✓ Apply Online
✓ More than 135 Education Loan Schemes
Vidya Lakshmi education loan portal was started by the government in 2015 in association with The Ministry of Finance, The Indian Banks Association (IBA), and The Ministry of Education. It acts as a medium between students and banks which helps individuals access, apply, and track their education loan application through a platform facilitated through the NSDL e-Governance Infrastructure Limited. Under this scheme, students can choose to apply to up to 3 banks from 41 registered banks for an education loan.
Students can apply to multiple banks and different education loan schemes through the Vidya Lakshmi portal. Here are the top 10 banks and schemes where you can apply through the Vidya Lakshmi education loan portal.
3. Canara Bank
5. Axis Bank Education Loan Scheme
6. The Punjab National Bank
8. IDBI Bank
9. Federal Bank
The Vidya Lakshmi Education Loan Portal was launched in 2015 and with it, CGFSEL was also launched. Under this scheme, students are provided with education loans of up to 7.5 lacs without requiring any collateral. The unsecured loan provided through CGFSEL charges a relatively lower ROI than most other unsecured education loans.
Parameter |
Details |
Loan Amount |
Up to 7.5 lacs |
Co-applicant Requirement |
Parents/Guardians |
Interest rate |
2% above RLLR |
Moratorium period |
Course duration + 1-year |
The Eligibility Criteria required to apply for an education loan through Vidya Lakshmi portal depends on the scheme they are going through. However, here are the general eligibility criteria requirements.
The interest rate for an education loan through the Vidya Lakshmi portal varies from scheme to scheme. The CGFSEL scheme offered through the Vidya Lakshmi portal has a lower rate of interest than the education loan schemes offered by other lenders.
The loan margin for different education loan schemes when applying from the Vidya Lakshmi portal ranges between 5 to 15%. However, you will need to go through the education loan scheme you are applying for to have accurate numbers.
The loan margin for students opting for the CGFSEL scheme is given in the below table.
Amount |
Study in India |
Studies abroad |
Up to Rs 4 lacs |
Nil |
Nil |
Above 4 lacs |
5% |
15% |
The processing fee for education loans through the Vidya Lakshmi portal varies from scheme to scheme. The usual processing for an education loan through the Vidya Lakshmi portal is 10k+1800 GST.
The Indian government has introduced several interest subsidy schemes for students who are taking education loans that follow the IBA model.
This scheme is for students belonging to OBC and EBC categories. Here are the other eligibility categories.
The CSIS scheme is for EWS students having an annual income of less than 4.5 lacs per annum. The scheme provides interest subsidies to students during the moratorium period.
Fill out a Common Education Loan Application Form(CELAF). All registered banks accept this form. Keep the following documents ready to submit in your selected branch along with the form filling.
Applicant’s Documents:
Co-applicant's documents:
Applicant’s academic documents
Documents for financial co-applicant
Other documents
Additional documents
Collateral documents
Collateral documents are needed if you are going for a collateralized loan and they differ with the state you are applying from. You can go through the statewise articles given below or talk to a financial officer from WeMakeScholars for accurate information regarding collateral documents.
Follow the below steps to apply for an education loan through the Vidya Lakshmi portal.
Indeed Vidya Lakshmi portal is a great initiative started by the government, however, there are certain drawbacks too and to save you from the drawbacks there are organizations such as VidyaLoans and WeMakeScholars. First, let’s see a few disadvantages of going through the Vidya Lakshmi Portal
We at WeMakeScholars regularly talk to different students about getting them education loans and the above disadvantages were reported by students.
To generate feedback for users, I filled out the application form on the Vidya Lakshmi portal and applied to 3 banks- State Bank of India, Canara Bank, and Axis Bank. It has been 22 days since then but there has been no follow-up from any of the banks. Also, I haven’t received any email that states further steps on how to proceed with the process. The government of India did try to digitalize the education loan application for customers’ ease and help them track their application but for conventional banks, there is still a long way to adopt digitalization.
So, what is the alternative? WeMakeScholars and VidyaLoans are the alternatives. Read on to know more!
WeMakeScholars is an organization established to offer unbiased education loans to students wanting to pursue higher education in India or Abroad. We are supported by the Ministry of IT, the govt of India, and are partnered with 14+ banks(Public/Pvt). Here are a few advantages of going through WMS!
