Candidates who are looking for an education loan need to apply for it through the Vidya lakshmi portal. It is an initiative of the Government of India and the online portal operates under the Department of Financial Services,(Ministry of Finance),Department of Higher Education (Ministry of Education)and Indian Banks Association(IBA). It has been developed and maintained by Protean E Gov Technologies Limited (Formerly NSDL E Governance Infrastructure Limited).
Why this portal?
Vidyalakshmi portal makes the education loan process smooth and easy. It’s a single window user interface where students can not only find detailed and updated information on banks providing educational loans but also complete the application process required when applying for loans as per the Banks and Govt Scholarships guidelines.
Features of the portal:
- Information on educational loan schemes offered by banks
- Common application form for students to apply for educational loans
- Single application to apply to multiple banks
- Banks can download students’ loan applications
- Banks can update the loan processing status
- Students can email grievances or queries to banks
- Link to the National Scholarship Portal for government scholarship information and applications
Vidyalakshmi Portal Education Loan Eligibility Criteria:
When applying for an education loan, there are certain eligibility criteria that students must meet. They are as follows:
- Candidates must be an Indian citizen.
- They must pass 10 + 2 or similar with a minimum score of 50% marks.
- Candidates can apply for loan to pursue regular, graduation, and post graduation courses as well as diploma courses that are approved by UGC, AICTE, IMC, or Government.
- The annual parents of income must be Rs 4-5 LPA.
Vidyalakshmi Portal Application Process 2025
The educational loan application process is as follows:
Step 1: Register on Vidya Lakshmi Portal
Go to the Vidya Lakshmi portal and complete the registration process by providing your details to create an account.
Step 2: Login to Your Account
Use your registered email and password for Vidyalakshmi portal login.
Step 3: Fill Out the Common Educational Loan Application Form (CELAF)
After logging in, complete the CELAF by entering all the required information.
Step 4: Search and Apply for an Educational Loan
You can search for various educational loan options and select the one that best suits your needs, eligibility, and convenience. Alternatively, you can browse loan options and apply directly by filling out the CELAF.
Step 5: Apply to Multiple Banks
Using the CELAF, you can apply to up to three banks through the portal.
Step 6: Track Application Status
Banks will update the loan application status on the portal. You can view the latest status of your application on your dashboard.
What is CELAF?
The Common Educational Loan Application Form is the Vidya Lakshmi portal application form which candidates need to fill in at the time of applying for loan. The form is prescribed by Indian Banks Association (IBA) and accepted by all banks.
Documents Required When Applying Through Vidya Lakshmi Portal
- Aadhar card or any official ID proof
- Marksheets (10th, 12th, graduation or any other qualifying exam)
- Passport-size photo
- College Acceptance Letter
- Candidates/Parents Bank Account Details
- Course Fee Structure
- Income-proof of parents/guardians.
