Vidya Lakshmi Education Loan Portal & PM Vidyalakshmi Scheme
The Vidya Lakshmi portal, an initiative by the Government of India, offers a valuable solution for students looking for education loan options.
This user-friendly platform, supported by the Department of Financial Services, the Department of Higher Education, and the Indian Banks Association, gathers a wide range of loan choices from different banks, hence you can apply to multiple banks with a single application eliminating the need to search across multiple banks/websites.
What is Vidya Lakshmi Portal?
The Vidya Lakshmi Portal (VLP) is an online platform by the Government of India that helps students apply for education loans easily and in one place.
Developed by NSDL e-Governance in collaboration with the Department of Financial Services, Department of Higher Education, and the Indian Banks’ Association (IBA), the portal acts as a one-stop solution for students to:
- Compare loan schemes from multiple banks
- Apply online using a single form
- Track their loan application without visiting branches.
It is designed to simplify the education loan process for both domestic and international studies.
Features of Vidya Lakshmi Education Loan Portal
One of the biggest feature or you can call it a benefit is the Single Window Access. You can apply for education loans to multiple banks through one centralized platform i.e. Vidyalakshmi Portal. Let’s check out the other striking features:
Vidya Lakshmi Education Loan Interest Rates (2025 Updated)
Before discussing the interest rates on education loans, let’s understand an important term: MCLR.
Now, let’s see the Vidya Lakshmi Education Loan Interest Rates.
Vidya Lakshmi Education Loan Interest Rates Across Banks
This is a brief list of banks in Vidya Lakshmi portal. You can also Download List of Banks in PDF
Vidya Lakshmi Education Loan Interest Rates: Points to Remember
Here are a few points that you must take care while checking the interest rates and applying for Vidya Lakshmi Education loan:
1. Look for the most recent rates before applying because most student loan interest rates are MCLR-based.
2. Your course and school determine interest rates on student loans.
3. Subsidies for interest rates must be requested individually; they are only sometimes granted.
Get Education Loan 10X Faster than Banks.
Eligibility Criteria for Vidya Lakshmi Education Loan
Want to be sure if your college is eligible for the Vidya Lakshmi Scheme? Do check out this Vidya Lakshmi Portal college list.
Documents Required for Vidya Lakshmi Education Loan
The following documents are required to get a Vidya lakshmi Education loan:
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Do check out the list of documents required to apply for education loan.
Education loan - 2 Days Approval. 3 Steps Process. 4 Documents Required
How to Apply for an Education Loan on the Vidya Lakshmi Portal (Step-by-Step Guide)
The Vidya Lakshmi Portal allows students to apply for education loans online from multiple banks in one place in a super convenient manner. Let’s walk you through the complete application journey, from registration to cancellation.
How to Cancel an Education Loan Application?
If you wish to withdraw your loan request:
- Log in to the portal.
- Locate the loan application under ‘My Applications’.
- Click on ‘Cancel/Withdraw’ next to the relevant bank.
- Confirm the action and ensure you receive cancellation confirmation.
How to Edit an Existing Education Loan Application?
You can edit your application only before final submission:
- Log in and go to ‘My Applications’.
- Click on the ‘Edit’ button next to the application.
- Update the required fields.
- Double-check the new information and click ‘Save Changes’.
Important Notes During Registration
- Use the exact student name as on your Class 10 marksheet.
- A valid mobile number is required (can be yours or your guardian’s).
- Email ID cannot be changed later — use one you actively monitor.
- Keep scanned copies of all documents handy.
How to Apply on Vidya Lakshmi Education Loan Portal- A Walkthrough Manual
Looks like a complex task? Do check out our step by step manual below on How to Apply for Vidya Lakshmi Education Loan where we have given a simplified walkthrough of the complete process.
What is the Processing Time for Vidya Lakshmi Loan?
The processing time for a Vidya Lakshmi Education Loan varies based on loan amount, study location, and documentation:
1. Domestic – Up to ₹7.5 lakh
- Processing Time: ~15 working days
- Note: Application may be rejected if bank queries are not answered on time.
2. Domestic – Above ₹7.5 lakh
- Processing Time: Up to 30 working days
- Note: Higher scrutiny applies due to the larger loan amount.
3. International Studies
- Typical Loan Amount: Usually above ₹7.5 lakh
- Processing Time: Up to 30 working days
- Note: Requires additional documents like admission letter, visa copy, etc.
How to Get my Vidya Lakshmi Application Processed Faster?
- Fill your form correctly with utmost care.
- Contact your bank if you haven't received any correspondence within a few days after applying.
- Keep a check on any communication received from the bank and respond immediately with the details or documents as required.
- In case the application is on hold, clear the requirements immediately.
Banks Listed on the Vidya Lakshmi Portal
This is a list of banks that are registered on the Vidya Laxmi portal. These banks offer education loans, which students can apply for.
Got Rejected for Vidya Lakshmi Education loan?
