF), apply to up to three banks, track their application status, and explore scholarships for higher education in India or abroad.
What is the PM Vidya Lakshmi Yojana?
PM Vidya Lakshmi Yojana is a digital education loan platform launched by the Government of India that connects students with banks and financial institutions. Through the portal, applicants can complete a Common Education Loan Application Form (CELAF) and submit it to multiple lenders simultaneously.
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Ample funding up to Rs. 10.50 crore*
Apply for a high loan amount to ensure that lack of funds does not get in the way of quality education.
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Convenient repayment
Pay EMIs over a flexible tenor of up to 15 years while accounting for income from a future job.
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Secure & easy balance transfer
Avail our loan against property balance transfer facility for attractive interest rates and a high-value top-up loan.
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Hassle-free application
Save time with our simple eligibility criteria and minimal documentation.
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Disbursal in 3 days*
Get the money in your bank account within 72 hours* of approval and secure admission at your preferred institute.
If you need additional funds or are exploring alternative financing options, Bajaj Finserv Loan Against Property offers a high-value solution. Whether for overseas education or other related costs, enjoy flexible repayment terms and swift disbursal. Check your loan against property eligibility in just 2 clicks.
Eligibility criteria for Vidya Lakshmi Portal Education Loan on Property
Meet our simple education loan eligibility criteria and apply for an education loan on the property by submitting just a few documents.
Vidya Lakshmi Education Loan for Salaried
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Nationality
Resident of India, owning property in the following BHFL locations:
Delhi & NCR, Mumbai & MMR, Chennai, Hyderabad, Bangalore, Pune, Ahmedabad
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Age
You must be between 25 years (18 years for non-financial property owners) to 85 years* (including non-financial property owners)
* 85 years* of age or less at the time of loan maturity -
Employment
Salaried employee of any private, public or multinational organization
For self-employed
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Nationality
Resident of India, owning property in the following BFL locations:
Bangalore, Indore, Nagpur, Vijayawada, Pune, Chennai, Madurai, Surat, Delhi & NCR, Lucknow, Hyderabad, Cochin, Mumbai, Jaipur, Ahmedabad
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Age
You must be between 25 years (18 years for non-financial property owners) to 85 years* (including non-financial property owners)
* 85 years* of age or less at the time of loan maturity -
Employment
Self-employed individual with a steady income from business
If opting for the Vidya Lakshmi Loan, you need to meet the eligibility requirements of the financial institution you are applying to.
Required Documents for Vidyalakshmi Scheme
- Aadhaar Card
- PAN Card
- Address Proof
- Previous Qualifying Marksheets (Self-attested)
- Entrance Exam Result
- Offer Letter (from the Institution, along with the fee structure)
- Income Certificate (from the designated public authority of the state)
Interest subsidy and credit guarantee under PM Vidya Lakshmi Yojana
The PM Vidya Lakshmi Yojana provides financial relief to students from economically weaker sections through interest subsidies and credit guarantees. The following table summarises the key details:
Scheme Component |
Description |
Interest Subsidy Scheme |
Under the Central Sector Interest Subsidy (CSIS) Scheme, students from economically weaker sections (annual family income up to Rs. 4.5 lakh) are eligible for a full interest subsidy on education loans during the moratorium period, which includes the course duration plus one year after completion. |
Credit Guarantee Fund Scheme for Education Loans (CGFSEL) |
Provides a credit guarantee for education loans up to Rs. 7.5 lakh without the need for collateral or third-party guarantee, ensuring that deserving students can access funding based on merit and eligibility. |
Applicable Loans |
Covers education loans taken for recognised professional and technical courses in India under the Indian Banks’ Association (IBA) model education loan scheme. |
Eligibility |
Indian nationals enrolled in recognised institutions in India, meeting income and course criteria as per the respective scheme guidelines. |
Track loan application status
Here’s what you need to do to track your application status:
Step 1: Log in to your PM Vidya Lakshmi account. On the Student Homepage, click the “Track Loan Application” option from the menu.
Step 2: Choose your Loan Application Number from the dropdown list.
Step 3: The current status of your application, such as Under Review, Approved, or Disbursed, will appear on the screen. To download a copy of your application, click “Download Application PDF”.
