Vidya Lakshmi Education Loan Application Details Online :
- Vidya Lakshmi Loan Details
- Eligibility for Vidya Lakshmi Education Loan
- Features of Vidya Lakshmi Education
- Application Procedure for Vidya Lakshmi Education Loan
- Interest Rate for Vidya Lakshmi Education Loan Scheme
- Vidya Lakshmi Education Loan Application Status
Shri Arun Jaitley, Honorable Union Finance Minister of India in his budget speech for Financial Year 2015-16 with a view to enable all poor and middle class students to pursue higher education of their choice without any constraint of funds, he proposed to set up a fully IT based Student Financial Aid Authority to administer and monitor Scholarship as well Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram. We will ensure that no student misses out on higher education for lack of funds.
Vidya Lakshmi Education Loan provides educational loans for higher Studies. The Pradhan Mantri Vidya Lakshmi Karyakram has been launched by Ministry of Finance. Under the Vidya Lakshmi Education Loan scheme government of India provides the financial support to the students. The students who want to do further studies and enable to get the admission in to higher studies due to their financial condition.
Vidya Lakshmi Loan Details
A Scheme named Pradhan Mantri Vidya Lakshmi Karyakram was launched for the benefit of all poor and middle class students those who are unable to complete their education due to financial profile. This scheme is launched by Finance Minister Arun Jaitley in the year 2015-16.
The students can easily apply through the official portal of Vidya Lakshmi and track the education loan application status. A student can apply to a maximum of three Banks through Vidya Lakshmi portal using Common Educational Loan Application Form (CELAF). Pradhan Mantri Vidya Lakshmi Karyakram was launched specially for those poor and middle class students who want to complete their higher studies but could not complete their education due to financial problems.
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.
Eligibility for Vidya Lakshmi Education Loan
- Candidate should have completed his/her higher secondary school or its equivalent.
- He/She should be a citizen of India.
- Candidate should provide parents/guardian income certificate to meet the income criteria.
Features of Vidya Lakshmi Education Loan
- Vidya Lakshmi Portal provides single window for Students to access information and make application for Educational Loans provided by Banks and Govt Scholarships.
- Candidate will get information about Educational Loan Schemes of various Banks
- It is the Common Educational Loan Application Form for Students which is used to Apply for Educational Loans in multiple banks.
- It will give Facility for Banks to download Students Loan Applications
- It will give Facility for Banks to upload loan processing status
- It will also give Facility for Students to email grievances/queries relating to Educational Loans to Banks
- It is Linked to National Scholarship Portal for information and application for Govt Scholarships
Instructions to follow for Registration
- Candidate should ensure that the registration details are filled in correctly.
- Enter the password in required format.
- Enter student name as per 10th class mark-sheet or as per the mark-sheet attached with your loan application
- Enter a valid mobile number for further communications. Student can also provide mobile number of parent/guardian.
- Enter a valid email ID which is active. Email ID will not be allowed to be changed. All necessary communications will be sent on this email ID.
Application Procedure for Vidya Lakshmi Education Loan
It has 3 easy steps to process for submission of Vidya Lakshmi Education Loan Application form
- Step 1 : The applicant must register to Vidya Lakshmi portal
- Step 2 : The applicant must login with the registered details to Vidya Lakshmi portal
- Step 3 : 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, check the details like rate of interest and apply as per their needs, eligibility and convenience. A student can apply to a maximum of 3 Banks through Vidya Lakshmi portal using CELAF.
Interest Rate for Vidya Lakshmi Education Loan Scheme
The interest rate varies from bank to bank and scheme to scheme. Therefore, the applicant/student is requested to check the same on Loan Search page after login.
|Particulars||Rate of interest|
|Education Loan covered under Credit Guarantee Fund Scheme for Education Loan(CGFSEL) limit upto Rs.7.50 lacs||1 Year MCLR +1.70%|
|For loans above Rs.7.50 lacs||1 Year MCLR + 2.50%|
List of Banks for Vidya Lakshmi Education Loan
|Bank Wise MCLR Rates : Tenor More Than 1 Year|
|Banks||3 years||2 years||1 year|
|State Bank of India||8.65%||8.55%||8.45%|
|Bank of India||NA||NA||8.60%|
|Lakshmi Vilas Bank||NA||NA||9.75%|
|Jammu and Kashmir Bank||9.35%||9.30%||8.85%|
|Bank of Maharashtra||NA||NA||8.75%|
|Central Bank of India||NA||NA||8.60%|
|United Bank of India||NA||NA||8.80%|
|Union Bank of India||8.65%||8.60%||8.55%|
|Punjab and Sind Bank||8.90%||8.90%||8.70%|
|South Indian Bank||NA||NA||9.25%|
|Dhan Laxmi Bank||NA||NA||9.70%|
|City Union Bank||NA||NA||9.25%|
|Indian Overseas Bank||8.90%||8.80%||8.70%|
|Karur Vysya Bank||9.55%||9.55%||9.55%|
Incoming search terms:
- iit vidya lakshmi scheme
- vidya lakshmi loan eligibility