PM Vidya Lakshmi Portal : Registration, Login, Eligibility, Interest Rate

The PM Vidyalakshmi Portal is a central government scheme provide collateral free education loans to meritorious students pursuing higher studies. This national portal has brought all major education loan schemes offered by different financial institutions.

Under this portal, students can choose to apply to up to 3 banks from 41 registered banks for an education loan across India.

What is PM Vidya Lakshmi Portal?

The PM Vidya Lakshmi portal is a government initiative for students to access education loans and scholarships by the financial institutions. The main objective of the PM Vidyalaxmi Scheme is to provide guarantor-free, collateral-free loans.

Eligibility

The Eligibility Criteria required to apply for an education loan through PM Vidya Lakshmi portal. Here is the Vidyalakshmi education loan eligibility:

• The applicant should be an Indian citizen.
• Completed 10+2 level schooling or equivalent with a minimum 50% aggregate marks
• Secured admission to the chosen institute via merit or entrance exam
• Annual family income between INR 4-5 lakhs

In addition to the Vidyalakshmi loan eligibility, specific eligibility norms may vary as per respective partner financial institutions’ policies.

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Documents required for Vidya Lakshmi Education Loans

The list of documents required under the PM Vidya laxmi Portal will be provided on the PM Vidyalaxmi Scheme.

• Identity proof like Aadhaar Card, PAN Card, Passport
• Age proof that includes Birth Certificate, 10th Pass Certificate
• Academic credentials like marksheets, Admission letters, and fee structure
• Income proof in the form of IT Returns, Salary Slips, Assets Proof
• Bank statements.

How to Use the PM-Vidya Lakshmi Portal?

• Visit the PM-Vidya Lakshmi website.
• Locate the “Create an account” option in the top right corner.
• Register on the portal by using a login ID and password.
• Two separate OTPs will be sent to you on your mobile number and email id. Enter both the OTP on their respective cell and click “submit”. 
• Now, click on the ‘Login’ option located at the top right corner of the page and select ‘Students Login‘.
• Enter the login credentials you created during the PM-Vidya Lakshmi registration process.
• Once logged in, you will be directed to the PM-Vidya Lakshmi dashboard.

How to apply for a Vidyalakshmi education loan

The pm vidya lakshmi portal application process will open through online. Here is how to apply for a Vidyalakshmi education loan:

• Visit the Vidya Lakshmi Portal and register
• Log in using your credentials
• Search for relevant loan schemes based on amount, interest rates etc.
• Shortlist 2-3 suitable loan products and apply
• Submit duly filled Common Education Loan Application Form (CELAF)
• Upload necessary KYC and income documents
• Share additional documents if requested by the lender
• Track application status online on a real-time basis

Vidya Lakshmi Portal education loan is a great tool, but only if you use it correctly. This will ensure that over 22 lakh students annually have access to loans and interest subsidies.

List of Banks in the Vidya Lakshmi Portal

Here is the list of banks and schemes where you can apply through the Vidya Lakshmi education loan portal.

1. The State Bank of India

• SBI Student Loan scheme
• SBI Global Ed-Vantage scheme
• SBI Scholar loan scheme
• SBI Skill loan scheme

2. Bank of Baroda

• Baroda Gyan
• Baroda Scholar
• Baroda education loan to students of premier institutions
• Baroda Vidya
• Baroda education loan for executive development programs (India)
• Baroda education loan for executive development programs (Abroad)
• Skill loan scheme

3. Canara Bank

• IBA’s Model Education Loan Scheme for Study in India and Abroad
• IBA skill loan scheme

4. ICICI Bank Education loan

• Education Loan for Study in India 
• Education Loan for Abroad Studies

5. Axis Bank Education Loan Scheme

• Education Loan for Study in India 
• Education Loan for Abroad Studies

6. The Punjab National Bank

• PNB Kaushal
• PNB Saraswati
• PNB Pratibha
• PNB Udaan

7. HDFC Bank Education Loan

• Education Loan for Study in India 
• Education Loan for Abroad Studies

8. IDBI Bank

• Education Loan for Vocational Courses
• Education Loan Scheme for Other Management Quota Students
• Education Loans for students studying in Premier Education Institutes
• Education Loan for Courses offered by the ICAI
• Education Loan for Special Courses
• Education Loan to Physically Challenged Persons under the NHFDC scheme
• Education Loan for Non-Vocational Courses

9. Federal Bank

• Federal Special Vidya Loan Scheme
• FED Scholars

10. Kotak Mahindra Bank Education loans

• Education Loan for Study in India 
• Education Loan for Abroad Studies

The PM Vidyalaxmi Scheme will maximise access to quality higher education. Under this scheme, students are provided with education loans of up to 7.5 lacs without requiring any collateral.

Frequently Asked Questions