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Vidya Lakshmi Scheme

Vidyalakshmi education loan interest rate

Last Updated 30th Sep 2022

  • Lakshmi education loan is offered by the government to the students for pursuing higher education.
  • Students can apply for the education loan through the Vidya Lakshmi online portal.
  • Applicants can apply in up to three banks with a single application form.
  • The interest rate on Vidya Lakshmi education loan starts from 8.40%.
  • This education loan is available up to ₹ 4 Lakh without any collateral for a tenure of up to 15 years.
  • The documents required for getting the loan includes ID proof, address proof, academic records, income proof, etc.
  • The loan amount gets disbursed within 15 days from the date of submitting the application form.
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Education Loan - Vidya Lakshmi Yojana

Vidya Lakshmi Yojna is an education loan scheme launched by the Indian Government whereby students can avail loans through an online portal. The Vidya Lakshmi portal has been developed by the NSDL e-Governance Infrastructure Limited with the aim to make education loans easily accessible for the students. This portal is run under the supervision of the Department of Financial Services, Department of Higher Education and the Indian Banks Association.

On the Vidya Lakshmi portal, you can see and compare different education loan schemes offered by the registered banks. The portal displays detailed information about the loan schemes such as applicable interest rates, loan tenure, and other terms and conditions associated with the loan. You can also apply for the suitable loan through the portal and track the application status any time and from anywhere.

Education Loan Vidya Lakshmi Scheme - Features & Benefits

Vidya Lakshmi scheme provides a handsome amount of education loan for long tenures at reasonable interest rates. The key features and benefits of this education loan scheme are stated below.

  • Convenience of online application: One of the most beneficial features of availing education loan under this scheme is that it can be applied online through their portal. It, thus, makes the initial loan application convenient. After submission of the application form, however, you would need to visit the bank for document submission and verification.
  • Apply to multiple banks: Currently, the Vidya Lakshmi loan scheme is being offered by 34 public and private sector banks. You can apply to up to three banks for the education loan. It thus gives multiple options for availing the loan at the most competitive interest rate. If one bank doesn't accept your application, you still have the other two banks.
  • Single application form for multiple applications: When you apply in three different banks for the education loan, you would need to fill only one common application form available on the Vidya Lakshmi portal. This saves the hassle of filling up multiple forms for applying in different banks.
  • Easy comparison of different loan schemes: On the portal, you can go through the different education loan schemes offered by the registered banks, compare them and select the most suitable one according to your educational requirements.
  • Easy access to loan processing status: After making the loan application, you can check the loan processing status on the portal uploaded by the concerned bank.
  • Quick loan disbursal: The education loan is disbursed within 15 days of submission of the application form as instructed by the Indian Bank’s Association. Thus, it ensures quick financial assistance to the needy in pursuing higher education.
  • Sending of grievances and queries: You can send any grievances or queries regarding the education loan to the concerned bank through the portal or by sending an email. The bank authorities will get in touch with you and address your grievances.

Eligibility for Education Loan on Property

Certain criteria have to be met for being eligible to get the education loan on property. The criteria required to be met by the students to avail the Vidya Lakshmi scheme are stated below.

  • You must be an Indian citizen.
  • You must have passed a higher secondary examination or its equivalent.
  • You should have got admission at a recognised university in a preferred academic course through an entrance examination.
  • Your legal guardian must meet the income criteria set by the lending banks.
  • The Vidyalakshmi scheme has not set any minimum score for qualifying for the education loan.
  • Banks will ask to pledge an asset as collateral against the loan amount.

Documents for Education Loan on Property

The eligibility and documents for education loan on property varies from one bank to another. Having said that, some of the common documents asked to provide while applying for an education loan are listed below.

