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Education Loan for Girls Research Team | Posted On Thursday, December 19,2019, 05:30 PM

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Education Loan for Girls



Education is vital for each and every citizen in India. The girl child is in urgent need of quality education, to enjoy a bright future. Many girls in India are denied quality education for several reasons.

Even though the number of girls and boys attending primary school is nearly the same, many girls drop out at higher levels. One of the main reasons is lack of money to pursue quality higher education.

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Education Loan for Girls

Why education loan for girls?

  • Girls enjoy a quality education without financial burden on parents.
  • Education is not just about tuition fees. There are other expenses like college deposits, uniform, travel fare, library and examination fees. Education loan pays all these expenses keeping savings intact.
  • Banks insist on collateral only for loans above Rs 7.5 Lakhs. Women applicants get concession on education loan interest rates.
  • You get unlimited tax deduction on education loan interest under Section 80E. There’s no tax deduction on education loan principal repayments.
  • You enjoy moratorium on education loan repayment. The EMIs are scheduled to commence about 6-12 months after completing the education course.
  • The education loan interest ranges from 9-15% a year.

See Als: Education Loan Procedure

Vidya Lakshmi Scheme

  • Students can apply to many financial institutions through a single application on the Vidya Lakshmi Scheme Portal.
  • You can apply for education loan with common application form. Track the application status online at Vidya Lakshmi Scheme Portal.
  • If you want Vidya Lakshmi Scheme loan, go to Vidya Lakshmi login details and then fill up the common application form.
  • You can apply to a maximum of 3 financial institutions with the same application form. The concerned institution disburses the loan directly.
  • The Vidya Lakshmi Scheme loan interest rate depends on RBI and IBA guidelines. The rates vary across institutions.

How to register on Vidya Lakshmi Education Loan portal?

  • Log on to the Vidya Lakshmi website.
  • You then click on the ‘Register’ option on the top pane of the website.
  • You then fill the details as required. (This could be the name, age, email ID, DOB and mobile number).
  • Read the official terms and conditions and click agree to terms and conditions.
  • You then click on Submit.

The registration process is not done yet. It’s done only when a confirmation link is sent to email address. This completes the registration process.

See Also: Education loan in India: Here's All You Need To Know

How to fill Vidya lakshmi loan application form?

  • You must first visit the Vidya Lakshmi Education Loan portal website.
  • You then select ‘Login’ and then ‘Student Login’
  • Fill up the registered email ID and password.
  • You then enter the Captcha Code which is shown in the text box.
  • You then click on the Login Button.

How to search for education loan on Vidyalakshmi portal?

  • You must login to the Vidya lakshmi student panel.
  • Look for the option called ‘Search for Loan Scheme’ on the student home page.
  • Once you click on the option you reach Education Loan Search Panel.
  • You then select the study loan category. This is done based on education location, course type and loan amount.
  • You then click on the Search Button and a list of banks appears along with education loan schemes for your requirement.

Education loan based on study location

Education loan based on course type

Education loan based on loan amount


Under Graduation

 < 4 Lakhs


Post Graduation

Between 4 to 7.5 Lakhs


Professional Course

More than 7.5 Lakhs


Vocational Course

All loan values


All Courses


How to check Vidya lakshmi education loan application status?

  • Go to Vidya lakshmi student login
  • Search for the option ‘Application Status’
  • You then click on it to get loan application status. 

See Also: Education Loan Eligibility

Important points on Vidya lakshmi education loan scheme

  • Economically backward students both girls and boys get study loan benefits without the pressure of interest repayment for a certain time period.
  • The Vidya lakshmi subsidy scheme covers student interest across course duration for student loans.
  • Students with annual family income below Rs 4.5 Lakhs may apply to Vidya lakshmi subsidy scheme.
  • The benefits of this scheme accrue only once (This is either at graduation or post-graduation).
  • The interest subsidy is only for the course duration.
  • The interest subsidy gets revoked if a student leaves the educational institution.

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