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 schemegovernment 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.
Education Loan
Table of Contents
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
Ministry
Finance Ministry
Web portal
https://www.vidyalakshmi.co.in
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%
HDFC Bank
8.90%
8.75%
8.60%
ICICI Bank
NA
NA
8.40%
Axis Bank
8.75%
8.70%
8.60%
PNB
8.60%
NA
8.45%
Citibank
NA
NA
8.45%
Indusind Bank
9.70%
9.65%
9.60%
Kotak
9.00%
8.95%
8.95%
Yes Bank
NA
NA
9.65%
RBL
10.15%
10.05%
9.75%
DBS
NA
NA
8.90%
IDFC
9.35%
9.20%
9.10%
Bank of India
NA
NA
8.60%
Andhra Bank
NA
NA
8.70%
Allahabad Bank
8.80%
8.70%
8.50%
Nainital Bank
9.00%
8.60%
8.30%
Lakshmi Vilas Bank
NA
NA
9.75%
Jammu and Kashmir Bank
9.35%
9.30%
8.85%
Bank of Maharashtra
NA
NA
8.75%
Canara Bank
–
–
8.50%
Central Bank of India
NA
NA
8.60%
Bandhan Bank
11.85%
11.69%
10.38%
United Bank of India
NA
NA
8.80%
Union Bank of India
8.65%
8.60%
8.55%
UCO Bank
NA
NA
8.65%
Punjab and Sind Bank
8.90%
8.90%
8.70%
Dena Bank
NA
NA
8.60%
Federal Bank
–
–
9.20%
South Indian Bank
NA
NA
9.25%
Standard Chartered
9.60%
9.50%
9.15%
Deutsche Bank
NA
NA
10.35%
BNP Paribas
9.25%
9.20%
9.15%
Corporation Bank
NA
NA
8.85%
Indian Bank
8.80%
NA
8.60%
Karnataka Bank
NA
–
8.95%
Dhan Laxmi Bank
NA
NA
9.70%
DCB Bank
–
NA
10.40%
City Union Bank
NA
–
9.25%
IDBI Bank
8.90%
8.90%
8.85%
Syndicate Bank
NA
NA
8.80%
OBC
NA
NA
8.65%
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.
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.
