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.
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.
Online Platform: The scheme has an online portal where students can search, apply, and avail of education loans from various banks in India.
Multiple Banks: The scheme has partnered with numerous banks, including nationalised banks, private banks, and foreign banks, to provide student education loans.
Easy Application Process: The online portal provides an easy application process for students to apply for education loans. Students can fill out a single application form and apply to multiple banks.
Loan Amount: The scheme provides education loans ranging from Rs. 10,000 to Rs. 1.5 Crore depending upon the course and institute.
Interest Rate: The interest rate on education loans under this scheme is based on the bank’s norms and guidelines. The interest rate may vary from bank to bank and course to course.
Collateral-free Loans: Under this scheme, students can avail of education loans up to Rs. 7.5 lakhs without any collateral security or third-party guarantee.
Repayment: The loan repayment is based on the bank’s norms and guidelines. However, the repayment period may range from 5 to 15 years.
Moratorium Period: The scheme provides a moratorium period, which is the time when the student is not required to repay the loan. The moratorium period may range from 6 months to 1 year after the completion of the course.
Tax Benefits: The interest paid on education loans is eligible for tax benefits under section 80E of the Income Tax Act.
Navigate to the official portal of Vidya Lakshmi portal.
Click Register to create your account by filling in your basic details.
Accept the terms and conditions and click on ‘Submit.’
An activation link will be sent to your registered email ID. Click on it to activate your account.
Aadhaar Card or any other valid government ID proof
Passport-size photograph
Mark sheets or certificates of 10th, 12th, and graduation or qualifying examination
Admission letter or an offer letter from the educational institution
Fee structure of the course
Income proof of parents or guardians (Salary Slip, Income Tax Returns, etc.)
Bank account statement of the applicant or the co-applicant
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