Vidyalakshmi Portal

Vidyalakshmi Portal:

Education is essential for a complete and successful life. For many. The cost of education is increasing rapidly these days. In fact, the cost of studying at reputed institutions is already quite high. Therefore, it is obvious that students should get proper financial support to make their dream come true.

Today, the financial support is very much available in the form of education loan which is quite easy and convenient to avail specially in present day context where Vidyalakshmi Portal kind of facilitation has been extended by Government of India.

What is Vidyalakshmi Portal?

Vidyalakshmi Portal is  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). The portal has been developed and being maintained by NSDL e-Governance Infrastructure Limited. Students can apply, view and track their education loan applications to banks anytime from anywhere by accessing the portal. The portal also provides linkage to the National Scholarship Portal.

Benefits of Vidyalakshmi portal:

1. Centralised laon application form for all banks
2. No need to visit branch.
3. Faster processing and no agnet invlolve.

How to Register and apply:

1. Visit vidyalakshmi portal web site https://www.vidyalakshmi.co.in/

2. Click on the register option.

3. fill in the details and click on submit.

4. you will receive a confirmation email. click on the confirmation link in the mail you received. then       your account will be activated.

5. visit the website agian for login.

6. click on  login>student Login.

7. Enter your credentials and login.

8.  Fill in  the loan application form.

9.  in Search for loan  scheme tab, enter the location of education, Type of course and loan amount. 10. accordingly, list of all banks along with thier loan schemes will appear. There you can apply.

Salient Features of Education Loan Scheme:

(a) Collateral free loans upto Rs. 7.50 Lakhs under Credit Guarantee Fund Scheme for Education Loan (CGFSEL)

(b) No Margin / Nominal Margin for loan upto Rs. 7.50 Lakhs

(c) Repayment period upto 15 years

(d) One Year moratorium period for repayment after completion of studies

(e) Moratorium can be given two or three times during the life cycle of loan considering unemployment and under employment

(f) Simple interest for loan is calculated from the date of disbursement of loan upto the end of moratorium period i.e., course period plus one year.

(g) Students belonging to economically weaker sections, an interest subsidy scheme on education loans is in place. Under the scheme full interest subsidy is available during the period of moratorium on education loans upto Rs. 7.50 Lakhs disbursed on or after 1st April 2009

(h) Further, the model Educational Loan scheme of IBA provides for certain concession on educational loans which inter-alia includes: 1 % interest concession if interest is serviced during the study period and subsequent moratorium period prior to the commencement of the repayment; 0.5 % concession in the interest rate to the girl students and rebate in income tax to the extent of interest paid on education loan. 

Eligibility Criteria

The Student should be an Indian National and should have secured admission to a higher education course in a recognised institutions in India or abroad through Entrance test / merit based selection process after completion of HSC (10 plus 2 or equivalent). However, entrance test or selection purely based on marks obtained in qualifying examination may not be the criterion for admission to some of the courses or programmes.

Expenses Considered for Loan

Generally it includes

(a) Fees payable to the college, school and hostel

(b) Fee for laboratory, library and examination as well

(c) Expenses on purchase of books, equipment, uniform, laptop and other expenses which are required to complete the course with certain restriction.

(d) Expenses on travel in India and abroad also

(e) Insurance premium for student borrower, if applicable

 Credit Guarantee Fund Scheme for Educational Loans Scheme (CGFSEL):

Credit Guarantee Fund Scheme for Education Loan (CGFSEL) has been launched by the Government of India to provide a guarantee for education loans up to Rs. 7.50 Lakhs without any collateral and a third-party guarantee with following terms and conditions:

(a) Credit Guarantee will be available for educational loans upto Rs. 7.50 Lakhs

(b) Such Loans should conform to the “IBA Model Education Loan Scheme for pursuing Higher Education in India and abroad”

(c) Annual Guarantee fee of 0.50 % p.a. of the outstanding loan amount will be borne by the borrower.

(d) Maximum interest rate to be charged by a Member Lending Institution should not exceed MCLR (1 year) plus 2.00%

(e) Guarantee cover would be available for 75% of the amount in default.