Apply for interest subvention
Follow the steps below to apply for an interest subvention:
Step 1: After your education loan has been sanctioned and disbursed by the bank, log in to the PM Vidya Lakshmi website.
Step 2: On the Student Homepage, select the “Apply for Interest Subvention” option from the menu.
Step 3: Click on “Claim Interest Subvention” and enter the required details.
Step 4: Upload the Income Certificate issued by a competent public authority or Annexure 6 provided by your institute.
Step 5: Submit the application form. A confirmation message will be sent to you through SMS, email, or WhatsApp.
How to apply education loan on property
The application process for the Bajaj Finserv education loan on property is simple:
- 1 Apply with our online application form
- 2 Enter your personal and property details
- 3 Provide your income details for the best loan deal
Once you submit the form, our relationship manager will call you to guide you through the next steps.
*Conditions apply
Did you know: With a loan against property, you can get high-value funding without financial stress. Get loan of up to Rs. 10.50 Crore* against your property and plan your future with confidence.
Benefits of Vidya Laxmi Portal
The Vidya Lakshmi Education Loan portal serves as a unified online platform, making the education loan process simpler and more accessible for students. It bridges the gap between applicants and financial institutions, ensuring transparency and ease of access.
- Centralised platform: The Vidya Lakshmi Education Loan portal provides a one-stop solution for students to apply for education loans from multiple banks.
- Access to multiple lenders: Students can access loan offers from several public and private sector banks, increasing their chances of securing financing.
- Easy loan application: The portal simplifies the application process, allowing students to apply for the Vidya Lakshmi Education Loan online from anywhere.
- Eligibility checker: The platform includes a tool to check loan eligibility, helping students understand their chances of approval before applying.
- Loan tracking: Students can track the status of their loan application, providing transparency and reducing uncertainty.
- Loan repayment information: The portal offers clear information about the loan repayment terms, including EMI schedules and interest rates.
- Scholarships and financial aid: In addition to loans, the portal also provides access to various scholarships and financial assistance programs for education.
- Paperless process: Vidya Lakshmi Education Loan applications are processed digitally, minimising paperwork and making the process more efficient.
Some Related Schemes in India
Explore other government-backed schemes like skill development, housing, and agricultural loans that empower individuals with financial support, ensuring inclusive growth and access to essential resources across India.
Property loan based on the amount
Bajaj Finserv offers property loans across various amounts to suit different financial needs. Whether you require Rs. 10 lakh or Rs. 10 crore, choose a loan value that aligns with your goals for business, education, or personal use.
Apply for a Loan Against Property in different cities
Bajaj Finserv offers convenient Loan Against Property options across major Indian cities to meet your financial requirements. Get quick approvals, attractive interest rates, and flexible tenures, whether you are based in Bangalore, Delhi, Hyderabad, Chennai, Kerala, or Noida. Apply online for a seamless experience.
Frequently asked questions
The interest rate for Vidya Lakshmi Education Loan varies depending on the bank, generally ranging between 8% to 15%. Rates may differ based on the loan amount, tenure, and applicant's profile.
Yes, applicants typically need to be between 18 to 35 years old to apply for an education loan via Vidya Lakshmi. However, specific age limits may vary depending on the bank's policies.
Yes, students can register multiple times on the Vidya Lakshmi portal. However, they must use a unique email ID for each registration and ensure all information provided is accurate and up to date.
The tenure for Vidya Lakshmi Education Loans typically ranges up to 15 years, depending on the loan amount, repayment capacity, and the bank’s terms. Repayment starts after the course completion.
You can track application status on the PM Vidya Lakshmi Yojana portal by logging in with your credentials and selecting the ‘Application Status’ option to view real-time updates.
Yes, apart from education loan options, the PM Vidya Lakshmi Yojana portal also integrates multiple government scholarship schemes, enabling students to apply for financial assistance conveniently in one place.
Collateral requirements under the PM Vidya Lakshmi Yojana depend on the loan amount and lending institution. Smaller loans may not require collateral, while higher education loans often do.
Yes, you can edit or update certain sections of your education loan application on the PM Vidya Lakshmi Yojana portal before final processing by the respective financial institution.
Yes, eligible students, especially from economically weaker sections and minority communities, can avail interest subsidies on education loans through the PM Vidya Lakshmi Yojana portal under government subsidy schemes.
