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All Education Loan Schemes on One Platform, Vidya Lakshmi Portal

Risha Sinha Risha Sinha
Content Curator

All Education Loan Schemes on One Platform, Vidya Lakshmi Portal

Looking to apply for an education loan? Our Government has recently come up with a portal called Vidya Lakshmi Portal for students who seek education loans for studies in India and abroad. This portal has been specially launched in order to make education loans and scholarships easier for the students. This portal is maintained by the National Securities Depository Limited (NSDL) e-Governance and operates under the guidance of the Finance Ministry, Indian Bank Association and the Department of Higher Education. 

On this portal, students can research different education loan schemes offered by various banks, compare them and then make a decision accordingly. For applying, either the student or the parents have to register on this portal and then fill out the Common Education Loan Application Form (CELAF). One can apply to multiple banks through a single form. Applications will be sent to the respective banks and after review, the banks will update the status of a loan application on the Vidya Lakshmi portal.

Vidya Lakshmi Benefits

1. The Vidya Lakshmi Portal aims at bringing a more transparent and efficient way of applying for education loans. 

2. It provides complete details about the partner bank’s education loan schemes on a single platform. There are 36 public and private sector banks offering over 111 education loan schemes.

3. Students can apply to multiple banks with a single form.

4. The loan will be processed within 15 days of receiving the duly filled application form as per the instructions of the Indian Banks’ Association (IBA). 

5. Student can easily send the grievances related to loan directly to the bank through this portal.

6. The status of the loan application can be viewed at any time on the website.

7. Banks can upload loan processing status and also download the student’s loan applications.

All initial formalities of education loans have to be completed online but the applicants will have to visit the bank branch to furnish the documents and validate the paperwork. Once all formalities have been completed, the loan will be disbursed to the applicant or directly paid to the institution within 15 days.

Vidya Lakshmi Loan Eligibility

Whether you want to take an Education Loan for Studying Abroad or in India, you must check the eligibility criteria set by the banks in which you want to apply for the loan. You must meet the eligibility criteria described below:

1. The applicant should be an Indian national.

2. He/she should have completed higher secondary school or its equivalent.

3. He/she should have secured admission into a technical or professional course through an entrance test or any other selection process or should have secured admission into any higher education course in  a recognized university.

4. The student’s parents/guardians should meet the income criteria set by the banks.

The maximum loan limit will depend upon the bank and its policies. You might also be required to pledge an asset to the bank as security in case of the high loan amount.

Name of the Prominent Vidya Lakshmi Banks

State Bank of India


Bank of India

Canara Bank

Union Bank of India

Corporation Bank

Dena Bank

Indian Overseas Bank


Allahabad Bank 

Punjab National Bank

Punjab and Sind Bank

Oriental Bank of Commerce

Central Bank of India

Kotak Mahindra Bank

Vijaya Bank

Bank of Baroda



Axis Bank

UCO Bank

Indian Bank

Bank of Maharashtra 

Syndicate Bank

Abhyudaya Co-operative Bank Limited

DNS Bank

Karur Vysya Bank

Tamilnad Mercantile Bank Ltd.

Andhra Bank 

Federal Bank

GP Parsik Bank

New India bank


How to take Education Loan through Vidya Lakshmi Portal?

Step 1:

Register on the website.

Step 2:

Go through the different Education Loan schemes offered by various banks. Shortlist any the banks you would like to apply for an Education Loan.

Step 3:

Fill out the Common Education Loan Application Form (CELAF) in which you specify the banks you want to apply for. 

Step 4:

Submit the form and after these banks will make offers for you. 

Step 5: 

Compare the rate of interest and other details to find out the one that matches your requirements. You can also make use of the EMI calculator to make a well-calculated decision.

Step 6: 

After selecting the bank, you need to visit the nearest branch to complete the documentation and paperwork. 

Important Documents:

  • Letter of admission from the college that shows the total cost of tuition.

  • Travel-related documents such as visa approval.

  • Study permits in the foreign country

  • Academic records of the student

  • Documents showing the income of the primary borrower/s or co-signers or guarantor 

  • Identity proofs related to the primary borrower

The loan will be disbursed within 15 days of submitting the complete application form along with documentation.

Vidya Lakshmi Portal will go a long way in making education finance easier for students in India and make their dreams come true.