Vidya Lakshmi Portal | Features, Benefits, Schemes, Registration Process

Vidya Lakshmi Portal: Vidya Lakshmi Portal is one of a kind portal for students who are looking for Education Loan. This portal has been settled under the guidance of the Department of Higher Education (Ministry of Human Resource Development), Indian Banks Association (IBA), and Department of Financial Services (Ministry of Finance). The portal is being settled and maintained by NSDL e-Governance Infrastructure Limited. This portal enables students to look and apply for education loan applications in banks. Students can access the portal to track the education loan applications anywhere, anytime in banks.

The Finance Ministry of Govt. of India in cooperation with NSDL e-Governance Infrastructure Limited initiated the Vidya Lakshmi portal on 15th August 2015. This portal is a single platform for students to provide details regarding educational loans and government scholarships. This portal also has a linkage to the National Scholarship Portal. Due to this students can get information and apply for appropriate Govt. scholarships.

Vidya Lakshmi Portal Education Loan

Vidya Lakshmi Portal Education Loan helps students to apply online for education loans through a centralized platform. Even students can compare education loan services, apply for interest subsidy and refinance their loan. However, the portal consists of 96 different types of education loan schemes from a list of 36 banks. It enables students to apply for many banks by filling a single Common Education Loan Application Form (CELAF).

This portal aims at providing easy and user-friendly system for availing an education loan. So that all eligible students able to complete their education without any financial hassle. It enables students of remote areas who wish to pursue higher education can apply online for education loans. Due to this portal, students are able to apply for 3 different education loan services at the same time. It helps to increase your loan approval chances. Vidya Lakshmi education loan enables students to avail of the maximum amount of study loans with minimum interest rates.

Vidya Lakshmi Portal Features

Vidya Lakshmi Portal provides services to avail of education loans in an easy way. Services include CELAF, data security, Central Loan Interest Subsidy Scheme compliance, and remote service. The features of Vidya Lakshmi Portal are listed below:

• It facilitates students to upload/ download application details on the portal dashboard.
• It enables banks to upload the status of loan processing.
• It facilitates banks to download the student’s loan applications.
• It facilitates students to email grievances or queries related to educational loans to banks.
• They can check the grievance status on the portal dashboard.
• It also facilitates students to apply to 3 different banks at the same time.
• It enables students to apply for a second loan under some terms and conditions.

Vidya Lakshmi Portal Benefits

This portal provides the following benefits to students seeking for Study Loan.

• It provides a centralized platform for education loan services to all banks.
• Provides a Remote Service to avoid the branch visit.
• Compliance with the Central Sector Interest Subsidy (CSIS) for Education Loan Interest benefits.
• Provides possibility to avail a maximum Loan Amount.
• Students get the benefit of online troubleshooting and complaint management.
• It provides direct transfer without including any Loan agents in between.
• It eliminates hidden charges and performs faster processing.

Vidya Lakshmi Portal List of Banks

All Indian Banks under the Indian Banking Association are providing loans to students. This includes Government/Private Banks, Non-Banking Financial Institutions, and others. Vidya Lakshmi Portal Bank Login.

Vidya Lakshmi Education Loan Schemes providing 96 different types of study loans from a list of 36 Indian banks.  A list of all these banks and their schemes is given below

VidyaLakshmi Portal Registration Process

The Vidya Lakshmi Education Loan Portal registration process are listed below:

• Go to the Vidya Lakshmi website www.vidyalakshmi.co.in.
• Click on ‘Register’ appear on top of the homepage of the portal.
• Fill the details such as name, age, date of birth, email Id, and mobile number.
• Read the Official agreement terms and Conditions appear at the bottom of the registration page.
• Click on submit to get a confirmation link on your email Id.
• Click on the confirmation link received through email to confirm your registration.

Vidya Lakshmi Portal Education Loan Login

After completion of the registration process, students need to fill the Vidya Lakshmi Portal Application Form, Common education loan application form (CELAF). Then only students can search for various education loan Schemes and apply them from the portal. Refer to the below-given Vidya Lakshmi Portal login and loan search process.

• Go to the VidyaLakshmi Education Loan Website.
• Select ‘Login’ from the top of the page. Then select ‘Student Login’.
• Students should enter their registered email address and password.
• Then, students should enter the Captcha Code as shown in the text box.
• Click ‘Login’ to view the Vidya Lakshmi Dashboard page for students. It provides various services that can be availed by students using the portal.

Vidya Lakshmi Portal Searching for Loan Schemes

Vidya Lakshmi Education Loan Search enables students to search for different types of loan schemes as given below:

Refer to the below-given details to search for the correct loan scheme on Vidya Lakshmi Portal.

• Students should log in to the Vidya Lakshmi Portal Student Login.
• Select  ‘Search for Loan Scheme’ appear on the Dashboard page of the portal.
• You can see different tabs on top of the loan search page.
• After this, you will find a dialog box with 3 options. These are ‘Select the country of study’, ‘Select course’, and ‘Select the loan amount required’ in the left-most corner.
• Students can select options as per their requirements.
• Click on search to view a list of banks and the education loan schemes offered by them on the right side of the page.

Students should remember the following details while searching for loan schemes.

• Maximum loan amount
• Minimum education loan interest rate
• The minimum margin for loan repayment
• Maximum moratorium period
• Least extra charges like documentation charges etc.