Lower Rate of Interest: Students going through WMS have a reduced interest rate of up to 2% as we are partnered with the banks.
Profile Analysis: WeMakeScholars financial officer thoroughly analyzes the profile of the student and suggests the best education loan options.
End-to-end support: We at WeMakeScholars provide students with support right from the education loan process until the repayment of the loan, even in a timezone that differs by 12 hrs.
Tax benefits: The students applying for education loans are eligible for tax exemptions under section 80E. When you go through us, we make sure you avail all these benefits.
Cashback: Students going through WMS are automatically eligible for a cashback of up to ₹3000.
Students wanting to apply for an unsecured education loan of up to 7.5 lacs can apply through Vidya Loans for a faster, hassle-free process!
VidyaLoans was created to deal with the 7.5 lacs unsecured education loan through the CGFSEL scheme. VidyaLoans was created to counter the inefficiency of the Vidya Lakshmi portal. Here are a few benefits of going through VidyaLoans.
Faster Loan Process: The Vidya Lakshmi portal promises to process an education loan within 15 working days, however, students do not receive any responses even after 20 days of applying. VidyaLoans on the other hand processes your education loan in 15 working days.
Tax benefits: VidyaLoans make students aware of tax benefits under section 80E and also about interest subsidy schemes so they can avail of maximum benefits.
End-to-end support: VidyaLoans provide students with support throughout their education loan process.
To create an account on the Vidya Lakshmi Portal:
Step 1: Go to the official Vidya Lakshmi website.
Step 2: Select 'Register.'
Step 3: Provide your basic information, including your name, mobile number, email ID, and password.
Step 4: Enter the Captcha.
Step 5: Agree to the terms and conditions, then click on 'Submit.'
Step 6: Once completed, an activation link will be sent to the email address you provided.
Step 7: You will need to click on the link in your email to activate your account.
Vidya Lakshmi Student Login Portal Login Procedure:
Step 1: Go to the authorized website.
Step 2: Click on 'Sign In'.
Step 3: Choose 'Student Sign In'.
Step 4: Input the email ID, the password you set during registration, and the displayed captcha code.
Step 5: Click on 'Sign In'
Who is eligible for Vidya Lakshmi education loan?
Indian citizens who have completed their 10+2 or graduated from recognized boards, or universities of India respectively are eligible to apply from the Vidya Lakshmi portal for an education loan.
How much loan can I get from Vidya Lakshmi?
Vidya Lakshmi portal has 135 different education loan schemes. You can get up to 1.5 Cr education loan through the Vidya Lakshmi portal.
Which bank gives Vidya Lakshmi loans?
Vidya Lakshmi portal is registered with 41 different banks and hence you can apply for any 3 of the 41 banks through the Vidya Lakshmi portal.
What are the documents required for the Vidya Lakshmi education loan?
Students need to provide documents for proof of identity, proof of residence, income proof, academic documents, some other documents, and even collateral documents in some cases to process an education loan through the Vidya Lakshmi portal. You can go through the full list on the above blog.
Is Vidya Lakshmi interest-free?
The Vidya Lakshmi portal does not provide interest-free education loans to students. However, the interest charged on education loan schemes like CGFSEL is relatively lower than most other unsecured loans.
How can I check my Vidya Lakshmi Loan status?
Students can check the status of their loan on the Vidya Lakshmi portal by logging into the portal and clicking on the ‘Application Status’ button. Students going for loans through WeMakeScholars or VidyaLoans will be updated with each step in the education loan process by their assigned financial officer.
Is the Vidya Lakshmi portal useful?
Vidya Lakshmi portal was seen as a great initiative when it was introduced by the government in 2015 as it connected students with education loans from different banks. However, it hasn’t served the purpose that it was started for. A similar alternative solution to this problem is WeMakeScholars where you can process your education loans at a faster pace without any hassle.
How many applications can be made through the Vidya Lakshmi portal?
Students can apply to up to 3 banks/schemes through the Vidya Lakshmi portal. However, if you go for an education loan through WeMakeScholars which is a similar initiative, you can apply to as many as 14 banks and get the best education loan in a very short period.