The Most Lucrative Educational Fund Scheme for Students- Vidya Lakshmi Education Loan!

Vidya Lakshmi Education Loan is an educational loan offered by the Indian government. This enables kids from economically disadvantaged classes to pursue their higher education without concern for money. Numerous efucationalloans and scholarships are registered with and monitored by the Vidya Lakshmi portal.

The finance minister of India suggested a fully Online or digital Aspirant Financial Aid Authority through the (PMVLK) Pradhan Mantri Vidya Lakshmi Educational Funding Program on 15th Aug 2015 in the Union Budget. With this suggestion, the government established an online portal to manage and oversee the Educational Scholarship & Loan Programmes, ensuring that all disadvantaged and middle-class aspirants can pursue the higher education of their choice without financial restrictions through the education funding scheme.

The Ministry of Finance has introduced and managed this educational funding program.

The goal of the Pradhan Mantri Vidya Lakshmi Karyakram

  • The Pradhan Mantri Vidya Lakshmi Karyakram aims to offer educational loans to students seeking financial help for education purposes.
  • It is an online electronic platform for all aspirants who need financial help for education to access the application process online.
  • Another aim of the educational funding program is to bring all the certified Indian Banks altogether under a single roof.

Facts that You Must Be Aware of the PMVLK Educational Program

Uncomplicate Process:

Aspirants can apply for the educational fund at Vidya Lakshmi Portal without facing any program. You will have to just fill out an application form and are free to choose three banks of your choice. The entire application or registration process is quite convenient & hassle-free.

Rate of Interest

The rate of interest of this educational funding program will differ from one bank to another. You can pick the bank with suitable interest rates from the respected bank.

Online Process

You won’t have to go to the bank in person to apply for this educational funding program. The application procedure is quite convenient for you. All you have to do is to go to the authorised website of Vidya Lakshmi and register or apply online.

Loan Approval

IBA guidelines state that after receiving a filled application form and all necessary papers, the loan takes 15 working days to get approved.

Key Features of the PMVLK Educational Funding Program

  • Aspirants can use this online platform to submit their applications for educational loans from several banks as well as to access fund applications from different banks, among other things.
  • There are approx. 22 educational fund programs have already been registered by 13 banks in this platform, and 5 banks have also integrated their systems with it. On this site, aspirants can access information about the registered educational programs.
  • Aspirants can find a Common Education Loan Application Form (CELAF) where they can apply for this educational funding scheme. The aspirants need to fill the form with the details asked in the application form and submit it to the bank from where they want to get this educational loan.
  • The Indian Banks Association (IBA) has established this CELAF form, and all banks that are registered with them accept it.
  • The aspirants can check the status of their loan from this portal only. The registered bank will notify the aspirants regarding their loan status.
  • For details and applications for numerous government scholarships, this online portal also covers links to the National Scholarship Portal.
  • Aspirants can use the web to communicate their complaints to the bank or ask questions about various initiatives.

Eligibility Conditions for the PMVLK Educational Funding Program

Below we have mentioned the eligibility conditions that need to be met to apply for the PMVLK Educational Funding Program:

Course Comes under the eligibility criteria of the PMVLK Program

  • Degree, diploma, graduation, post-graduation, or other professional courses in the technical field comes under this program. The aspirants must have done their courses from any of the reputed universities, or institutions that come under AICTE, UGC, etc.
  • IIM, IIT, and other independent universities’ regular degree or diplomas programs.
  • Teacher Training programs are approved by the federal or state governments.
  • Regularly offered degree and diploma or programs in fields including shipping, aviation, pilot training, etc. that must be certified by the director general (DG) of civil aviation.

Eligibility Conditions for the Students Applying for PMVLK Program

  • Students must belong to India to apply for the PMVLK educational loan.
  • Aspirants must have secured their seat in the University after passing the entrance exam for that particular course.
  • Those who wish to study abroad must have taken admitted to the respective university while they apply for this educational loan.
  • You will not be required to have any qualifying scores to apply for the PMVLK educational loan under this portal.

Banks that Come under Vidya Lakshmi Education Loan

There are approx. 35 Banks come under the Vidya Lakshmi Educational Funding program and 95 loan programs are offered.

Axis Bank GP Parsik Bank Corporation Bank
Bank of Baroda New-India Co-operative Bank Canara Bank
Andhra Bank Tamilnad Mercantile Bank Ltd. Federal Bank
HDFC Bank RBL Bank DNS Bank
Dena Bank United Bank of India Indian Overseas Bank [IOB]
State Bank of India [SBI] UCO Bank Indian Bank
IDBI Bank Vijaya Bank Pragathi Krishna Grameen Bank
Bank of Maharashtra Oriental Bank of Commerce ICICI Bank
Karur Vysya Bank [KVB] Kotak Mahindra Bank Syndicate Bank
Punjab and Sindh Bank [PSB] Karnataka Bank Allahabad Bank
Punjab National Bank [PNB] Union Bank Central Bank of India
Abhyudaya Co-Operative Bank Bank of India [BOI]

Advantages of the Vidya Lakshmi Educational Loan

  • The Vidya Lakshmi Education Loan portal provides a complete list of the banks that are registered to offer this educational funding facility to the aspirants.
  • Under this portal, aspirants can make comparisons between hundreds of available schemes and pick the right one.
  • Additionally, it offers banks whose borrowers applied for loans a Carter feature for uploading loan processing status, and borrowers can monitor the progress of their loan application through the Vidya Lakshmi site.
  • Additionally, it offers banks whose borrowers applied for loans a Carter feature for uploading loan processing status, and borrowers can monitor the progress of their loan application through the Vidya Lakshmi site.
  • Aspirants can apply for a maximum of three respective banks that comes under the Vidya Lakshmi Education Loan program using CELAF.
  • Union Bank of India, IDBI Bank, Bank of India, and SBI Bank have integrated their device with the Vidya Lakshmi Educational Loan portal to provide the accurate fund processing status to the aspirants.

