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May 12, 2023
Vidya Lakshmi Education Loan Scheme is a government initiative to provide financial assistance to students pursuing higher education. Under this scheme, loans are provided to students from different banks and financial institutions across India. The project was launched under the Pradhan Mantri Vidya Lakshmi Karyakram, an initiative to improve literacy rates in the country.
The Vidya Lakshmi Portal is a fully IT-based Student Financial Aid Authority proposed under the Pradhan Mantri Vidya Lakshmi Karyakram. The portal enables economically weaker sections to pursue higher education without financial constraints. It helps regulate and survey scholarships and educational loan schemes for students.
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As per the latest updates, the Vidya Lakshmi Education Loan Scheme has been extended to 39 banks and 130 loan schemes. The interest rate for the loan starts from 8.40%, and the loan amount can be up to INR 4 Lakh.
The process of applying for an education loan is fast and easy with the help of the Vidya Lakshmi Portal. It is a first-of-its-kind portal for students that gives access to all bank schemes, which is convenient for the applicants.
Below is a table showing the list of banks offering education loans in the Vidya Lakshmi education portal.
|Bank of Baroda
|Bank of India
|Bank of Maharashtra
|Central Bank of India
|Indian Overseas Bank
|Jammu and Kashmir Bank
|Karnataka Bank Ltd.
|Karur Vysya Bank Ltd.
|Kotak Mahindra Bank Ltd.
|Oriental Bank of Commerce
|Punjab & Sind Bank
|Punjab National Bank
|RBL Bank Ltd.
|South Indian Bank Ltd.
|State Bank of Bikaner & Jaipur
|9.05% to 10.30%
Applicants must meet the specific standard eligibility criteria for the Vidya Lakshmi Education Loan Scheme.
|Intermediate/+2/equivalent exam with a minimum of 50% of the score
|● Graduation ● Post-graduation ● regular technical ● professional degree ● diploma courses (conducted by colleges or universities approved by UGC, AICTE, IMC, or the Government)
|The annual income of parents
|INR 4-5 lakhs p.a.
You must secure admission to your preferred course after qualifying for the relevant entrance exam to apply for an education loan under the Vidya Lakshmi scheme. Additionally, students must meet the eligibility norms laid down by the concerned lender.
The loan amount from Vidya Lakshmi Education Loan Scheme depends on the concerned lender. As per the web search results, the loan can be up to INR 4 Lakh. The loan amount is determined based on factors such as the cost of education, the applicant's academic background, the reputation of the institution, and other relevant factors.
The Vidya Lakshmi Education Loan Scheme is a single-form application process that allows students to apply for an education loan from multiple banks and schemes. Thirty-nine banks and 130 loan schemes form the core of this project. However, the particular bank that gives the loan depends on the eligibility criteria laid down by the lender and the applicant's financial requirements.
It is impossible to determine which bank approves an education loan easily as it depends on various factors such as the applicant's creditworthiness, academic background, and financial requirements. However, students can use the Vidya Lakshmi portal, which all banks and schemes accept, to apply for an education loan. Researching and comparing the loan schemes and interest rates offered by various lenders before making a final decision is advisable.
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