Vidya Lakshmi Portal provides a single window for students to access information and make application for Educational Loans provided by Banks. Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal. The portal also provides linkages to National Scholarship Portal.
This portal has been developed under the guidance of Department of Financial Services (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA).
Features of the portal
- Information about Educational Loan Schemes of Banks
- Common Educational Loan Application Form for Students
- Apply to multiple Banks for Educational Loans
- Facility for Banks to download Students Loan Applications
- Facility for Banks to upload loan processing status
- Facility for Students to email grievances/queries relating to Educational Loans to Banks
- Linkage to National Scholarship Portal for information and application for Govt Scholarships
How to apply for Educational loan through Vidya Lakshmi?
- The applicant must register and login to Vidya Lakshmi portal and then fill-up the Common Education Loan Application Form (CELAF) by providing all the necessary details.
- After filling the form, the applicant can search for Educational Loan and APPLY as per his/her needs, eligibility and convenience.
- Alternatively, the applicant can also search for Educational Loan after login and apply for the suitable Educational Loan by filling the CELAF.
What is Common Educational Loan Application Form (CELAF)?
The Common Educational Loan Application Form is the single form which students can fill to apply for Educational Loan to multiple banks / schemes. CELAF is the application form prescribed by Indian Banks Association (IBA) and accepted by all banks. This form is provided on Vidya Lakshmi portal to apply for Educational loan.
How many applications for Educational Loan can be submitted by a student?
A student can apply to a maximum of three Banks through Vidya Lakshmi portal using CELAF.
How will an applicant know the status of his/her application?
The Bank will update the status of the application on Vidya Lakshmi portal. Students can view the status of the application on the applicant’s dashboard on the portal.
How is the money/educational loan disbursed?
Approved Educational Loan of an applicant will be disbursed directly by the bank outside the Vidya Lakshmi Portal. To know more, contact the bank you have selected.
Which are the banks one can apply for Educational loan through Vidya Lakshmi portal?
At present about 42 banks are registered with the platform. To know the list of banks, Vidya Lakshmi portal.
Source : Vidya Lakshmi portal