How Can I apply for the Vidya Lakshmi Educational Fund Program?

Aspirants can apply for the Vidya Lakshmi Educational Loan on the authorised website. We have mentioned the complete procedure to apply online for the Vidya Lakshmi Educational Fund program.

You must follow the given instructions carefully to register for the Vidya Lakshmi education funding program:

  • First, you will have to visit the authorised website of the Vidya Lakshmi online Portal to sign up.
  • Now, you will see a Vidya Lakshmi Application Form, fill it out very carefully.
  • Once the form is filled, upload the required documents to register successfully.
  • After submitting the application form, aspirants can seek the loan schemes compare them, and pick the most suitable one according to their eligibility, needs, and convenience.
  • The Vidya Lakshmi login page can be found here. You must visit the Vidya Lakshmi webpage to do this.
  • Once the aspirant’s form must be completed to apply for an educational loan from several banks or schemes, that form is known as the Common Educational Loan Application.
  • The Indian Bank Association (IBA) prescribed the Common Educational Loan Application. You will get the application form on the Vidya Lakshmi Educational Program portal to register for the education loan.
  • Through the aspirant’s dashboard on the platform, aspirants can view the progress or status of their Vidya Lakshmi educational fund applications.
  • The bank will distribute the requested amount just outside the portal.

How to Sign up for the Vidya Lakshmi website?

Once you register for the Vidya Lakshmi educational funding program, you can sign up by following the given steps:

  • Go to the authorised website of the Vidya Lakshmi
  • Tap on the “Login” Option
  • Choose the option “Student Login”
  • Now, enter your registered email ID and passcode
  • Now, you will see a captcha code on our system’s screen
  • Finally, Choose the “Login” option

What is the interest rate for Vidya Lakshmi educational funding program?

All Indian banks that offer educational funds in India must adhere to the fundamental standard interest rates that have been established by the Indian Banking Association, and RBI. Such rates are referred to as margin-based lending prices. Banks cannot make funds that are below the MCLR because they risk harsh regulatory action in the future. The rate of interest (ROI), is based on a % addition to these base prices made by banks that are often between 2% and 6% higher than their real MCLR. MCLR is subject to monthly modifications.

Documents Needed for the Vidya Lakshmi Educational Funding Program

The aspirants will need some important documents to apply for the Vidya Lakshmi Educational Program:

  • Correctly filled and attested application form for Vidya Lakshmi Educational Program
  • Identity proof such as Aadhar Card, Voter Card, PAN Card, etc
  • Date of birth proof such as a birth certificate or 10th mark sheet
  • Residential proof or address proof-  Ration card, driving license Aadhar card, passport, etc
  • Passport size photo of the aspirant & co-aspirant
  • Educational certificate – 10th, 12th, degree
  • Admission letter from the respective University or institution

Steps to follow for searching the educational fund in Vidya Lakshmi Portal:

The aspirants can look for and apply for an educational fund based on their eligibility, needs, and convenience after successfully submitting the CELAF application. Take your time when selecting a bank when applying for an educational fund because you can select up to three banks.

The Government of India introduced VidyaSaarthi, a platform for applying to numerous business scholarships, to make it simpler for aspirants to find adequate funding for their further study. Any student looking for scholarships can utilise the platform without paying anything. On the platform, aspirants can apply for a variety of educational programs & scholarships. This can be accomplished by creating an account on the portal and looking for appropriate scholarships.

Final Words

The Vijaylakshmi education fund has been a blessing for the nation’s aspirants. The loan has assisted several people. Since the loan application process is entirely online, anyone in India’s rural areas is also eligible to apply. Tamil Nadu has submitted the most loan applications, according to research. Before applying, thoroughly read all of the Vidyalakshmi terms and conditions on the authorised website and the loan-related documentation from the relevant bank.

FAQs Related to the Vidya Lakshmi Educational Fund Program

How will the funds be distributed if my application for an educational loan is accepted?

The bank will dispense the funds directly. You must get in touch with the bank where you submitted your loan application if you want more information.

Why is my account on hold?

If the bank requests loan application details or additional documentation, the aspirants will receive an on-hold status.

How can I apply for a student loan on the Vidya Lakshmi website?

The student must complete the (CELAF) Common Education Loan Application Form and register on the portal. The student can look up pertinent education loan programs and apply for them after completing the form.

How many applications for the educational fund may one person make?

The CELAF allows aspirants to submit applications for up to three different educational loan programs.

How will I find out the loan application’s status?

The responsible bank periodically updates the status of the loan application. The aspirant’s account dashboard will display it.

Can I use the portal to apply for a loan from a private-sector bank?

It is indeed feasible. This is because practically all banks that are active in the nation are listed on the site.

How can the Vidya Lakshmi portal’s loan application form be edited?

The Vidya Lakshmi portal application form cannot be modified by you. You must get in touch with the bank if you want to change your choice of bank. Your profile information, including your phone, name, and number, can be changed.

Have there been any branches of Vidya Lakshmi?

Yes, Vidya Lakshmi has four locations nationwide in addition to its home office in Mumbai. Chennai, Kolkata, Ahmedabad, and New Delhi, are where you can find them.