PM Vidya Laxmi Portal: Education Loan Application, Eligibility and More

PM Vidya Laxmi Portal Interest Rates 2026 (Updated)

There is no single interest rate for PM Vidya Laxmi scheme. ROI completely depends on bank. It can vary based on the bank and its education loan scheme. Repo rate is another factor to decide ROI. If the Reserve Bank of India increases repo rate, banks will increase the interest rate. 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
State Bank of India	9.15% to 11.15% depending on loan amount and security	INR 10,000
ICICI Bank	10.25% to 14.00% (iSMART Scheme), average 11.27% per annum	Upto 2% + GST
AXIS Bank	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
Bank of Baroda Education Loan	7.90% to 12.90%	Zero processing fees on collateral-free education loans

Yes this is true that every student wants to get an education loan at a low interest rate. It can significantly reduce your repayment burden. So, explore options before selecting or applying for any student loan.

Related Blog: 

• Steps to Apply for an Education Loan
• How to Repay Education Loan Faster?

How is PM 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 PM 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 PM 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 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 PM Vidya Laxmi 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 PM Vidya Laxmi Scheme Application Process

• Visit the official website of PM Vidya Laxmi Portal
• Click on "Log In" and then "As Student."
• Create a new account by using personal details like name, email, phone number, etc.)

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 10^th and 12^th 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.

1. Abhyudaya Cooperative Bank Limited
2. Andhra Pragathi Grameena Bank
3. AXIS BANK
4. Bank of Baroda
5. Bank of India
6. Bank of Maharashtra
7. Canara Bank
8. Central Bank of India
9. Chhattisgarh Rajya Gramin Bank
10. CITY UNION BANK LIMITED
11. Dombivli Nagari Sahakari Bank Limited
12. Federal Bank
13. GP PARSIK BANK LTD
14. HDFC Bank
15. ICICI Bank
16. IDBI Bank
17. IDFC First Bank
18. Indian Bank
19. Indian Overseas Bank
20. Jammu and Kashmir Bank Limited
21. Karnataka Bank Limited
22. Karnataka Gramin Bank
23. Karnataka Vikas Grameena Bank
24. Karur Vysya Bank
25. Kerala Gramin Bank
26. Kotak Mahindra Bank
27. New Indian Cooperative Bank Limited
28. Punjab and Sindh Bank
29. Punjab National Bank
30. Rajasthan Marudhara Gramin Bank
31. RBL Bank Limited
32. State Bank of India
33. Tamilnad Mercantile Bank Limited
34. The Kalupur Commercial Co Op Bank LTD
35. The South Indian Bank LTD
36. UCO Bank
37. Union Bank of India
38. 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.