Process to get an education loan through the Vidya Lakshmi scheme

2 min

During FY 2015-16, the then Finance Minister of India announced the Vidya Lakshmi education loan scheme to increase accessibility to education financing options. The Government collaborated with NSDL e-Governance Infrastructure to create the one-of-its-kind Vidya Lakshmi portal. Students can find detailed information on education loans and apply with up to 3 lenders via a single application form.

To avail an education loan in India through the Vidya Lakshmi scheme, you first need to register on the Vidyalakshmi portal.

What is Vidya Lakshmi Scheme

The Vidya Lakshmi Scheme, initiated by the Government of India, is a pioneering platform aimed at simplifying the process of availing education loans. Through its online portal,, the scheme provides students with a one-stop solution to explore and apply for education loans offered by multiple banks. By filling out a single application form, students can apply for loans from various participating banks, streamlining the application process. The portal offers real-time tracking of application status, enhancing transparency. Additionally, Vidya Lakshmi supports financial inclusivity by facilitating easier access to education loans for economically weaker sections. The scheme serves as a central hub not only for education loans but also for scholarship applications, contributing to a more efficient and comprehensive approach to managing financial assistance in higher education.

Steps to register on the Vidya Lakshmi Portal

To know more about the steps to register on the Vidya Lakshmi portal, read on.

  • Step 1: Visit the portal and register using a Login ID and a strong password
  • Step 2: Provide details such as date of birth, age, name, phone number, and email ID accurately
  • Step 3: On submitting, a confirmation link will be sent to your registered email ID
  • Step 4: Open your mail and click on that confirmation link

Once your registration is complete, enter your login details again and begin your search for education loan details that fit your needs. If you want to apply for a study loan, simply fill the CELAF or Common Education Loan Application Form available the on portal. Following this, you can identify the best options available to you. To check the status of your education loan application, use the provision on the Vidya Lakshmi portal.

For easy access to ample funds, choose the Bajaj Finserv Education Loan on Property. You can enjoy easy repayment tenor, quick loan processing, competitive rates of interest, and more. With funding up to Rs. 10.50 crore*, you can access top-quality education in India or abroad with ease.

Also read: Loan against property vs education loan: Which one is better for you?

Key benefits and features of VidyaLakshmi Education Loan

VidyaLakshmi is a government initiative in India that provides a platform for students to apply for and avail education loans from multiple banks. Here are some key benefits and features associated with VidyaLakshmi Education Loan:

  1. Single window platform:
    VidyaLakshmi serves as a single window for students seeking education loans, simplifying the application process.
  2. Multiple bank options:
    Students can explore and apply for education loans from various banks registered on the VidyaLakshmi portal, increasing their chances of securing a suitable loan.
  3. Online application:
    The platform facilitates online submission of loan applications, reducing paperwork and streamlining the application process.
  4. Transparent process:
    VidyaLakshmi promotes transparency by providing detailed information about the loan application process, eligibility criteria, and interest rates offered by different banks.
  5. Loan tracking:
    Borrowers can track the status of their loan applications in real-time through the portal, providing visibility into the progress of their loan approval.
  6. Interest rate comparison:
    The platform allows students to compare interest rates offered by different banks, helping them make informed decisions regarding the most favorable terms.
  7. Secure and confidential:
    VidyaLakshmi ensures the security and confidentiality of applicant data, following data protection standards to safeguard sensitive information.
  8. Loan repayment calculators:
    The portal may offer tools like loan repayment calculators, enabling students to estimate and plan their loan repayment schedules.
  9. Guidance and support:
    VidyaLakshmi may provide guidance and support to students in understanding the loan application process and addressing queries related to education loans.
  10. Integration with NSDL:
    VidyaLakshmi may be integrated with the National Securities Depository Limited (NSDL) for the efficient disbursement of education loans.

It is important to note that features and benefits may evolve over time, and applicants should refer to the official VidyaLakshmi portal or contact the relevant authorities for the most up-to-date information. Additionally, the specific terms and conditions of education loans may vary among participating banks.

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Frequently asked questions

What is Vidya Lakshmi scheme?

The Vidya Lakshmi scheme is a government initiative in India that aims to simplify and streamline the process of obtaining education loans and scholarships. It was launched by the Ministry of Finance in 2015 and is implemented by the National Securities Depository Limited (NSDL) e-Governance Infrastructure Limited.

What is the interest rate of Vidya Lakshmi Scheme?

The Vidya Lakshmi scheme does not provide education loans directly, and therefore it does not set the interest rates for the loans. Instead, it serves as a platform that connects students with multiple banks and financial institutions that offer education loans.

What is the maximum loan amount for Vidya Lakshmi Scheme?

The Vidya Lakshmi scheme, which facilitates education loans from various banks and financial institutions, does not specify a maximum loan amount. The loan amount that students can obtain through the scheme depends on several factors, including the student's educational course, the cost of education, the lending institution's policies, and the student's creditworthiness.

Who is eligible for CSIS scheme?

The Central Sector Interest Subsidy Scheme (CSIS) in India is designed to provide interest subsidies to economically disadvantaged students pursuing specific higher education courses. Eligibility criteria typically include income limits, the pursuit of eligible courses, obtaining an education loan from a scheduled bank, and adherence to repayment terms. However, the specific criteria and guidelines may change, so applicants should refer to the official CSIS website or relevant authorities for the latest information on eligibility and application processes.

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