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Education Loan Scheme by Narendra Modi – Vidya Laxmi Portal Research Team | Posted On Tuesday, October 15,2019, 04:21 PM

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Education Loan Scheme by Narendra Modi – Vidya Laxmi Portal



How Much Education Loan Can I Get From Vidya Lakshmi portal?

Vidya Laxmi Portal is an online platform launched by the Finance Ministry of India in partnership with the Department of Higher Education, Indian Banks Association and Ministry of Human Resource Development.

It is a platform through which students can access funds and information related to education loans as well as government scholarship. For availing loans above Rs. 7.5 lakh from public sector banks the students are required to sign the loan along with a guarantor and provide collateral security. To get a loan under this portal, you must fulfil the eligibility criteria set by the banks.

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The loan search on Vidya Laxmi Portal becomes easier as it categorises the loan search into different sections. The various loan combinations that you can find on the portal are as follows:

Education Loan Type

Education Loan by Course Type

Education Loan by the Requirement of the Loan Amount


Under graduation

Below 4 lakhs

Study Abroad

Post graduation

Between 4 lakhs to 7.5 lakhs


Professional course

More than 7.5 lakhs


Vocational course

All loan values


All courses


Students who wish to avail loan through this portal must apply by filling up the CELAF form with relevant information. The students need to fill up a single form and using it they can apply for loan schemes of multiple banks.

See Also: Education Loan Procedure

Vidya Lakshmi Education Loan Interest Rates:

The Vidya Laxmi Portal allows students to access important information about 96 different types of loan schemes. These loans are offered by 36 nationalized banks that are listed under the portal. The rate of interest is determined by the bank and the loan scheme chosen by you.

The banks listed under this portal give education loan based on standard lending rates as set by the RBI and Indian banking association. These rates are known as the marginal cost of credit-based lending rates.

The student loan interest rate is based on a percentage added to the basic lending rates. The banks use the Marginal Cost of Funds based Lending Rate (MCLR), plus an additional spread to set an interest rate. The rate of interest varies from one bank to the other and also depends upon the amount of loan sanctioned.

Almost all banks include an additional spread ranging from 2% to 6% above the MLCR. The MLCR allows the students to analyze on their own the rates of interest for the education loans. The MLCR rates are mentioned on the Vidya Laxmi Portal and are regularly updated on a monthly basis. Any student wanting to avail loan through the Vidya Laxmi Portal can visit the website and check the monthly updated MLCR rates of various banks.

See Also: How to Get Education Loan to Study Abroad?

Points to Look for While Searching for a Loan on Vidya Laxmi Portal:

While looking for the loan schemes keep the following points in mind:

  • The maximum loan amount
  • Maximum interest rate
  • The maximum margin for loan repayment
  • Maximum moratorium period

How Many Applications Can Be Submitted by a Student for Education Loan?

A student can apply for an education loan with a maximum of 3 private sector banks on this portal. The student must submit the duly filled and signed application form along with necessary documents. The banks generally take 15 days to process and approve the loan application.

The students can choose loan schemes from 36 nationalised banks listed on the portal. These banks are providing a total of 110 loan schemes for both domestic and international courses. The interest rates vary from 7% to 18% depending on the eligibility criteria and the amount of loan disbursed. The approved education loan will be directly disbursed to the bank account of the applicant outside the Vidya Laxmi Portal.

See Also: Education Loan Eligibility

How to Search for Scholarships on the Vidya Laxmi Portal?

The portal is an avenue for students to avail scholarships offered by the HRD Ministry of India. At the bottom of the homepage, you can click on the link to visit the national scholarship portal. The portal will help you know the various scholarships offered by the government. You can also look for international scholarships on the portal by clicking on the given link.

How Can I Know My Loan Application Status?

To know the status of your education loan application you have to log in to the Vidya Laxmi Portal. Once you have submitted the application form you will be notified about the status of your loan application through the portal. The banks upload the progress report of the applicant’s loan application on the portal where the candidate can view the status of their application.

The banks also update the remarks column if they have any issue with a loan application. The applicant can view the details on the ‘remarks’ column on the ‘application status page’.

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