Vidya Lakshmi Education Loan Portal

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✓ More than 135 Education Loan Schemes

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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. 


Vidya Lakshmi Education Loan Scheme

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.

1. The State Bank of India

  • SBI Student Loan scheme
  • SBI Global Ed-Vantage scheme
  • SBI Scholar loan scheme
  • SBI Skill loan scheme

2. Bank of Baroda

  • Baroda Gyan
  • Baroda Scholar
  • Baroda education loan to students of premier institutions
  • Baroda Vidya
  • Baroda education loan for executive development programs (India)
  • Baroda education loan for executive development programs (Abroad)
  • Skill loan scheme

3. Canara Bank

  • IBA's Model Education Loan Scheme for Study in India and Abroad
  • IBA skill loan scheme

4. ICICI Bank Education loan

5. Axis Bank Education Loan Scheme
6. The Punjab National Bank

  • PNB Kaushal
  • PNB Saraswati
  • PNB Pratibha
  • PNB Udaan

7. HDFC Bank Education Loan

8. 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

9. Federal Bank

  • Federal Special Vidya Loan Scheme
  • FED Scholars

10. Kotak Mahindra Bank Education loans

Choose 3 different schemes from 141 education loan schemes listed on the portal!

Credit Guarantee Fund Scheme For Educational Loans (CGFSEL)

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.



Loan Amount

Up to 7.5 lacs

Co-applicant Requirement


Interest rate

2% above RLLR

Moratorium period

Course duration + 1-year

Vidya Lakshmi Education Loan Eligibility

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 student applying for an education loan must be an Indian citizen
  • The student should have obtained admission into a university in India or abroad through merit or entrance exams.

Vidya Lakshmi Education Loan Interest Rate

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.

Vidya Lakshmi Education Loan Margin

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.


Study in India

Studies abroad

Up to Rs 4 lacs



Above 4 lacs




Vidya Lakshmi Education Loan Processing Fee

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. 

Government Interest Subsidy Schemes

The Indian government has introduced several interest subsidy schemes for students who are taking education loans that follow the IBA model.

Dr. Ambedkar Central Sector Scheme

This scheme is for students belonging to OBC and EBC categories. Here are the other eligibility categories. 

  • The student should be looking for an education loan for abroad studies.
  • EBC students applying for the subsidy must have an annual income of less than 5 lacs per annum.
  • The OBC students must have an annual income of less than 8 lacs per annum

Central Scheme for Interest Subsidy for Economically Weaker Sections

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.

Documents Required for Vidya Lakshmi Education Loan Portal

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:

  • PAN, Aadhar, or Passport(if going abroad) as proof of your identity
  • Provide the latest address proof in the form of Aadhar card, Voter ID card, or electricity bill

Co-applicant's documents:

  • Latest payslips of 6 months if salaried
  • Business transactions of last 1 year if self-employed

Applicant’s academic documents

  • Mark sheets of 10th, 12th and degree
  • Admission proof reflecting the duration of the course
  • Fee structure
  • Scorecard of language proficiency tests and of relevant competitive exams
  • University ranking

Documents for financial co-applicant

  • Last 3 months salary slips
  • Balance sheet, and profit and loss account of the last 3 years
  • Address proof of the business

Other documents

  • A letter mentioning that the leftover expenses will be taken care of by the co-applicant. You can get the format of the letter from a WeMakeScholars financial officer.
  • Notarised joint affidavit with co-applicant and the student in the format provided by WeMakeScholars financial officer.

Additional documents

  • Receipts of any payments made to the university
  • Loan account statement of any pending loans
  • Explain in a Rs 100 stamp paper, the reason for any gap that you have had in your studies

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.

How to Apply for an Education Loan through Vidya Lakshmi Education Loan Portal?

Follow the below steps to apply for an education loan through the Vidya Lakshmi portal.

  • Register yourself on the Vidya Lakshmi portal by entering your basic details and then confirming your mail id.
  • Once registered, log in to your account by entering the relevant login details. Here you will see the dashboard with different services like loan application form, application status, search for loan schemes, etc.
  • Click on search for loan schemes and enter details like the location you are wishing to study in, course, and finally the loan amount you are looking for.
  • On submitting these details, you will have all the information of different education loan schemes matching your requirement.
  • Finalize the education loan scheme you want to apply for and then click on the ‘Apply Now’ button.
  • Fill up the Common Education Loan Application Form(CELAF) for loans and scholarships.
  • Once the application form has been filled out, you'll be able to track whether your application has been accepted or rejected by the respective bank, on the portal.
  • While on the loan application page, you may also check your eligibility for the Central Sector Interest Subsidy Scheme (CSIS). There is a link on the loan application page that will help you check your eligibility to avail of the same.
  • You must keep a digital copy of the scanned documents handy.
  • Please read the document checklist thoroughly.
  • Make sure to save your details at every step while filling out your details on the Vidya Lakshmi loan application portal.

Disadvantages of going through the Vidya Lakshmi Education Loan 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 have come across many cases where students have not heard back from banks even after 15 days, as promised on the Vidya Lakshmi Portal.
  • Sometimes, banks fail to update the loan application status on the portal and students are stuck there. One important point to be noted here is that once you submit your final application on the Vidya Lakshmi portal, you won't be able to make a change in your application form like personal details, education loan scheme, branch, etc. 
  • Also, if you decide to discontinue your education loan process apply through the Vidya Lakshmi portal, make sure to contact the head office of the chosen bank to close your application form. Many students couldn't do this from the portal.

We at WeMakeScholars regularly talk to different students about getting them education loans and the above disadvantages were reported by students.

My Experience with Vidya Lakshmi Portal

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!

Why go through WeMakeScholars?

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.

Here's faster alternative to Vidya Lakshmi!

Vidya Lakshmi Student Login

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'

Education Loan FAQs

  • 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.