If your application for an education loan from Vidya Lakshmi didn't go through, don't worry! Here is what you can do:
Explore other Banks on the Portal
Check out the loan schemes offered by other banks on the portal. There are as many as 44 other banks and programs you can check out. Check out the complete features, interest rates, repayment terms and other details to find the best suited deal. Submit your application to another bank.
Explore NBFCs
Alternatively, you can also check out the loan schemes offered by NBFCs like Propelld that offer student-first education loan options with:
- Quick Approval: Get your loan approved in as fast as 7 days.
- Academics based Approvals: Strong academic performance increases your chances of approval.
- Simpler Documentation: Fewer documents compared to traditional banks.
- Hassle-Free Process: Transparent terms and student-friendly policies.
Thus, you can secure education financing without the usual delays and stress, making it a great alternative to traditional bank loans.
Learn more about student loan rejection reasons and improve your financial profile.
Get Education Loan with Higher Chances of Approval
How to Reapply for Vidya Lakshmi Education Loan?
There can be numerous reasons that may get your application canceled. But that's not the end of the story, you can always reapply the loan. To do so, follow these steps:
Loan Closure Not Updated on Vidya Lakshmi Portal?
Vidya Lakshmi allows only one active application at a time. Until your previous loan is shown as closed, the portal will block new applications, which can delay your plans. Hence it is extremely important to get the loan closure updated on the portal.
Real Example:
A user on r/CATPreparation shared how even after closing a loan with SBI, their status was still marked as "active" on Vidya Lakshmi. This halted their reapplication process.
Let’s address this concern and know how to get the loan closure updated on Vidya Lakshmi Portal if not done automatically:
- Ask the bank to provide a written loan closure certificate.
- Raise a formal grievance by sending a mail to support@pmvidyalaxmi.co.in with supporting documents.
- Visit your bank branch and request them to update the closure status on the portal backend (they usually have access).
- You can also write to bank nodal officer or escalate via the RBI Banking if the issue isn’t resolved within a reasonable time.
- Keep records of all communication and responses to strengthen your case.
Expenses Covered by Vidya Lakshmi Education Loans
Vidya Lakshmi Education Loans cover a wide range of academic and study-related expenses, not just tuition fees. Here’s what’s included:
Vidya Lakshmi Portal College List
The Vidya Lakshmi Portal features 139 education loan schemes from 45 Indian banks. The list of approved colleges is based on the latest NIRF rankings, helping students find institutions eligible for loans easily.
Check out how to see the Vidya Lakshmi Portal College List on the portal. You can also download the Vidya Lakshmi Portal College list in pdf here.
Tax Benefits on Vidya Lakshmi Education Loan Interest Rate
How to Claim Income Tax Benefits on Vidya Lakshmi Education Loan Interest Under Section 80E?
There is no unique procedure for receiving a deduction for Interest paid on student loans. Individuals are the only entities eligible to get education loan tax benefits, corporations or businesses are not. The procedure is the same as for any other income tax deduction application. To claim this tax deduction, follow these quick steps:
PM Vidyalakshmi Education Loan Scheme
Launched on November 6, 2024, the Pradhan Mantri Vidyalakshmi (PM-Vidyalakshmi) Scheme is a central government initiative that helps ensure students aren't held back from higher education due to financial limitations.
Benefits of Vidya Lakshmi Education Loan Portal
One of the biggest benefits is access to a huge list of banks and lenders, including those offering government-backed loans, all at one place. You can even find education loan options for international studies.
One-Stop Loan Platform for Multiple Banks
Compare and apply for education loans from multiple banks in one place. No need to visit, apply and track your application with multiple banks.
Smarter Loan Comparison
View interest rates, loan tenures, eligibility, and offers from different lenders at one place to pick the loan that fits your needs best.
Apply Anytime, Anywhere
Forget long queues and physical paperwork. Just apply online in minutes, through a single application form. The Vidya Lakshmi Portal allows you to:
- Submit your loan application digitally
- Track your status in real-time
- Upload documents securely from your phone or computer
Simple & User-Friendly
The portal’s clean and easy interface ensures even first-time users can navigate, apply, and track loans without confusion.
Government-Backed Security
Loans up to ₹7.5 lakh for domestic studies may be covered under the government guarantee scheme, reducing repayment risk for students.
Tax & Scholarship Advantages
Interest paid on loans is eligible for tax deduction under Section 80E.The portal is also linked to the National Scholarship Portal, providing loan + scholarship access in one place.
Vidya Lakshmi Education Loan Portal brings everything a student needs into one place, from easy loan applications to access to multiple scholarships. While the Vidya Lakshmi Portal connects you to traditional banks, students seeking faster approvals or more flexible repayment plans can also explore trusted private lenders like Propelld.
- Tailored plans for all courses and colleges in India
- Faster disbursements with minimal documentation
- Ideal for those without a co-applicant or fixed income proof
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