Vidyalakshmi Portal: Education Loan Application, Eligibility and More

Vidyalakshmi Portal: Education Loan Application, Eligibility and More

8 mins read3.1K Views Comment
Raj Vimal
Study Abroad Expert
Updated on Jul 9, 2024 13:27 IST

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 139 education loan schemes offered by 45 Indian banks on the Vidya Laxmi Portal.

vidyalakshmi portal

Vidya Lakshmi Portal: Many students borrow education loans from banks or financial institutes to finance their study abroad dream. It is tough to explore and compare different student loan offers available for international students. To solve this issue of students, the government of India launched Vidya Lakshmi Portal in August 2015. Vidyalaxmi portal is developed by the Ministry of Finance, the Ministry of Education and the Indian Banks Association (IBA).

Earlier, the process of exploring education loans was challenging but the Vidya Laxmi portal simplified the process for students. Vidyalaxmi Portal is not only helpful for exploring student loans but also students can apply for education loans and track the process. In this blog, we are going to discuss the Vidya Lakshmi Portal including the application process, eligibility, interest rates and documents required for vidya laxmi portal.

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What is Vidya Lakshmi Portal?

The government of India launched the Vidya Lakshmi Portal with the aim 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. This education loan portal is maintained by Protean eGov Technologies Limited (Formerly NSDL eGovernance Infrastructure Limited).

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. Undoubtedly, the Vidya Laxmi portal is helpful for Indian students who are going to study abroad or in India Students and are looking for student loans.

How Vidya Lakshmi Education Loan Portal is 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. Even students living in remote or rural areas can fulfil the dream of getting a higher education. 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 the student loans easily.

  • There is a common application to apply for different education loans offered by various banks.
  • Students can get information related to any education loan offered by any bank.
  • By using the Vidyalaxmi portal, students don’t need to visit the bank branches physically.
  • Students can upload the documents for loans using a single window portal.
  • Banks can easily download your education loan application and update the status of your loan.
  • Students can mail to the bank related to any query.
  • The best part is, that students can apply to 3 different banks at the same time.
  • Vidya Lakshmi Portal eliminates the extra processing fees and other hidden charges.
  • This portal is helpful for students who are going to study abroad or in India.
  • There are 45 Indian banks registered on the Vidyalakshmi loan portal to offer 139 education loan schemes.
  • Students can get access to the National Scholarship Portal by using the Vidya Laxmi portal.
  • The government will repay the loan amount if any student is unable to repay.

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:

  • Students must be a citizen of India.
  • Should have passed the 10+2 board exam.
  • It is important that students pass the required merit entrance exam for admission into college.
  • Students can apply for a loan to study in India or any foreign country.

These are just basic eligibility 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.

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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 step-by-step process 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
  • 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 on your registered email address. Click the activation link sent to verify your account.

Vidya Lakhsmi Portal

Note: Students need to keep in mind to cross-check the details you have submitted on the Vidya Lakshmi portal, as you cannot change them after submission.

Step 2 of A

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 asked there.
  • 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.

Documents Required for Vidya Lakshmi Education Loan

Here is the list of documents that students need to keep handy at the time of submitting application form.

  • Two passport-size photos of students and Co-applicants
  • Government-approved Photo ID cards such as PAN card, Aadhar card, and 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.
  • Letter of admission from the university along with fee structure of the course.

If applicants are salaried employees then they need to submit the salary slip, IT return and Form-16.

Related Blog: Required Documents to apply for education loans 

List of Banks Registered on Vidya Lakshmi Portal

Here is the list of banks registered on the portal of Vidya Laxmi. Students can apply to get education loan offered by these banks.

  1. Abhyudaya Cooperative Bank Limited
  2. Allahabad Bank
  3. Andhra Bank
  4. Andhra Pragathi Grameena Bank
  5. Axis Bank
  6. Bank of Baroda
  7. Bank Of India
  8. Bank Of Maharashtra
  9. Canara Bank
  10. Central Bank Of India
  11. Corporation Bank
  12. Dena bank
  13. Development Credit Bank Ltd.
  14. Dhanlaxmi Bank
  15. Dombivli Nagri Sahakari Bank ltd
  16. Federal Bank
  17. GP Parsik Bank Ltd
  18. HDFC Bank
  19. ICICI Bank
  20. IDBI Bank
  21. Indian Bank
  22. Indian Overseas Bank
  23. J&K Bank
  24. Karnataka Bank Ltd
  25. Karur Vysya Bank Ltd
  26. Kerala Gramin Bank
  27. Kotak Bank
  28. Nainital Bank
  29. New India Bank
  30. New India Cooperative Bank Ltd
  31. Oriental Bank of Commerce
  32. Pragathi Krishna Gramin Bank
  33. Punjab and Sind Bank
  34. Punjab National Bank 
  35. RBL Bank Ltd
  36. State Bank of India
  37. Syndicate Bank
  38. Tamiland Mercantile Bank
  39. Uco Bank
  40. Union Bank of India
  41. United Bank of India
  42. Vijaya Bank
  43. Yes Bank

Related Blog: Education Loan Providers for Study Abroad

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.

Vidya Lakshmi Portal FAQs

Q. How to apply for Vidyalakshmi portal education loan to study abroad?

A. 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.

Q. Can student register multiple times on Vidya Lakshmi portal?

A. 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.

Q. What is the Vidya Lakshmi interest rate for the educational loan?

A. The interest rates for Vidya Lakshmi education loans start at 8.40% and can go up to 18% depending on the student's need. The interest rate depends on the requirements of candidates and schemes of the bank.

Q. What is vidya lakshmi scheme eligibility?

A. Here are some common eligibility crtieria for Vidya Lakshmi Portal registration, set by the banks are:

  • Student should be an Indian citizen
  • The applicant must have a certificate of 10+2 completion.
  • Admission letter from a reputed educational institute is mandatory part of vidyalakshmi education loan eligibility.
About the Author
Written by
Raj Vimal
Study Abroad Expert

Raj Vimal has experience of 7+ years in SEO Content Writing, which includes 5+ years in the Ed-Tech industry. He has written articles about studying abroad, especially in the USA, UK, and other English-speaking coun... Read Full Bio

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