Bank Loan Schemes 2025
Candidates can have a look at the vidya lakshmi education loan interest rate along with the banks and loan scheme in the table below:
| Bank Name | Loan Scheme | Interest Rate |
| State Bank of India | SBI student loan Scheme,SBI Skill Loan Scheme,SBI Scholar Loan Scheme | 8.15%PA-11.15% |
| Punjab National Bank | CSIS Scheme,Padho Pardesh,PNB Kaushal ,Concessional Education Loans to pwds,Credit Guarantee Fund Scheme for Skill Development,Credit Guarantee Fund Scheme | For amount exceeding INR 7.5 Lakhs,Interest is MCLR+2.60% |
| Union Bank of India | CSIS Scheme,padho pardesh Skill Loan Scheme Credit Guarantee Fund Scheme ,Credit Guarantee Fund Scheme for Education Loans | Upto INR 4 Lakhs: 11.85%,From INR 4-7.5 Lakhs:11.60% ,Above INR 7.5 Lakhs:10.70%Upto INR 7.50 Lakhs 10.55%,Above INR 7.50 Lakhs:10.80% |
| Bank of Baroda | CSIS Scheme,Padho Pradesh,Baroda Education Loan for Vocational Education and Training,National Skill Certification and Monetary Reward Scheme | 5% Margin is charged for loan above INR 4 lakhs |
| HDFC Bank | CSIS Scheme,Padho Pardesh,Model Loan Scheme for Vocational Education and Training | 12.10% Floating rate |
| ICICI Bank | NA | Above upto INR 4 Lakhs:13.6%,Above inr 4 Lakhs:14.6% |
| Bank of India | Padho Pardesh,Central Scheme for Interest Subsidy | Upto INR 7.5 Lakhs:1 Year mclr+1.70%,Above INR 7.5 Lakhs:1 Year MCLR +2.50% |
| Axis Bank | CSIS Scheme | Upto 4 Lakhs: 16.50%,Upto 7.5 Lakhs:-17.50,Above 7.5 Lakhs:15.50% |
| Canara Bank | CSIS Scheme,Padho Pardesh,Model Loan Scheme for Vocational Education and Training,Vidya Sahay,Vidya Turant | Upto INR 7.5% Lakhs:10.70%,Above INR 7.5 Lakhs:10.50% |
| Allahabad Bank | AB Vocational Loan ,GyanDipika | For IIMs,ISBs,and XLRI:base rate+1.50%,For IITs,BITS,and other premier institutes:base rate+2.0%,For NITs and other reputed institutes:base rate+2.5%.For other colleges:base rate+3% |
| HDFC Credila | Gyan Dhan | 10.25% |
| IDBI Bank | CSIS Scheme,Padho Pardesh,Skill Loan Scheme,Udaan-Unique Saving Cum Education Loan | Upto INR 10 Lakhs:1 year MCLR+0.85%,Above INR 10 Lakhs :1 Year MCLR+1.45% |
| Indian Overseas Bank | ||
| UCO Bank | CSIS Scheme,Padho Pardesh,Skill Loan Scheme | Upto INR 7.5 Lakhs:1 year MCLR+2.00%,Above INR 7.5 Lakhs:1 Year MCLR+2.40% |
| Kotak Mahindra Bank | National Skill Certification and Monetary Reward Scheme,Skill Loan Scheme | Upto INR 7.5 Lakhs:11.50% to 24%,Above INR 7.5 Lakhs,the ROI is 15.75% |
| RBL Bank | NA | Upto INR 4 Lakhs:15.15% From INR 4 to 7.50 Lakhs:16.15%,Above INR 7.50 Lakhs:14.15% |
| Central Bank | CSIS Scheme,Padho Pardesh,Skill Loan Scheme | Male Students:1 Year MCLR+2.00% Female Students and SC/ST community :1 Year MCLR +1.50% For IIT students :1 Year MCLR+1.50% |
FAQs
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Which bank is best for a Vidyalakshmi loan?
Through the Vidya Lakshmi portal, 37 banks offer loans to students who are in search of education loans provided they meet the basic eligibility criteria. The bank that will be most suited will depend on multiple factors like students parental income, loan amount, interest rate as well as repayment period.
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Is Vidya Lakshmi education loan good?
Yes, it is a trusted portal as it is supported by the Government of India. Not only that, the Indian government also guarantees to repay the amount of those students who took a loan of Rs 7.5 Lakhs to study in India, in case of failure to make the repayment.
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Who is eligible for Vidya Lakshmi education loan?
Students who are an Indian citizen and has passed their 10 + 2 with 50% marks or above can apply for Vidya Lakshmi education loan. The parental income is also considered.
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What is the interest rate of Vidya Lakshmi?
The interest of Vidya Lakshmi education loan varies from bank to bank. The interest rate usually starts from 8.15% and can go upto 15%. You can apply loan to three banks through the portal.
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How many days will take for Vidyalakshmi loan?
The processing time for an education loan upto 7.5 lakhs usually takes 15 days. However, it is important that students connect with banks frequently and complete the loan process within two weeks.