Vidya Lakshmi Portal CELAF Guidelines

Students have to fill the CELAF to apply for an education loan from Vidya Lakshmi Portal. Students can able to know which information and documents required for education loan schemes through CELAF. It also enables the bank to get students documents in one place. So that student is not required to run behind bank officials during the education loan sanction.

Students are required to fill the following information available in Vidya Lakshmi CELAF.

• Personal Information
• Information of relationship with Bank
• Course Loan Particulars
• Cost of course  or Source of finance
• Information of securities offered
• Prospects of earning after completion of the course
• Necessary Documents.

Vidya Lakshmi Portal CELAF Registration Process

Refer to the below-given details for CELAF registration.

• Students should log in to Vidya Lakshmi Portal with their ID and password.
• Select the ‘Loan Application Form’ from the student login page.
• Read the instructions available on the CELAF page.
• Click on the tabs one by one appears on top of the page. Fill the information as given in the list.
• Save each tab information before going to the next tab.
• In the last tab, save the completed application by uploading the necessary documents.
• Click the checkbox of the declaration on the last page of uploading documents.
• Click on the website agreement terms & conditions below the checkbox.
• Click on submit to complete the registration process.

Vidya Lakshmi Portal Documents Required

Following documents are required to apply for an Education Loan:

• Mark sheet of last qualifying examination;
• Proof of admission (should compulsorily consist the name of institution and course)
• Proof of income/assets (if any)
• Photos to be provided for Student / Parent / Guarantor, whose income details have been provided.

Vidya Lakshmi Portal Check the Education Loan Status

Students can view their loan application status in this portal. There is a provision to upload the student’s study loan processing report on the portal dashboard. Due to this, the students who are staying in remote areas will be benefited. Since there is a commutation problem in these areas. If the bank found any issue in a specific loan application then it will be updated in the ‘Remarks’ of the application status. Students can check their loan status as given below:

• Go to the Vidyalakshmi Student Login page
• Search for ‘Application Status’ on the homepage of the portal
• Click on application status to view the status of the loan application

Usually, for giving the response to any queries or demands for necessary documents banks will take at least 15 days of time.

Vidya Lakshmi Portal Education Loan Interest Subsidy Schemes

Students from deprived sections can avail of study loan benefits without worrying about interest for a particular period. Even eligible students who wish to pursue higher education abroad can avail of these subsidies. As per the recent research, the CSIS Scheme by MHRD, India provides study loans to students up to 7.5 Lakhs without any guarantee.

The study loan interest paid by students during their course duration covered in the Subsidy Scheme. Students no need to apply for internet subsidy benefits. Since students can be considered interest subsidy under all VidyaLakshmi Education Loan Schemes. The Education Loan Subsidy Scheme of CSIS features are listed below:

• Student’s family income from all sources must be less than 4.5 Lakhs per annum to avail of this scheme.
• Students can avail of this scheme only once, either in post-graduation or graduation.
• The interest-free study loan of up to 7.5 Lakhs can be covered under this scheme.
• The interest subsidy applies up to the course duration for which you are applying the loan.
• If the student leaves the educational institution due to any reason then the Interest subsidy will be revoked. The student might have to pay the loan EMIs with interest in this situation.

Vidya Lakshmi Karyakram of Vidya Lakshmi Portal

This program initiated by Prime Minister for unified scholarship and education loan portal. Launched by honorable Finance Minister Arun Jaitley in 2015-16. The Portal is aimed to avoid the financial restrictions of students in India. Since education in India is becoming more expensive day by day. The government initiated this Karyakram to support students in providing more affordable education. Students can also choose Govt. scholarships to manage finance for their education. This portal has linked to the National Scholarship portal. That supports students in availing different scholarships along with the education loans.

This portal enables students to apply for education loans in many banks without concern for hidden charges. The Portal also provides services like education loan tenure extension and loan renewal. The Vidya Lakshmi Karyakram Loan Website operated by NSDL offers the benefit of eliminating loan agents. Students can choose the education loans that suits their need and course structure. They can apply for the loan sitting in the comfort of their homes. Then, complete the process for pursuing a good education.

FAQs on Vidya Lakshmi Portal

Question 1.
Why should Vidya Lakshmi Portal?

Answer:
Vidya Lakshmi Portal is one of a kind portal for students who are looking for Education Loan. This portal enables students to look and apply for education loan applications in banks. Students can access the portal to track the education loan applications anywhere, anytime in banks.

Question 2.
How many Indian Banks are listed under Vidya Lakshmi Portal?

Answer:
This portal consists of 96 different types of education loan schemes from a list of 36 Indian Banks.

Question 3.
What is CELAF?

Answer:
CELAF is Common Education Loan Application Form which enables students to apply for many banks.

Question 4.
What is the Central Sector Interest Subsidy (CSIS) Scheme?

Answer:
CSIS is a unique scheme initiated by the MHRD, Govt. of India. This scheme supports those students who have financial problems for their education.

Question 5.
How many banks can be applied at the same time under Vidya Lakshmi Portal?

Answer:
This portal enables students to apply to 3 different banks at the same time.

Scholarship for Students

I hope this article will help you to get information about Vidya Lakshmi Portal. For any queries related to Vidya Lakshmi Portal, leave it in the comment box.

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