Documents to be submitted by students

  • Duly filled and self-attested application form.
  • Passport size photos of applicant and co-applicant (two each).
  • Identity proof such as voter ID card, PAN card, Aadhar card, etc.
  • ge proof of the applicant (Birth certificate or Class 10th certificate).
  • Address proof including Aadhar card, ration card, passport, driving license, etc.
  • Records of academic qualifications, such as,12th board examination mark sheet, Certificate of higher degree (if any) such as graduation and post-graduation and Scholarship documents (if available)
  • Letter of admission from the concerned institute with the address of the institute mentioned on its letterhead.
  • All-inclusive fees break-up of the academic course from the institute.
  • Valid declaration confirming no outstanding loan from another bank.
  • Visa approval and travel papers (if applicable).

Required documents of co-applicant (if salaried individual)

  • ID proof
  • Address proof
  • Salary slip of last three months on employer’s letterhead
  • Form 16 from the employer or IT return, both of the last two years
  • Any other income proof not enlisted in the documents mentioned above

Required documents of co-applicant (if self-employed)

  • Proof of identity
  • Address proof
  • Bank statement of last six months
  • Income tax returns of the last two years
  • Proof of office such as title deed or utility bill or lease deed
  • Any other income proof worth mentioning

How to Apply for an Education Loan on Property?

You can apply for the education loan against property through the Vidya Lakshmi portal. The steps that you need to execute for loan application are mentioned below:

  • Land on the Vidya Lakshmi portal.
  • Click on ‘Apply Now’.
  • Register on the portal by submitting your personal details along with the security captcha code. If already registered, log in using your credentials.
  • Compare the education loans offered by different banks and shortlist any three banks of your choice.
  • Fill out the Common Education Loan Application Form (CELAF) and submit.
  • On submission, the three chosen banks will make compelling offers regarding education loans.
  • Compare the offers by considering the interest rate and other terms and conditions and select the one that suits your requirements.
  • Once you have selected a bank, visit its nearest branch and submit the filled-in application form along with the required documents for verification.

Within 15 days, the loan amount will be disbursed in your specified bank account.


What is the Vidya Lakshmi scheme?

The Vidya Lakshmi Scheme is an education loan scheme launched by the Indian Government. Under this scheme, students can get education loans by applying for the same through the online Vidya Lakshmi portal. This scheme is introduced to make education loans easily available to the ones who need it for pursuing higher education. You can apply to three banks by filling in a common application form on the portal.

How can I get a Vidya Lakshmi loan?

You can get a Vidya Lakshmi loan by applying for the same through the online Vidya Lakshmi portal. Follow the steps mentioned below for loan application.

  • Register on the website of Vidya Lakshmi.
  • Compare the different educational loan schemes offered by the registered banks and pick three banks of your preference.
  • Fill out the Common Education Loan Application Form (CELAF).and submit.
  • Compare the terms offered by the three chosen banks and pick the suitable loan scheme.
  • Visit the nearest branch of the selected bank and submit the required documents for verification.
  • Your loan amount shall be disbursed to your specified bank account within 15 days of submission of the aplication form.

What are the documents required for a Vidyalakshmi education loan?

You would need to submit some necessary documents to the concerned bank while applying for the Vidya Lakshmi Loan. The required documents may vary from bank to bank. Some of the common documents that banks ask to provide for sanctioning the education loan are mentioned here.

  • Identity proof of both the student and the co-applicant
  • Address proof of both the applicant and the co-applicant
  • Age proof of the student
  • Academic record of the student
  • Income proof of the co-applicant
  • Letter of admission to the chosen academic course and its fees break-up front he concerned educational institute
  • Two passport size photos of the applicant and the co-applicant

Can I get a ₹ 20 Lakh Vidyalakshmi education loan?

The maximum education loan that you can get depends on the type of academic course you are pursuing as well as the bank’s policies. Generally, a loan of up to ₹ 10 Lakh is given to students with minimum margin money of 5% of the total cost for pursuing education in India. However, banks give up to ₹ 30 Lakh for studying at IITs, IIMs and ISBs with your own contribution of 5% of the total cost. If you are going abroad for studies, you can get up to ₹ 20 Lakh. Some banks may also offer up to ₹ 30 Lakh with a minimum margin of 15% of the total expense.

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