All to Know about VidyaLakshmi Scheme

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VidyaLakshmi scheme
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What is Vidyalakshmi Scheme?

• Vidyalakshmi is a unique initiative that is
  undertaken by the collaboration of the Department
  of Higher Education, Department of Financial
  Services and Indian Banks Association. Students
  can approach 34 financial institutions through
  the Vidyalakshmi portal.
• The Vidyalakshmi portal is a first-of-its kind
  initiative, rolled out to aid students seeking
  education financing. This portal acts as a
  single-window electronic platform, helping you
  access education loans and scholarships offered
  via various institutions.

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• Vidyalakshmi scheme eligibility criteria
• Students need to be Indian citizens
• He/she should have already secured admission to a
  course in a particular university or college
  while applying for an education loan
• If a student intends to pursue a course in an
  overseas educational institution, one can only
  apply for a loan after securing admission.

To avail an education loan in India through the
Vidyalakshmi scheme, you first need to get
registered on the Vidyalakshmi portal.
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Steps to Register on the Vidyalakshmi Portal
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Features of the Vidyalakshmi Portal

• This portal contains details of around 96 types
  of education loan schemes as best part of
  Vidyalakshmi Scheme Features.
• Students can conduct a comparative study of the
  financing options to select the best one.
• It brings one common Vidyalakshmi loan
  application form, which can be used to apply for
  multiple education loans and scholarship schemes.
• A maximum of 3 financial institutions can be
  approached via a single CELAF (application form).
• Both financial institutions and students can use
  the dashboard to upload and download their
  application details.
• Eligible students can apply for an education loan
  the second time under certain terms and
  conditions.

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Benefits of Seeking Education Loan Courses
Covered Under this Scheme

• Regular diploma and degree courses such as
  shipping, pilot training, engineering, etc.
• Regular degree as well as diploma courses from
  IIM, IIT and other autonomous institutions.
• Central or State Government-approved nursing
  courses, teacher training courses, etc.
• Degree and diploma courses of professional and
  technical disciplines, post-graduate and graduate
  courses. These must be pursued from universities
  or colleges affiliated to UGC, AICTE, Govt., etc.

• No hidden charges due to the transparency
• No branch visit is required
• Zero involvement of loan agents

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