Aiming to simplify and haste free education loans Union Government has launched a web portal, vidyalakshmi.co.in, and five banks including SBI, IDBI Bank and Bank of India have integrated their system with the portal.
The portal has been developed and maintained by NSDL e-Governance Infrastructure Limited (NSDL e-Gov) under the guidance of Department of Financial Services in the Finance Ministry, Department of Higher Education, Ministry of Human Resource Development and Indian Banks Association (IBA).
Vidya Lakshmi Portal is a first of its kind portal providing single window for Students to access information and make application for Educational Loans provided by Banks as also Government Scholarships. The Portal has the following features:
• Information about Educational Loan Schemes of Banks;
• Common Educational Loan Application Form for Students;
• Facility to apply to multiple Banks for Educational Loans;
• Facility for Banks to download Students’ Loan Applications;
• Facility for Banks to upload loan processing status;
• Facility for Students to email grievances/queries relating to Educational
• Loans to Banks;
• Dashboard facility for Students to view status of their loan application and
• Linkage to National Scholarship Portal for information and application for
• Government Scholarships.
So far, 13 Banks have registered 22 Educational Loan Schemes on the Vidya Lakshmi Portal and 5 Banks viz; SBI, IDBI Bank, Bank of India, Canara Bank & Union Bank of India have integrated their system with the Portal for providing loan processing status to students. This initiative aims to bring on board all Banks providing Educational Loans. It is expected that students throughout the country will be benefited by this initiative of the Government by making available a single window for access to various Educational Loan Schemes of all Banks.