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Vidya Lakshmi portal-Single window for educational loan and scholarship

Today Finance Minster launched the Vidya Lakshmi portal (www.vidyalakshmi.co.in). This is the single window for students to apply for educational loans or scholarship. When students look for an educational loan, then they find it hard to get it by visiting individual banks. This portal is one window where you can apply for a loan.

Vidya Lakshmi Portal

Finance Minister in his Budget speech for 2015-16 proposed to set up a fully IT-based student financial aid authority to administer and monitor scholarships as well as educational loan schemes through Pradhan Mantri Vidya Lakshmi Karyakram (PMVLK).

What information students can get from this portal?

  • Information about Educational Loan Schemes of Banks.
  • Common Educational Loan Application Form for students.
  • Apply to multiple Banks for Educational Loans.
  • You can download students loan applications.
  • The bank can upload the loan processing status.
  • Students can email grievances/queries related to educational loans to banks.
  • You can view the information related to Govt Scholarships.

You can apply to loans by creating a login to the portal. After that, you have to fill up the Common Education Loan Application Form (CELAF). Later on, an applicant can search for a loan based on his need, eligibility and convenience. Common Education Loan Application Form (CELAF) form is a single form to apply for an educational loan for multiple banks.

CELAF is the application form prescribed by Indian Banks Association (IBA) and accepted by all banks. This form is provided on Vidya Lakshmi portal to apply for Educational loan.

Once your loan approved the same will be updated in a portal by banks. You have to check the status. In case the status showing as loan rejected, then, according to a bank you are not eligible for this loan. For further clarification, you have to contact Bank itself.

Sometimes, a bank may update status as ON HOLD. This means that the Bank requires more information from your end and such requirement will usually be available in remark column.

Once the loan is approved then the amount will directly transferred to student account without any interference of Vidya Lakshmi Portal. Currently, around 13 banks associated with this portal and they are SBI, IDBI Bank, Canara Bank, Union Bank, Bank of India, Vijaya Bank, Central Bank of India, Corporation Bank, Dena Bank, Kotak Bank and Punjab National Bank. You can apply to the maximum of 3 applications to banks. The interest rate will be as per applicable rules of an individual bank.

For further assistance, you can contact NSDL.

How can this be useful to students?

Instead of applying for separate banks, it acts like a single window platform to apply for 3 banks at a time. This actually reduces your time and energy of approaching different banks.

About Basavaraj Tonagatti

Basavaraj Tonagatti is the man behind this blog. He is SEBI Registered Investment Adviser who is practicing Fee-Only Financial Planning Process and also an Independent Certified Financial Planner (CFP), engaged in blogging since 7 years. BasuNivesh blog is ranked as one among India's Top 10 Personal Finance Blog. He is not associated with any Financial product/service provider. The purpose of this blog is to "Spread personal finance awareness and make them to take informed financial decisions." Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. These should not be construed as investment advice or legal opinion."

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Reader Interactions

Comments

  1. harika

    October 1, 2016 at 9:51 AM

    sir how much land is required for education loan

    Reply
    • Basavaraj Tonagatti

      October 1, 2016 at 11:25 AM

      Harika-That depends on how much loan you want 🙂

      Reply
  2. Rohit kamble

    July 22, 2016 at 10:29 AM

    hellow,i have applied for education loan in 3 different banks,how many days it will took to approval of my application form

    Reply
    • Basavaraj Tonagatti

      July 22, 2016 at 11:28 AM

      Rohit-It depends on case to case. Check with bank officials.

      Reply
  3. Achal

    August 31, 2015 at 6:29 PM

    Sir, give the list of documents required to update while filling up application form of vidyalakhami edu. form?

    Reply
  4. Laxmi Naik

    August 21, 2015 at 5:00 PM

    B.ed hier educion study

    Reply
    • Basavaraj Tonagatti

      August 21, 2015 at 5:08 PM

      Laxmi-What is your doubt?

      Reply

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