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Date: December 07,2024.

Education Loan from Banks for Studies in India and Abroad.

No student desiring to pursue higher education is denied the opportunity if he/ she is financially poor. Lack of funds should not be the reason for not pursuing higher studies.With the support from Government and Banks even students from poor and middle class families can pursue higher studies.

Government and Banks offer loans to pursue higher studies.
Hear we give you details on education loans offered by Banks.

Indian Banks' Association circulated among banks a
"MODEL EDUCATIONAL LOAN SCHEME FOR PURSUING HIGHER EDUCATION IN INDIA AND ABROAD.
It gives a broad parameter for banks to formulate their own "Educational Loan Schemes". Know all about
  • Student eligibility to obtain education loan
  • Loan amount eligible,
  • Expenses considered for the loan ,
  • Courses covered,
  • Rate of interest,
  • Repayment holiday and repayment period,
  • Eligibility for interest concession etc
  • Read more "Model Educational Loan Scheme".



    • Vidya Lakshmi -A portal to apply Education Loan online

    Vidya Lakshmi is a first of its kind 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 Education) and Indian Banks Association (IBA).

    Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal.

    Excerpts :
  • Multiple accounts by student is not allowed in Vidya Lakshmi portal. Student can register only once on Vidya Lakshmi Portal.
  • Vidya Lakshmi Portal provides single window for Students to access information and make application for Educational Loans provided by Banks and Govt Scholarships.
  • It has the following features:
  • Information about Educational Loan Schemes of Banks
  • Common Educational Loan Application Form for Students
  • 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
  • Linkage to National Scholarship Portal for information and application for Govt Scholarships

    The applicant must register and login to Vidya Lakshmi portal and then fill-up the Common Education Loan Application Form (CELAF) by providing all the necessary details.

    After filling the form, the applicant can search for Educational Loan and APPLY as per his/her needs, eligibility and convenience.
    Alternatively, the applicant can also search for Educational Loan after login and apply for the suitable Educational Loan by filling the CELAF.

    The Common Educational Loan Application Form is the single form which students can fill to apply for Educational Loan to multiple banks / schemes. CELAF is the application form prescribed by Indian Banks Association (IBA) and accepted by all banks. This form is provided on Vidya Lakshmi portal to apply for Educational loan.

    The Bank will update the status of the application on Vidya Lakshmi portal. Students can view the status of the application on the applicant's dashboard on the portal.

    A student can apply to a maximum of three Banks through Vidya Lakshmi portal using CELAF.

    Read more

    Useful Links

    SBI Student Loan.

    PNB-Education Loan Scheme - PNB PM Cares

    HDFC Bank - Education Loan.

    ICICI Bank Education Loan

    Department of Financial Services, Ministry of Finance.

    Indian Banks' Association.

    National Institutional Ranking Framework-to know the ranking of Institutions / Colleges

    CENTRAL SECTOR INTEREST SUBSIDY SCHEME, 2009 (As Revised - Applicable for loans taken w.e.f. 01.04.2018)

    Dr. Ambedkar Scheme of Interest Subsidy on Educational Loan for Overseas Studies for OBCs & EBCs

    Department of Higher Education-Scholarships & Education Loan

    Note:
  • The rules,regulations ,eligibility are subject to change.
  • The information given are for personal use only.
  • The information given are collected from various sources available to the public. We can't guarantee the authenticity of the informations provided.
  • Before taking any action , verify the updated information from the concerned institutions.