Vidya Lakshmi Portal: Education Loan Application, Eligibility and More
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The government of India launched the Vidya Lakshmi Portal to ease the education loan process for students looking for financial support to study abroad or in India. There are details of 86 education loan schemes offered by 38 Indian banks on the Vidya Laxmi Portal. Also, the Government of India launched "PM Vidyalaxami Scheme" for Indian students to offer financial assistance for studying in India.
What is the use of the Vidya Lakshmi Portal for students? To study in India or abroad, students borrow an education loan from banks or financial institutions. It is tough to explore and compare different study loan schemes offered by top education loan providers. Vidya Lakshmi Portal is a one-stop solution to explore and apply for different education loan schemes. Students can apply for up to three different education loans by filling out a single application form.
The Ministry of Finance, the Ministry of Education and the Indian Banks Association (IBA) developed the Vidyalaxmi portal to make the education loan process easy for students. Earlier, the process of exploring student loans was challenging. In this blog, we have covered information about Vidya Lakshmi education loan interest rate, application process and more.
- What is Vidya Lakshmi Portal?
- What is Pradhan Mantri Vidyalaxmi Scheme (PMVS)?
- Vidya Laxmi Portal Interest Rates 2025 (Updated)
- Benefits of Vidya Laxmi Portal
- Eligibility for Vidya Lakshmi Scheme
- How to Apply for VidyaLakshmi Education Loan?
- List of Banks Registered on Vidya Lakshmi Portal
What is Vidya Lakshmi Portal?
The government of India launched the Vidya Lakshmi Portal with the objective that no student misses out on higher education for lack of funds. Vidyalakshmi education loan portal is dedicated to students seeking student loans or scholarships, which is a first-of-its-kind portal. On this education loan portal, students can compare public Vs private education loan providers to select the best one for them.
The Vidya Lakshmi Portal is an online portal for students to explore, compare, and apply for educational loans and scholarships from anywhere and anytime. The portal also provides linkages to the National Scholarship Portal. Vidya Laxmi portal is helpful for Indian students who are looking for student loans in India.
What is Pradhan Mantri Vidyalaxmi Scheme (PMVS)?
The Government of India launched the PM Vidyalaxmi scheme (PMVS), A special loan is offered by the Indian government to students who gain admission to the top 860 quality higher educational institutes in India. These government education loans are collateral-free and guarantor-free.
Students enrolled in institutions ranked within the top 100 by the National Institutional Ranking Framework (NIRF), and those in the 101-200 range, from state government and all central government institutions. Note that the Pradhan Mantri Vidyalaxmi Scheme loan is not for studying abroad. It is only to study in India.
Vidya Laxmi Portal Interest Rates 2025 (Updated)
As mentioned earlier, the vidyalaxmi portal is just a portal where you get an education loan. The Vidya Lakshmi education loan interest rate is not the same for all loan schemes. ROI varies from bank to bank and scheme to scheme. The banks listed on this portal offer study loans on the basis of the repo rate decided by RBI. If the Reserve Bank increases the repo rate, banks will increase the interest.
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Still confused about the information regarding Vidya Laxmi education loan interest rate and unable to decide which bank to choose? Public sector banks will offer study loans at lower interest rates in comparison with private sector banks. Always compare interest rates from multiple lenders before making a decision. We have mentioned the bank-wise rate of interest for the education loan:
| Banks |
Education Loan Interest Rates in India to Study Abroad |
Processing Fees |
|---|---|---|
| 9.15% to 11.15% depending on loan amount and security |
INR 10,000 |
|
| 10.25% to 14.00% (iSMART Scheme), average 11.27% per annum |
Upto 2% + GST |
|
| 12.50% to 13.70% approx. Depending on the borrower profile |
2%+ GST |
|
| Canara Bank |
8.25% to 11.10% depending on loan scheme |
0.5% of Total Amount |
| 7.90% to 12.90% |
Zero processing fees on collateral-free education loans |
Almost every student wants to get an education loan at a low interest rate. It can significantly reduce your repayment burden. It is important to explore options before selecting or applying for any student loan. Also, you can check our comparison article on Credila vs SBI education loan. This will help you understand which one best suits your needs.
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How is Vidya Lakshmi Education Loan Portal Helpful?
This portal is backed by the Government of India under the government’s guarantee cover scheme for Indian banks. If any student who borrowed 7.5 lakhs to study in India is not able to repay the amount, then the government will pay the amount.
Comparing different student loan options and then calculating the total repayment amount using the education loan EMI calculator is a time-consuming process. Here, Vidya Lakshmi Portal comes as a saviour for students. It is a single-window portal with a user-friendly interface to solve issues related to finance for higher studies. Let’s discuss the advantages of this portal for students in detail.
Benefits of Vidya Laxmi Portal
Vidya Lakshmi Portal aims to make the loan process easy for students. Keeping this in mind, this portal has various student-friendly features and benefits to avail student loans easily.
- Single Application for Multiple Schemes: There is a common application to apply for the different education loans offered by various banks. Students can apply to 3 different banks at the same time.
- Compare Multiple Loan Schemes At One Place: Students can get information related to any education loan offered by any bank.
- No Need to Visit Banks: By using the Vidyalaxmi portal, students don’t need to visit the bank branches physically.
- One Click Docs Upload: Students can upload the documents for loans using a single window portal.
- Real-Time Application Tracking: Banks can easily download your education loan application and update the status of your loan.
- No Charges: Vidya Lakshmi does not charge applicants. Banks may have their own processing fees or charges.
