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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.

Vidya Lakshmi Education Loan

Vidya Lakshmi Education Loan

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 NA NA 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 NA NA 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 NA 8.95%
Dhan Laxmi Bank NA NA 9.70%
DCB Bank NA NA 10.40%
City Union Bank NA 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

Vidya Lakshmi Education Loan Application form is provided on Vidya Lakshmi portal to apply.

Vidya Lakshmi Education Loan

Vidya Lakshmi Education Loan

  • There are simply three steps for appling Vidya Lakshmi Education Loan Scheme
  • first step the applicant register on the Vidya Lakshmi porta
  • 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 marksheet or as per the marksheet attached with your loan application
  • Mobile Number- Enter a valid mobile number.
  • Enter a valid email ID.
apply online Vidya Lakshmi Education Loan

apply online Vidya Lakshmi Education Loan

Important Links
Apply online (Registration) Click Here
Login After Registration Click Here
Official Website Click Here
Central Govt. Scheme Click Here
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