Vidya Lakshmi Education Loan provides for higher Study education loans. 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 aspirant. The students who want to do further studies and enable to get the admission in higher study coarse due to their financial condition. Check all the details and Application Form process step by step.
Pradhan Mantri Vidya Lakshmi Karyakram
The students can easily apply and track the education loan applications. A student can apply to a maximum of three Banks through Vidya Lakshmi portal using Common Educational Loan Application Form (CELAF). This Pradhan Mantri Vidya Lakshmi Karyakram specially launched for the middle class students who want to complete their higher study but they are financially unable to complete their education.
Key Features Of Vidya Lakshmi Education Loan
|Scheme name||Pradhan Mantri Vidya Lakshmi Karyakram|
|Who launched the scheme||Finance Minister Arun Jaitley|
|Date of launching||2015-16|
Benefits of Vidya Lakshmi Education Loan
- By applying single form students can apply for Educational Loan to multiple banks.
- Banks to download Students Loan Applications.
- Facility for Banks to upload loan processing status.
- Students to email grievances/queries relating to Educational Loans to Banks.
- Linkage to National Scholarship Portal for information and application for Govt Scholarships.
Eligibilty for Vidya Lakshmi Education Loan
- Minimum qualificationcompleted higher secondary school or its equivalent.
- Should be Indian citizen.
- student’s parents/guardian should meet the income criteria.
Interest Rate of Vidya Lakshmi Education Loan Scheme
|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%|
Vidya Lakshmi Education Loan Bank MCLR List
|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||–||9.25%|
|Indian Overseas Bank||8.90%||8.80%||8.70%|
|Karur Vysya Bank||9.55%||9.55%||9.55%|
How to apply online Vidya Lakshmi Education Loan
The candidates who wish to apply for Education Loans Firstly Visit at official website.
- There are simply three steps for applying Vidya Lakshmi Loan
- First step the applicant register on the Vidya Lakshmi portal.
- second step login to Vidya Lakshmi portal and fill-up the Common Education Loan Application Form (CELAF).
- In the last step appling for lonas application in the multiple banks.
Guidelines for Registering (Login)
- Please ensure that the registration details filled in are correct.
- Please enter password in required format.
- Name- Please enter student name as per 10th class mark sheet or as per the mark sheet attached with your loan application.
- Mobile Number- Enter a valid mobile number.
- Enter a valid email ID.