Vidyalakshmi Portal – Schemes, Application procedure, tracking process

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Vidyalakshmi Portal

What is the Vidyalakshmi Portal for education loan?

Going for higher education in India or abroad can be a costly affair. This is why most students opt for an education loan or search for scholarships. For those students who cannot obtain scholarships, applying for an education loan is the next option. But how do you find out the right education loan scheme that suits your needs? There are multiple options offered by the many nationalized banks in India. Sometimes, with all the confusion surrounding education loan schemes, students miss out on the best ones. So how does one go about it? This is where the Vidyalakshmi Portal comes into the picture.

On August 15, 2015, The Finance Ministry of the Government of India, in collaboration with NSDL e-Governance Infrastructure Ltd, started a new venture to help students achieve their educational dreams, the Vidyalakshmi Portal.
Vidyalakshmi is a first of its kind portal for students seeking an education loan. This venture was started through the Pradhan Mantri Vidyalakshmi Karyakram. This portal has been developed under the guidance of the Department of Financial Services, (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA). Here, students can view, apply and track the education loan applications.


What are the key features of the Vidyalakshmi portal? 

  1. It is a single website where students can access information related to education loans and scholarships.
  2. Information regarding 96 different kinds of education loan schemes from 36 nationalized banks is consolidated on the Vidyalakshmi education loan portal.
  3. It is a gateway for all students to access funds and information related to education loans and government scholarships.
  4. Students only need to fill up a single form, the Common Education Loan Application Form (CELAF) for both loans and scholarships.
  5. Students can view, apply and track education loan applications from the comfort of their homes.
  6. Students can also compare different loan schemes on the portal.
  7. Applicants, as well as banks, have the facility to upload/download application details on the dashboard.
  8. Students can simultaneously apply to 3 different banks at a time.
  9. The Vidyalakshmi portal has a facility where students can write to banks regarding grievances at any time. They can also check the status of their grievance on the Vidyalakshmi dashboard.
  10. Students may apply for a second education loan on the portal, however, this is possible only under certain terms and conditions.


How to register on the Vidyalakshmi portal?

The first step to access loan-related services on the website is to register on the Vidyalakshmi login portal.

  1. Create your login ID and password on the Vidyalakshmi login portal.
  2. Once you do so, a confirmation link will be sent to your registered e-mail ID. Check for mail from Vidyalakshmi portal in your inbox. Click on the sent link.
  3. Once you click on the confirmation link, you will be taken to the Vidyalakshmi login page. You have to enter your credentials again on the login page. Don’t forget the captcha.

Voila! You are ready to start your journey with the Vidyalakshmi portal!


How to access the dashboard & search for loan schemes on the Vidyalakshmi portal?

Accessing the Vidyalakshmi Dashboard

  1. Once you reach the Vidyalakshmi login page, select the option, ‘Student Login’, and log in to your account using your credentials. Make sure to enter the CAPTCHA too.
  2. Remember, every login session lasts for roughly about 10 minutes. So make sure you don’t divert your attention to another website in the meanwhile.
  3. On logging in, you will be able to view the Vidyalakshmi dashboard for students. It provides an overview of the different services that can be availed by you on the portal. Here is a view of the dashboard on the portal. vidyalakshmi portal


Searching for loan schemes:

  1. To search for education loan schemes, select the option, ‘Search for loan schemes’. This tab is available on the dashboard as shown in the image.
  2. Once you reach the loan search page, one can see different tabs on the topmost area of the page.
  3. In the leftmost corner, you will find a dialog box that will give you three options.
    • Select the country of study
    • Select Course.
    • Select the loan amount required

A student may select options according to his/her requirement from the three drop-down boxes. According to the different search combinations, a list of banks and the education loan schemes offered by them will be displayed on the right-hand side of the page.

Selecting the loan scheme:

  1. To select a loan scheme, one may enter details in the search box which is on the left side of the page and click on any of the loan schemes that will be displayed.
  2. For example, If you enter the following details into the dialog box;
    Location of study: abroad
    Course: post-graduation
    Loan amount required: above 7.5 lakhs
  3. A list of banks that fit the entered criteria will be displayed on the right-hand side of the bank loan portal along with a  list of the corresponding loan schemes.
  4. When you click on one of the loan schemes, a web-page containing details about the selected loan scheme will be displayed. The below terms for the selected loan scheme is explained in detail on this page.
    • Name of the loan scheme
    • A brief description of the loan scheme
    • Minimum criteria
    • Bank’s contact details
    • Documents list
    • Terms & Conditions
    • Repayment period
    • Repayment holiday/ Moratorium period
    • Interest rate
    • Processing fee
    • Maximum loan amount approved
    • Bank’s URL and Branch locator URL


What points should I look out for while searching for loans?

