Vidya Lakshmi Education Loan | Application Form & Details

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 namePradhan Mantri Vidya Lakshmi Karyakram
Who launched the scheme Finance Minister Arun Jaitley
Date of launching2015-16
MinistryFinance Ministry
Web portal

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

ParticularsRate of interest
Education Loan covered under Credit Guarantee Fund Scheme for Education Loan(CGFSEL) limit upto Rs.7.50 lacs1 Year MCLR +1.70%
For loans above Rs.7.50 lacs1 Year MCLR + 2.50%

Vidya Lakshmi Education Loan Bank MCLR List

Bank Wise MCLR Rates : Tenor More Than 1 Year
Banks3 years2 years1 year
State Bank of India8.65%8.55%8.45%
HDFC Bank8.90%8.75%8.60%
Axis Bank8.75%8.70%8.60%
Indusind Bank9.70%9.65%9.60%
Yes BankNANA9.65%
Bank of IndiaNANA8.60%
Andhra BankNANA8.70%
Allahabad Bank8.80%8.70%8.50%
Nainital Bank9.00%8.60%8.30%
Lakshmi Vilas BankNANA9.75%
Jammu and Kashmir Bank9.35%9.30%8.85%
Bank of MaharashtraNANA8.75%
Canara Bank – –8.50%
Central Bank of IndiaNANA8.60%
Bandhan Bank11.85%11.69%10.38%
United Bank of IndiaNANA8.80%
Union Bank of India8.65%8.60%8.55%
UCO BankNANA8.65%
Punjab and Sind Bank8.90%8.90%8.70%
Dena BankNANA8.60%
Federal Bank – –9.20%
South Indian BankNANA9.25%
Standard Chartered9.60%9.50%9.15%
Deutsche BankNANA10.35%
BNP Paribas9.25%9.20%9.15%
Corporation BankNANA8.85%
Indian Bank8.80%NA8.60%
Karnataka BankNA –8.95%
Dhan Laxmi BankNANA9.70%
DCB Bank –NA10.40%
City Union BankNA –9.25%
IDBI Bank8.90%8.90%8.85%
Syndicate BankNANA8.80%
Indian Overseas Bank8.90%8.80%8.70%
Karur Vysya Bank9.55%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.Vidya Lakshmi Education Loan

  • 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.

Important Links

Apply online (Registration)Click Here
Login After RegistrationClick Here
Official WebsiteClick Here
Central Govt. SchemeClick Here

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