The Vidya Lakshmi Scheme offers an educational loan for students who wish to continue with their higher education in India or foreign countries. The scheme was initiated in 2015 by the Indian government to help students who have a dream of pursuing a degree abroad, and these funds will have various benefits that will help the students repay with ease. The loan amount can be applied for, and the stats of the applicants can be checked through the online portal of Vidya Lakshmi.
The portal of Vijaya Lakshmi consists of various information, among them the information regarding the educational loans of more than 139 schemes that were offered by 45 banks in India. There are various departments in the Indian government that have worked on the development of this portal, such as the Finance Ministry of India, the Higher Education Department, and the Association of Indian Banks. They worked hard to provide the loan amount to the students who want to pursue a higher education, which may be within the country or a foreign country. This article covers distinct details about the Vidya Lakshmi portal’s benefits, application process, eligibility criteria, and various other important details.
Overview of Vidya Lakshmi Scheme
The primary objective of the scheme for which it has been launched is to help students who wish to seek higher education from a recognized institution within India or abroad. Having educational qualifications by studying abroad is considered a dream for many Indians, and they work hard for it by preparing for various exams. To assist them with their interest in seeking higher education. There are 139 educational loans provided by 45 banks in India which can be found in the Vidya Lakshmi Portal. The students who are applying for the loan should repay the loan amount, for which a particular time period of 26 years will be provided. The overview of the Vidya Lakshmi scheme is discussed in detail.
| Name of the Scheme | Vidya Lakshmi Scheme |
| Launched by | The Government of India |
| Benefits of the scheme | Providing Loans to the students for Higher Education |
| Beneficiaries | Indian Students |
| Application Mode | Both Online and Offline |
| Date of Launch | August 15, 2015 |
| Location | All Over India |
| Helpline Number | 020-2567 8300 |
| Official Website | https://www.vidyalakshmi.co.in |
Benefits of the Vidya Lakshmi Scheme
The Vidya Lakshmi Portal has been in action since 2015, and it has helped a vast number of students succeed in their lives by having a good education in top institutions either within India or abroad. The portal provides the loan amount based on the students’ needs and they can apply for the loan amount through the official website of the portal or by visiting the office in person. There are various benefits obtained through the educational loan from the Vidya Lakshmi Scheme, and those benefits are discussed in detail as follows:
- The fundamental target of the Vidya Lakshmi Scheme is to provide educational loans for students who need to pursue higher education either within the country or in foreign countries.
- The loan amount can be applied by the students to three different banks simultaneously, and they can wait for approval from the banks.
- The Vidya Lakshmi Portal is of great use to the students who want to apply for the loan amount, as they can use this portal to apply or check their stats without being physically present in the bank.
- All the information regarding the available scheme, the eligibility criteria for the application process, and the banks that offer the schemes will be mentioned in the portal.
- If students are applying for the loan amount through the Vidya Lakshmi Portal, they don’t need to worry about the processing fee or any other hidden extra fee.
- The National Scholarship Portal can be accessed by students using the Vidya Lakshmi Portal.
- If the student who receives the loan amount is found to be financially struggling or having difficulties with the repayment of the loan, The government of India will pay the loan amount instead of the student.
Eligibility Criteria of Vidya Lakshmi Scheme
The eligibility criteria mentioned on the official website of the Vidya Lakshmi Scheme are discussed in detail, and the students who want to apply for the educational loan can go through below mentioned eligibility criteria and check whether they possess them. The criteria for eligibility are as follows:
- Students who are willing to apply for the educational loan should be citizens of India.
- They should have completed their 12th board exams.
- If the college in which students wish to apply for the entrance exam, that should be passed by the students, and the certificates regarding the merit list should be submitted.
- Students are given the liberty to obtain education either within India or in any foreign country.
Required Documents to be Submitted in Vidya Lakshmi Portal
There are certain documents that are mentioned on the official website that need to be submitted while applying for the educational loan and these documents are as follows:
- Aadhaar Card
- Birth Certificate
- Marksheet of 10th and 12th grades
- Admission letter from the University or Institution
- Contact Number
- Income Certificate
- Recent Passport Size Photograph
Vidya Lakshmi Scheme Online Application Process
The scheme to avail of educational loans can be applied online by visiting the official website of the Vidya Lakshmi Scheme, and students can apply to 3 banks at the same time to get approval for the loan amount. The application process is discussed in detail to avoid any mistakes made while filling out the application form. Students who wish to avail of the educational loan can go through the following steps to apply for the loan with ease. The steps to fill out the form are as follows:
- Students who want to apply for an educational loan should start the process with the registration of a new account on the Vidya Lakshmi Portal.
- The registration form can be accessed by opening the website of Vidya Lakshmi Portal.
- The new user option available on the web page should be selected, and fill in the details accordingly as mentioned in the registration form and submit the registration form.
- After the submission of the registration form, a mail will be sent to students’ email to verify, which should be clicked and the registration process will be completed by providing the essential credentials used for the application process.
- Students should locate the option mentioned as “Search and Apply for Loan” which should be selected, and choose where they are going to study within India or abroad.
- The application process proceeds with the selection of three banks, the duration of the repayment, and other details as mentioned in the application form.
- The certificates that support your academic qualifications and personal identity are required to be submitted and check whether all the details you have entered are correct.
- Students can submit the application form after completing all the above-mentioned steps.
Frequently Asked Questions (FAQs)
1) How many banks are available in the Vidya Lakshmi Portal?
Answer: A total of 45 banks are available.
2) How many banks can be applied to by the students?
Answer: Students can apply to three banks simultaneously.
