If you need Education Loan, Just fill these 3 steps: Here the answers of all questions

If you need Education Loan, Just fill these 3 steps
If you need Education Loan, Just fill these 3 steps

A fully IT based Student Financial Aid Authority has been proposed through the ‘Pradhan Mantri Vidya Lakshmi Karyakram‘, to administer and monitor Scholarship as well Educational Loan Schemes, with a view to enable all poor and middle class students to pursue higher education of their choice without any constraint of funds.

Vidya Lakshmi Portal is a first of its kind portal for students seeking Education Loan. It provides single window electronic platform for students to access information and prepares applications for Educational Loans and Government Scholarships.

How has Vidya Lakshmi, as a one-stop platform, been able to address issues of education loan seekers?
Vidya Lakshmi is one of its kind portal for students to apply for educational loans. Just by filling up a single common education loan application form, students can apply to 3 banks of his/her choice at one time, thus making the process applying of education loan application transparent, fast and hassle free.

What have been the figures so far in the number of students who availed the loans and total loans disbursed under the scheme?
Ever since Vidya Lakshmi portal was announced operational in August 2015, a large number of students have availed this facility. Also students continue to apply to the banks directly and banks have been uploading their data on the portal, So far, 4.69 lacs student’s loan data reside on the portal since inception.

Pradhan Mantri Vidya Lakshmi Karyakram'
Pradhan Mantri Vidya Lakshmi Karyakram’

What difference has Vidya Lakshmi made, in the current market of education loan?
Earlier the student needed to visit a bank to bank to apply for Education loan. The process involved a lot of paper work. With Vidya Lakshmi, the process of Education loan application has become online thus it involves lesser paper work. The student can also send any grievances directly to bank in which he/she has applied for education loan online through the portal.

Which courses and institutes the loan seekers are applying for and availing the loans the most?
Courses like engineering, medical and management have high percentage in loan seekers.

Is there any relaxation in interest rates, loan seekers get through this scheme? If no, how beneficial is the scheme?
Interest rates vary from bank to bank and depend on the loan scheme. A student can opt for any scheme of any bank of his choice.

What are the norms for defaulters?

Vidya Lakshmi Portal (VLP) provides a platform wherein students apply for loans to their preferred bank and bank processes and disburses the loan. Each Bank has its own set of norms for dealing with defaulters.

How much time does it take to approve and sanction the loan?
As per the IBA guidelines, loan should be processed within 15 days of receipt of duly completed application form with supporting documents and sanction/rejection should be communicated to the applicant.

In terms of number of applications received, which Indian state is ahead and which is behind?
Students who have applied for educational loans are most from Tamil Nadu. Lesser number of applications is seen from states like Arunachal Pradesh, Sikkim and Nagaland.

What steps are you planning to increase the reach of the portal?
We are conducting several awareness campaigns through social media, targeting student community and making them aware about the Vidya Lakshmi portal. We also have created brand video explaining the process of applying loan via Vidya Lakshmi in simple steps.

Has it benefited students in rural areas?
Through Vidya Lakshmi any student from the remotest part of the country can apply to Education Loan, as the process of applying for education loan is completely online.  Accessible education has been an endeavor of NSDL eGov , thus we started one more project to  bridge the gap education funding  called Vidyasaarathi. Through Vidyasaarathi students can apply for scholarships funded by corporates as a part of their CSR initiative.


  • Name – Please enter student name as mentioned on 10th standard mark sheet or the mark sheet attached with your loan application.
  • Mobile Number – Enter a valid mobile number. Student can provide mobile number of parent/guardian.
  • Email ID – Enter a valid email ID. Email ID is not allowed to be changed later. All necessary communications will be sent on this email ID.

Various other unique measures have been taken to augment the quality and reach of education:

  • Pandit Madan Mohan Malviya Mission‘ for Teacher Training has been launched to enhance the quality of teaching.
  • Global Initiative of Academic Network (GIAN) has been initiated to invite eminent faculty, scientists, and entrepreneurs from premier educational and scientific institutions across the world to teach in the higher educational institutions in the country during summer and winter breaks with a view to give international exposure to Indian students.
  • SWAYAM will leverage Massive Open Online Courses (MOOCs) to enable online education.
  • National e-Library will facilitate universal access to educational material and knowledge sources.
  • ShalaDarpan is a mobile technology to ensure that parents are connected to schools, enabling them to monitor the progress of their children.


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