Step to apply for Education Loan through Vidya Lakshmi Portal


What is Vidya Lakshmi loan?

We all know how expensive and tedious taking a loan from a bank or a lender can be. On many occasions, you can be uncertain which financing source is optimal to your requirement, as there are so many options available.

To acknowledge this exact issue, during the budget speech of FY 2015-16, Shri Arun Jaitley our Union Finance Minister then announced the Vidya Lakshmi loan scheme that will be made available to the youth of India as an easy and accessible financing option. This will be in collaboration with the NSDL e-governance infrastructure that is responsible for our Tax Information Network, GST network, Central Recordkeeping Agency, etc. 

This Vidya Lakshmi portal will be one of its kind portals wherein eligible students will be able to apply for financing with three lenders under a single application form. Apart from the NSDL, other departments are providing their guidance as well such as the Department of Financial Services, Ministry of Finance, and Indian Banks Association.

What is the process of acquiring a loan via the Vidya Lakshmi scheme?

First and foremost, you will need to register yourself on the Vidya Lakshmi portal. Here are the steps to register yourself.

Step 1: Visit the portal at

Step 2: Click on register and set a user ID and a password

Step 3: Fill in the required details such as first name, last name, age, contact details, etc.

Step 4: Once registered, you will get a confirmation mail on your registered email ID

Step 5: Open your email and click on the confirmation link

Once you fill in the details and complete the registration along with its details you will need to re-login to finish the rest of the formalities for an education loan. You must fill a CLEAF form that is authorized by the Indian Banks Association.

  • You will find the Common Education Loan Form available on the Vidya Lakshmi portal with all the necessary details.
  • Upon filling in these details, you can look for a suitable education loan based on your eligibility and requirement.
  • You can check the status of your loan on the same portal anytime.

What are the eligibility criteria for the Vidya Lakshmi loan scheme?

Vidya Lakshmi loan scheme is a government-backed initiative that provides access to all the education loan-related information in a single portal that is managed by the NSDL, and students can access this by filling in a single CLEAF form and applying for a loan via multiple education-based lenders. There are a few eligibility criteria for students for procuring a Vidya Lakshmi scheme.

  1. Students must secure their admission by clearing the qualifying entrance examination for that specific course.
  2. Students must be residents of India.
  3. Relevant documentation like bank statements, KYC documents, mark sheets, and passing certificated and admission letter from the desired institute is required at the time of processing
  4. Students must secure at least 50% in HSC if the loan is required for graduation courses. In case the loan is required for post-graduation courses then a minimum of 50% is required in graduation.

Which courses are covered under the Vidya Lakshmi loan scheme?

  1. Standard courses like science, arts, and commerce are covered under the loan scheme.
  2. Standard courses such as hotel management, aviation, engineering, and other post-HSC graduation courses are covered.
  3. Central or State government courses are approved under the scheme.
  4. Courses that are technical and require specific courses that are being pursued from various affiliated colleges like UGC, AICTE, etc are covered.
  5. Reputable universities that are situated abroad and offer graduation courses like MBA, MCA, or other courses similar in nature are also covered under the scheme. Courses like Certified Public Accountant in the USA are covered as well.

What are the features of the Vidya Lakshmi loan scheme?

  1. Banks can directly download the student’s application form and review it.
  2. Banks are also able to upload the student’s loan application status directly to the portal and this will allow the students to review the status of the loan.
  3. A single CEFLA form is all that is required to be filled to process your loan.
  4. The portal brings all the banks into one place, and this enables the students to review and compare what the lenders may or may not be offering.
  5. You can apply to up to three different banks via a single form
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