Govt. India Introduces Vidyalakshmi Education Loan Scheme

Government of India launched a web portal called viz Vidya Lakshmi ( students seeking educational loan. Vidya Lakshmi portal is a first of its kind portal providing single window for students to access information and make application for educational loans provided by banks as also Government Scholarships. The portal has been developed under guidance of Department of Financial Services, Ministry of Finance, Department of Higher Education, Ministry of Human Resource Development and Indian Banks’ Association (IBA). 

So far, 13 Banks have registered 22 Educational Loan Schemes on the Vidya Lakshmi Portal and 5 Banks viz; SBI, IDBI Bank, Bank of India, Canara Bank & Union Bank of India have integrated their system with the Portal for providing loan processing status to students.

The portal has the following features:
1- Information about educational loan schemes of banks
2- Common educational loan application form for students
3- Facility to apply to multiple banks for educational loans
4- Facility for banks to download Students’ loan applications
5- Facility for banks to upload loan processing status
6- Facility for students to email grievances/queries relating to educational loans to banks
7- Dashboard facility for Students to view status of their loan application and linkage to National Scholarship Portal for information and application for government scholarships.
Earlier the Union Finance Minister Arun Jaitley in the Union Budget had proposed to set-up a fully IT based Student Financial Aid Authority to administer and monitor Scholarship as well as Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram.

How to apply for Vidyalakshmi Education Loan Scheme

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