Vidya Lakshmi is a first of its kind portal for students seeking Education Loan. This portal has been developed under the guidance of Department of Financial Services, (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA).
Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal. The portal also provides linkages to National Scholarship Portal.
Vidya Lakshmi Portal provides single window for Students to access information and make application for Educational Loans provided by Banks and Govt Scholarships.
The applicant must register and login to Vidya Lakshmi 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.
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 Vidya Lakshmi portal to apply for Educational loan.
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.
Approved Educational Loan of an applicant will be disbursed directly by the bank outside the Vidya Lakshmi Portal.
A student can apply to a maximum of three Banks through Vidya Lakshmi portal using CELAF.
So far, 13 banks have registered 22 educational loan schemes on the Vidya Lakshmi Portal and five banks have integrated their system with the portal.
The portal also has facility for banks to upload loan processing status, facility for students to email grievances/queries relating to educational loans, dashboard facility for students to view status of their loan application and linkage to National Scholarship Portal for information and application for government scholarships.
Vidya Lakshmi Loan Scheme
To extend financial assistance to deserving/meritorious students for pursuing higher education in India and abroad
Quantum of Finance
- For studies in India: Maximum Rs. 10 lacs
- For studies Abroad: Maximum Rs. 20 lacs
- For Male Students:
- Upto Rs. 7.5 Lacs – 10.00% p.a. as on 01.01.2017*
- Above Rs. 7.5 lacs – 10.75% p.a. as on 01.01.2017*
- For Female Students:
- Upto Rs. 7.5 Lacs – 9.50% p.a. as on 01.01.2017*
- Above Rs. 7.5 lacs – 10.25% p.a. as on 01.01.2017*
1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration
Upto Rs. 7.50 lacs:
- No security
- Co-obligation of parents
Above Rs.7.50 lacs:
- Co-obligation of parents together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of instalments.
- The co-obligator should be parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/parents-in-law.
Eligible Courses – Studies in India
- Graduation courses: B.A., B.Com., B.Sc. etc.
- Post-graduation courses: Masters and Ph.D.
- Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Management, Computer, etc.
- Computer Certificate courses of reputed institutes accredited to Department of Electronics or Institutes affiliated to a university
- Courses like ICWA, CA, CFA, etc.
- Courses conducted by IIM, IIT, IISc, XLRI, NEFT, etc.
- Other courses leading to diploma, degree etc. conducted by colleges, universities approved by UGC/Government/AICTE/AIBMS/ICMR etc.
- Courses offered by National Institutes and other reputed private institutions.
- Regular Degree/Diploma courses like Aeronautical, Shipping, Pilot training etc., approved by Director General of Civil Aviation/Shipping. (if the course is pursued abroad, the Institute should be recognized by the competent local aviation/shipping authority)
- Courses approved by LHO from their area of operation depending on future prospects/recognition of institute
- Vocational Training and skill development courses are not covered under this scheme. A separate scheme ‘SBI Skill Loan Scheme’ has been launched by Bank.
Eligible Courses – Studies in Abroad
- Graduation: For job oriented professional/ Technical courses offered by reputed universities.
- Post-graduation: MCA, MBA, MS etc. Job oriented professional/ technical Post Graduate Diploma courses offered by reputed universities
- Doctorate Programmes (Ph.D.) courses
- Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in USA etc.
- Should be an Indian National
- Secured admission to Professional/Technical courses through Entrance Test/Selection process after completion of HSC (10 plus 2 or equivalent)
- In cases, where there is no Entrance Test/ Merit based selection procedure, securing admission to a higher education course in a recognized institute may be considered.
- Students who have appeared in any Entrance Test, secured passing marks but could not get admission due to lower ranking and who opt to pursue the course under Management Quota in the same institution or another institution for reasons of convenience (proximity) or choice of course, will be eligible.
- Secured admission to foreign university/Institutions.
- No minimum qualifying marks stipulated in the last qualifying examination
- Loan proposals from students who have failed in the last qualifying examination including class XII and subsequently cleared, discontinued studies and resumed again may be considered after satisfying the reasons for the same.
- Fee payable to college/school/hostel.
- Examination/Library/Laboratory fee.
- Travel expenses/passage money for studies abroad.
- Purchase of books/equipments/instruments/uniforms/ computer at reasonable cost, if required for course completion and any other expense required to complete the course– like study tours, project work, thesis, etc. can be considered for loan subject to the condition that these should be capped at 20% of the total tuition fees payable for completion of the course.
- Caution deposit /building fund/refundable deposit supported by Institution bills/receipts the amount considered for loan should not exceed 10% of the tuition fees for the entire course.
- Cost of a two-wheeler upto Rs. 50,000 can be included in the expenses considered eligible for finance where the loan amount is secured by a suitable third party guarantee and/or tangible collateral security. Two-wheeler can be necessary in some cases where hostel and college are far apart.
- Premium of ‘RiNn Rakhsha’ (IRDA License No: UIN: 111N078V01): Finance for ‘RiNn Rakhsha’ will improve insurance-coverage of the loan.
Source: Times of India