While searching for loan schemes, keep the following points in mind;

  1. Maximum loan amount
  2. Minimum education loan interest rate
  3. The minimum margin for loan repayment
  4. Maximum moratorium period

What is the loan application procedure on the Vidyalakshmi education loan portal?

Once you decide on the education loan scheme that you want to go for; the further application process involves the following steps:

  1. To apply for the selected loan scheme, click on ‘Apply Now’. This tab is available right beside the list of loan schemes on the portal.
  2. Fill up the Common Education Loan Application Form (CELAF) on the portal. This form is supported by the Indian Banks Association. It is accepted by all the associated banks.
  3. Once the application form has been filled by the candidate, the student can track whether his/her application has been accepted or rejected by the respective bank, on the portal.
  4. While on the loan application page, you may also check your eligibility for the Central Sector Interest Subsidy Scheme (CSIS). A brief outline of CSIS will be discussed later in this article. There is a link on the loan application page which will help you check your eligibility to avail the same.
  5. Candidates must keep a digital copy of the scanned documents handy.
  6. Please read the document checklist thoroughly.
  7. While filling out your details on the vidyalakshmi loan application portal, make sure to save your details at every step. This ensures that you don’t lose the filled information in case of discontinuity. (Power outage, loss of internet connection, unavailability of documents at the moment,etc.)

Here is how the application form would look like, on the portal:vidyalakshmi portal application form


What are the interest rates of the loan schemes available on the Vidyalakshmi portal?

The Vidyalakshmi education loan portal gives you information on 96 different loan schemes offered by 36 nationalized banks across India. The interest rates will depend on the bank and the loan scheme selected by a candidate and the MCLR (Marginal Cost of funds-based Lending Rate) set by the bank.

Check here for the full list of banks with interest rates and conditions.


Which banks provide loans on the Vidyalakshmi portal?

Loan schemes from all private and nationalized banks associated with the Indian Banks Association are available on the Vidyalakshmi portal. Some of the prominent banks and the loan schemes offered by them are:

  • The State Bank of India
    • SBI Student loan scheme
    • SBI Global Ed-Vantage scheme
    • SBI Scholar loan scheme
    • SBI Skill loan scheme
  • Bank of Baroda
    • Baroda Gyan
    • Baroda Scholar
    • Baroda education loan to students of premier institutions
    • Baroda Vidya
    • Baroda education loan for executive development programmes (India)
    • Baroda education loan for executive development programmes (Abroad)
    • Skill loan scheme
  • Canara Bank
    • IBA’s Model Education Loan Scheme for study in India and abroad
    • IBA skill loan scheme
  • ICICI Bank Education loan
  • Axis Bank Education Loan Scheme
  • The Punjab National Bank
    • PNB Kaushal
    • PNB Saraswati
    • PNB Pratibha
    • PNB Udaan
  • HDFC Bank Education Loan
  • IDBI Bank :
    • Education Loan for Vocational Courses
    • Education Loan Scheme for Other Management Quota Students
    • Education Loans for students studying in Premier Education Institutes
    • Education Loan for Courses offered by the ICAI
    • Education Loan for Special Courses
    • Education Loan to Physically Challenged Persons under the NHFDC scheme
    • Education Loan for Non-Vocational Courses
  • Federal Bank
    • Federal Special Vidya Loan Scheme
    • FED Scholars
  • Kotak Mahindra Bank Education loans

To view the complete list of associated banks, please visit the Vidyalakshmi homepage.

Read MoreTop Indian banks offering an education loan for studying abroad

abroad education loan


How to search for and apply to scholarships on the Vidyalakshmi portal?

The Vidyalakshmi portal is also a gateway for candidates who want to avail scholarships offered by the MHRD (Ministry of HR Department). If you scroll down to the bottom of the homepage, you will find a link to the National Scholarship Portal. This portal lists all kinds of scholarship schemes offered by the MHRD of the Govt. Of India. Alternatively, you can also search and apply for International scholarships on WeMakeScholars

To understand important terms related to scholarships such as eligibility criteria, selection procedure, the scope of a particular scholarship scheme, etc. the link to a PDF document which explains all these terms is provided alongside the name of different scholarships listed on the portal.


How can I know my loan application status?

