The Government of India has brought various financing schemes for higher education, a significant one being the Vidya Lakshmi portal. Students can apply for education loan to multiple financial institutions with one application on this portal. Vidya lakshmi Portal is a Central IT-based Education Loan portal to provide student finance services for young Indians. It is an interface that helps students to apply for student loan online through a centralized website. Vidyalakshmi Portal is a one stop solution for students looking for study loan information. Not only can you apply for Education Loans on Vidyalakshmi Website but also compare student loan services, apply for education loan interest subsidy and even refinance your studebt loan.
Under this scheme, students can apply for an Education Loan through a common application form CELAF. Track your application status online at this portal. Or, find the government scholarships through the National Scholarship Portal link it provides.
Register on the portal first to apply for this loan. Proceed with Vidyalakshmi login details, and fill up the common application form. Apply to a maximum of three financial institutions with that same application form depending on the eligibility and needs. On approval, loan disbursal happens directly from the concerned institution.
The Vidyalakshmi Education Loan interest rates offered by various institutions follow the guidelines issued by the RBI and IBA, concerning the standard lending rates. It may vary from one institution to another.
While the Vidyalakshmi Loan is a convenient financing option for higher education, it may not always suffice the cost of education. Seeking admission to overseas universities may be far costlier.
How to apply for Educational loan through Vidya Lakshmi?
- The applicant must register and login to Vidya Lakshmi portal and then fill-up the Common Education Loan Application Form (CELAF) by providing all the necessary details.
- After filling the form, the applicant can search for Educational Loan and APPLY as per his/her needs, eligibility and convenience.
- Alternatively, the applicant can also search for Educational Loan after login and apply for the suitable Educational Loan by filling the *CELAF.
*What is Common Educational Loan Application Form (CELAF)?
The Common Educational Loan Application Form is the single form which students can fill to apply for Educational Loan to multiple banks / schemes. CELAF is the application form prescribed by Indian Banks Association (IBA) and accepted by all banks. This form is provided on Vidya Lakshmi portal to apply for Educational loan.
Vidyalakshmi Portal is a Central IT-based Education Loan portal to provide student finance services for young Indians. It is an interface that helps students to apply for student loan online through a centralized website. Vidyalakshmi allows students to apply for multiple banks with a single Vidyalakshmi common education loan application form (CELAF). This is also helps students in managing their Education Loan Status on Vidyalakshmi Portal and keeps the information of applicant/student/parents safe with the government. All of it can be done without visiting the bank and online.
Vidyalakshmi Portal is a one stop solution for students looking for study loan information. Not only can you apply for Education Loans on Vidyalakshmi Website but also compare student loan services, apply for education loan interest subsidy and even refinance your studebt loan.
VidyaLakshmi Education Loan Portal: Banks List
Almost all Indian Banks that are member of Indian Banking Association are obligated to provide loans to students. This includes Government-Private Banks, and even NBFC (Non-Banking Financial Institutions) and other entities.
Currently there are 36 Indian Banks enlisted with the Vidyalakshmi Education Loan Schemes providing 96 different types of loans for education of students. The different schemes appeal to the needs of students from different region, education levels, institutions and courses.
A detailed list of all these schemes and banks is mentioned belowVidyalakshmi Banks ListVidyalakshmi Education Loan Schemes (Each Bank)
Abhyudaya :- Cooperative Bank Limited Educational Loan Under The Scheme Of Abhyudaya Gyan
Bank limited :- Vardhini
Allahabad Bank :- Education Loan
Andhra Bank :- Dr. Pattabhi Vidya Jyothi Scheme
Axis Bank :- Axis Bank Education Loan Scheme
Bank Of Baroda :- Baroda Gyan
Baroda Scholar Baroda Education Loan To Students Of Premier Institutions Baroda Vidya
Baroda Education Loan For Executive Development Programmes (India)
Baroda Education Loan For Executive Development Programmes (Abroad)
Skill Loan Scheme
Bank Of India :- BOI Star Education Loan Scheme
Bank Of Maharashtra :- Model Educational Loan Scheme
Canara Bank :- IBAS Model Education Loan Scheme For Study In India And Abroad IBA Skill Loan Scheme