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27 June 2023
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VidyaLakshmi
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Helping young Indians dream bigger by making educational loans more accessible
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Question
What are the features of VidyaLakshmi Portal?
Answer
VidyaLakshmi Portal provides single window for Students to access information and make application for Educational Loans provided by Banks and Govt Scholarships. It has the following features:
i. Information about Educational Loan Schemes of Banks
ii. Common Educational Loan Application Form for Students
iii. Apply to multiple Banks for Educational Loans
iv. Facility for Banks to download Students Loan Applications
v. Facility for Banks to upload loan processing status
vi. Facility for Students to email grievances/queries relating to Educational Loans to Banks
vii. Linkage to National Scholarship Portal for information and application for Govt Scholarships
i. Information about Educational Loan Schemes of Banks
ii. Common Educational Loan Application Form for Students
iii. Apply to multiple Banks for Educational Loans
iv. Facility for Banks to download Students Loan Applications
v. Facility for Banks to upload loan processing status
vi. Facility for Students to email grievances/queries relating to Educational Loans to Banks
vii. Linkage to National Scholarship Portal for information and application for Govt Scholarships
Question
How can I apply for Educational loan through VidyaLakshmi?
Answer
The applicant must register and login to VidyaLakshmi portal and then fill-up the Common Education Loan Application Form (CELAF) by providing all the necessary details. After filling the form, the applicant can search for Educational Loan and APPLY as per his/her needs, eligibility and convenience.
Alternatively, the applicant can also search for Educational Loan after login and apply for the suitable Educational Loan by filling the CELAF.
Alternatively, the applicant can also search for Educational Loan after login and apply for the suitable Educational Loan by filling the CELAF.
Question
What is Common Educational Loan Application Form (CELAF)?
Answer
The Common Educational Loan Application Form is the single form which students can fill to apply for Educational Loan to multiple banks / schemes. CELAF is the application form prescribed by Indian Banks Association (IBA) and accepted by all banks. This form is provided on VidyaLakshmi portal to apply for Educational loan.
Question
What is Sign up?
Answer
Students are required to complete sign up process to register on VidyaLakshmi portal. Only Students who have completed "Sign up" / "Registration" process can apply for educational loan through VidyaLakshmi portal.
Question
What if I forget password of my Login ID?
Answer
You can click on Forgot password option provided on the Login page of Vidya Lakshmi portal and you will be asked to provide your registered e-mail address. Vidya Lakshmi portal will send a system generated password through an e-mail.
Question
How will I know once Education Loan is approved?
Answer
The Bank will update the status of the application on Vidya Lakshmi portal. Students can view the status of the application on the applicant's dashboard on the portal.
Question
Why is my loan application rejected?
Answer
You may not be eligible as per the norms laid down by the selected banks. Please contact the selected banks for more details.
Question
What is on hold status of Loan application?
Answer
The Bank will mark the loan application status to on hold when the bank requires some further information or documents to be submitted by the student. The requirement will be indicated in the Remarks column and Student can check the same in the dashboard.
Question
How is the money/educational loan disbursed?
Answer
Approved Educational Loan of an applicant will be disbursed directly by the bank outside the Vidya Lakshmi Portal. To know more, contact the bank you have selected.
Question
Which are the banks I can apply for Educational loan through Vidya Lakshmi portal?
Answer
To view the list of registered banks on Vidya Lakshmi, Please see at the bottom of Home page.
Question
How many applications for Educational Loan can be submitted by a student?
Answer
A student can apply to a maximum of three banks through Vidya Lakshmi portal using CELAF.
Question
How can I reapply for the Education Loan?
Answer
To Edit the Loan Application Form and Reapply to the same scheme again, request all applied banks to Close/Reject your applications on Vidya Lakshmi. Once all applications gets Closed/Rejected, 'Reapply for New Loan Scheme' option would get enabled in Loan Application Form tab.
Question
I am unable to view the PDF files?
Answer
Click here to download Acrobat Reader
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Testimonials
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Protean (earlier NSDL) has always been a trusted partner for implementation of NPS in Railways. The efforts taken by your team along with railway officials in conducting meetings/training sessions for resolution of issues as the ground level have helped immensely in streamlining the processes in implementing NPS in Indian Railways
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Shri Sanjeev Sharma,
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OSD/Accounts, Railway Board under the Government of India
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The Server Integration Project has considerably reduced manual work and we look forward to integrating all facilities/modules of NPS such that a “hands free” NPS operating process is established with monitoring being the core activity of our officials.
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Nagalakshmi S V, KTS
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Joint Director
NPS cell, Commissionerate of Treasuries
Bangalore, Karnataka
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Protean eGov Technologies Ltd. (Formerly NSDL e-Governance Infrastructure Ltd.), has been our steady partner in all aspects of NPS. I recollect our initial meetings and how with continuous support from their officials, we managed to improve NPS penetration.
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Shri. Dattadas Y. Karadkar
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Deputy Director,
State Record Keeping Agency,
DAT Office, Mumbai.
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What is Vidyalakshmi?
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VidyaLakshmi is a first of its kind portal for students seeking education Loan. It has been developed by Protean under the guidance of Department of Financial Services (Ministry of Finance), Department of Higher Education (Ministry of Education) and Indian Banks Association (IBA). Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal.
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Empowering the leaders of tomorrow
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The portal has been designed to make it simple and easy for aspiring students to move forward with their aspirations. The portal provides:
Content List
Information about educational loan schemes of banks
Common Educational Loan Application Form for students
Apply to multiple banks for educational loans
Facility for banks to download student loan applications
Facility for banks to upload loan processing status
Facility for students to email grievances/queries relating to educational loans to banks
Linkage to National Scholarship Portal for information and application for government scholarships
Path to avail subsidy related education loan scheme, through www.jansamarth.in
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Highlights
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Our aim is to ensure that no aspiring student misses out on higher education for lack of funds
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By providing a single-window access to search for government scholarships and loans available from banks
A single destination to view, apply and track the education loan applications to banks
In our quest to promote sustainable development through various innovative technology solutions, one of our areas of focus has been to bring about inclusivity in education
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Objectives
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Simplifying your educational journey
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The platform provides a common education loan application form for students and also facilitates access to banks to process applications made by students for education loans
Through VidyaLakshmi, students can also track their application status and also communicate online with banks. The system also allows monitoring and analysis of the portal by various stakeholders including Central Government
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Approach
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Enabling education for all
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Improving accessibility to education and skill financing through creation of efficient digital marketplaces
Enabling discovery of financial resources
Since the launch of the portal on August 15, 2015, the facility of online submission of education loan applications is available in respect of 40 banks which have registered 76 educational loan schemes on the VidyaLakshmi portal and more than 3.2 million students have registered on the portal, as of December 31, 2022
The portal facilitates tracking the loan right from application to sanction or otherwise
The portal provides information on educational loan schemes of various banks, application process, helps download loan applications and offers loan processing status, offers linkage to the national scholarship portal for information and application for government scholarships, and has a facility to email grievances/queries
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Solutions
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vidyalakshmi
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Frequently asked questions