  • The Vidyalakshmi portal dashboard has a facility where banks can upload the progress report of a candidate’s loan application, and a candidate can view the status of their application.
  • This feature is especially beneficial for students residing in remote areas, where commutation is an issue. In case of any issue with a particular loan application, the respective bank updates it on the ‘Remarks’ column on the ‘Application Status’ page.


What is the loan processing time taken by the banks listed on the Vidyalakshmi portal?

After submitting the duly filled application form, along with the relevant documents, it generally takes around 15 days for banks to process and approve the loan application. Again, the time taken to approve a loan will vary from bank to bank. The speed of approval depends on the processing time of the bank chosen by a candidate.


General guidelines to be followed while filling the Common Education Loan Application Form on the Vidyalakshmi portal.

  1. Please fill every field in the Common Education Loan Application Form (CELAF) very carefully after reading the general guidelines.
  2. While applying for a loan, keep in mind that a candidate can only apply to one loan scheme from one bank at a time.
  3. Save your details before moving on to the next page so that information is not lost.
  4. Please enter a valid mobile number in your Common Education Loan Application Form. Banks will try to contact you on this number in case of any clarification.
  5. Thoroughly read the eligibility criteria for any loan scheme and then apply. Once a candidate applies and submits the loan application form, no changes can be made.
  6. Be careful while choosing a Bank branch. Once selected, the branch cannot be changed on the portal.
  7. Check the inbox of your registered e-mail ID as well as your Vidyalakshmi dashboard periodically to avoid missing important reminders and updates from banks.
  8. While filling the Common Education Loan Application Form, please read the dimensions required for each scanned document carefully in order to avoid any inconvenience.

Read More: Education loan documents required by banks- Get to know the full list

What is CSIS? Who can avail it? 

The Central Sector Interest Subsidy Scheme is a unique scheme introduced by the Ministry of HR Dept. of the Govt. of India. This scheme is applicable to those students who have no financial backing for their studies. It can be also be availed by students who have a financially weak background, for higher education in India only. Students whose gross annual parental/ family income is up to Rs. 4.5 Lakhs are eligible for interest subsidy under this scheme. For specific details, please click here. Students may check their eligibility for this scheme on the loan application page of the Vidyalakshmi portal.


What are some of the common problems faced by students on the Vidyalakshmi Portal?

  • We have come across many student loan cases where students have not heard back from banks even after 15 days, as promised on the Vidyalakshmi Portal.
  • Sometimes, banks fail to update the loan application status on the portal and students are stuck there.
  • One important point to be noted is that, once you have completed your loan application process on the Vidyalakshmi portal, and then if you wish to make certain changes in the application form,  you cannot change details like your personal information, the selected banks and the respective branch.
  • Also, if you decide to discontinue applying through the vidyalakshmi portal for education loans, be sure to contact the head office of the chosen bank to close your application form. Many students couldn’t take this action from the portal.

WeMakeScholars works closely with 10+ banks and the NSDL in solving a lot of education loan related issues. If you are facing any grievances regarding abroad education loans, you may reach out to us with your grievances at [email protected]


Grievance registration on the Vidyalakshmi  Portal

  • To register a grievance with the Vidyalakshmi Portal, please go through the ‘Contact Us’ link on the dashboard. You may write an e-mail stating your grievance to [email protected]
  • Once the e-mail is sent, you will be provided with a ‘Grievance ID’ by the digital team at NSDL.
  • You may follow up on the status of your complaint on the Vidyalakshmi dashboard by clicking on the ‘Grievances’ tab.
  • Here, all information regarding the status of the grievance is available.

Overall, it can be said that the Vidyalakshmi Education Loan portal is trying to bridging the gap between loan applicants and banks. It is a huge step taken by our government in revolutionising the loan application procedure. Since the online loan application process through a common portal is a relatively new concept for banks as well as applicants, there may be room for certain errors in the application procedure.

Also, the NSDL is taking continued efforts to improvise on the issues faced by applicants on the website. We hope that this article has helped you update your knowledge about the Vidyalakshmi education loan portal.

If you have any other questions regarding abroad education loan or any other related topic, feel free to request a call from WeMakeScholars support team for clarifications, or you may reach out to [email protected]

We are very active online and would love to answer your comments. So, feel free to leave your comments at the end of this article.


Note: WeMakeScholars is an organization funded and supported by the Government of India that focuses on International Education finance. We are associated with 10+ public/Pvt banks/ NBFCs in India and help you get the best abroad education loan matching your profile. As this initiative is under the Digital India campaign, it’s at free of cost. The organization has vast experience dealing with students going to various abroad education destinations like the US, Canada, UK, Australia, Germany, Sweden, Italy, China, France among others


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