- One Portal For All: This portal is helpful for students who are going to study abroad or in India.
- Multiple Banks At One Place: There are 38 banks registered on the Vidyalakshmi loan portal to offer 86 education loan schemes. (As of August 2025)
Now, you know the benefits of using this single window portal for student loans. Let us discuss who is eligible to apply for an education loan by using this portal.
Eligibility for Vidya Lakshmi Scheme
The eligibility criteria for education loans are different from admission eligibility. Banks check the profile of students before approving the loan application. The eligibility criteria to apply for education loans by using the Vidya Lakshmi portal are mentioned below:
- Citizenship: Students must be citizens of India.
- Education Qualification: Should have passed the 10+2 board exam.
- Entrance Exams: Students must pass the required merit entrance exam for admission into college.
These are just the basic eligibility criteria for the Vidya Lakshmi scheme. You may need to complete some other requirements or submit documents to borrow an education loan if any bank asks for it.
How to Apply for VidyaLakshmi Education Loan?
To begin the application process, students need to create a new user profile on the Vidyalaxmi portal. Here is the steps to create a new profile on the portal.
Step 1 of Vidya Lakshmi Scheme Application Process
- Visit the official website of Vidya Lakshmi Portal at https://www.vidyalakshmi.co.in/. (Note that "vidyalakshmi portal com" is not any official website).
- Click on "New User? Register Now"
- Create a new account by using personal details like name, email, phone number, etc.)
- You will receive a verification link at your registered email address. Click the activation link sent to verify your account.
Step 2 of Vidyalaxmi Scheme Application Process
After completing the first step of registering as a new user, the next step is to apply for a Vidhya Laxmi education loan. Use, login credentials to access your account on the portal. Here is the step-by-step process to help you in the Vidya Lakshmi application process.
- Select the “Search and Apply for Loan” option.
- Now, select the country where you want to study (India/Abroad)
- Select the course you want to pursue.
- Select the amount you need to finance your higher studies.
- Select suitable terms and conditions for repayment, and select three preferred banks to apply for the Vidya Lakshmi education loan.
- Upload the required documents as asked.
- Do a quick check on the details that you are going to submit.
- After following all the steps mentioned above, click on the “Submit” option.
Now, you can check your loan status on the portal as banks update the status. Also, you can ask banks if you have any queries related to your education loan.
| Security Alert: Vidya Lakshmi never asks for any payment. Do not make payments or scan QR codes for loan approval. |
|---|
Documents Required for Vidya Lakshmi Education Loan
Here is the list of documents for education loan. Students need these to keep handy at the time of submitting the application form.
- Two passport-size photos of students and Co-applicants
- Government-approved Photo ID cards such as PAN card, Aadhar card, etc.
- In the case of study abroad, students need to have a valid passport, study visa approval and other relevant documents at the time of vidyalakshmi scheme application.
- Birth certificates of the student.
- Academic documents for 10th and 12th classes, passing certificate or equivalent.
- A letter of admission from the university along with the fee structure of the course.
If applicants are salaried employees, then they need to submit the salary slip, IT return and Form-16.
List of Banks Registered on Vidya Lakshmi Portal
According to the official website of Vidya Lakshmi portal, there are 38 banks are registered. Here is the list of banks registered on the portal of Vidya Laxmi. Students can apply to get education loan offered by these banks.
- Abhyudaya Cooperative Bank Limited
- Andhra Pragathi Grameena Bank
- AXIS BANK
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Chhattisgarh Rajya Gramin Bank
- CITY UNION BANK LIMITED
- Dombivli Nagari Sahakari Bank Limited
- Federal Bank
- GP PARSIK BANK LTD
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IDFC First Bank
- Indian Bank
- Indian Overseas Bank
- Jammu and Kashmir Bank Limited
- Karnataka Bank Limited
- Karnataka Gramin Bank
- Karnataka Vikas Grameena Bank
- Karur Vysya Bank
- Kerala Gramin Bank
- Kotak Mahindra Bank
- New Indian Cooperative Bank Limited
- Punjab and Sindh Bank
- Punjab National Bank
- Rajasthan Marudhara Gramin Bank
- RBL Bank Limited
- State Bank of India
- Tamilnad Mercantile Bank Limited
- The Kalupur Commercial Co Op Bank LTD
- The South Indian Bank LTD
- UCO Bank
- Union Bank of India
- Yes Bank
That's all about the Vidya Laxmi Portal. We hope that this information will be helpful for you to finance your higher education expenses. You can select the ideal education loan according to your needs and apply for it using the Vidyalaxmi education loan portal.
For help with university applications, students seeking to study abroad can contact our Shiksha Study Abroad Counsellors. The comments section below allows candidates to contact us as well.
There is no fixed rate of interest rate for Vidya Lakshmi education loan portal. The interest rate depends on the requirements of candidates and schemes of the bank. It usually starts at 8.40% and can go up to 18% depending on the student's need. The REPO rate plays an important role in this.
Students can not create multiple accounts on Vidya Laxmi portal to apply for an education loan. They can apply for multiple education loans using a single account and track the status of their application. Students can apply to a maximum of three banks at a time, and after cancellation or disapproval, they can apply to other banks.
Statement of Purpose
Letter of Recommendation
Student Visa Application
Admission Essay Writing
Student Curriculum Vitae
Comments
(1)
T
5 months ago
Students need to ensure that they are eligible to apply for education loans through the Vidya Laxmi portal. Then applicants need to create a new account and fill up the Common Education Loan Application Form (CELAF) with the required information. There candidates can select the education loan scheme according to their need.