Vidya Lakshmi Education Loan Portal

Registration on the Vidya Lakshmi Portal is the initial step to getting an education loan in India for students. This section provides the pass and steps for registration and login and makes sure the details being entered are correct so that there will not be any problems in the future. By adhering to these guidelines, the students can easily go through their registration process and be in a position to navigate through the features contained in the portal for completion of loan application forms and tracking of their status as well as profile management. Keep reading to learn more:

Guidelines for your registration process

1. Kindly double-check that the registration details provided are accurate. Because you can not change the details once you submit the registration form.
2. Ensure the password is entered in the specified format like (including both capital and small letter, special characters, numericals)  
3. For the "Name" field, kindly input the student's name in accordance with the 10th class marksheet or as indicated in the marksheet attached to your loan application.
4. When entering the mobile number, please provide a valid one. Students can use the mobile number of their parent/guardian if necessary.
5. For the "Email ID" field, please enter a valid email ID. Note that once entered, the email ID cannot be changed. All essential communications will be directed to this email ID.

 Steps for the registration process

• Step 1 - Begin by visiting the Vidya Lakshmi Website.
• Step 2 - Locate the ‘Register’ option at the top right corner of the website and click on it.
• Step 3 - Fill in the requested details, including your Name, Age, Date of Birth, Email ID, and Mobile Number.
• (Don't forget to read the Official Terms and Conditions! You can find them by clicking on the "website (click wrap) agreement terms & conditions" text at the bottom of the registration page.) 
• Step 4 - Once your details are filled in, click the Submit button.
• Step 5 - Confirm your registration by clicking on the link sent to your email. Keep in mind that the link is valid for 24 hours only.

And there you have it – your registration process is complete.

After completing your registration process you will be redirected to the main page of the Vidya Lakshmi portal. From there, you have to follow a few steps to “Vidya Lakshmi Portal Student Login” into your account. 

• Step 1 - Locate the “Login” options on the top right of the page. Click on it.
• Step 2 - Click on the Vidya Lakshmi portal “Student Login” option out of all three options.
• Step 3 - Enter the ‘Login Email ID’ and ‘Password’ that you have generated during the registration process and enter the Captcha Code shown in the text box below then click on the “Login Button”

After login into your account, you will come across various options, let's first understand what all those options are and what are their purposes:

• Loan application form: This option allows you to fill out the common education loan application form (CELAF) that can be used to apply for education loans in multiple banks. The form requires you to provide information about your details, educational qualifications, and the course you wish to pursue.
• Search & apply for loan schemes: This option enables you to search for and apply to various education loan schemes offered by different banks. You can filter the schemes based on the bank, interest rate, loan amount, and other criteria.
• Application status: This option allows you to track the status of your education loan application(s). You can check whether your application has been approved, rejected, or is still under review.
• Grievance: This option enables you to raise any grievances or queries related to educational loans to banks. You can use this option to report any issues you face during the loan application process.
• Edit profile: This option allows you to edit your profile information such as name, email, phone number, etc. You can use this option to update your contact information or other details.
• Change password: This option allows you to change your password. You can use this option to update your password if you feel that your account has been compromised or if you want to change your password for any other reason.

What to do if you are Unable to log in your account

If in case your account is not activated, you can follow these simple steps to reactivate your account.

• Step 1 - Check out the Student Login Page again.
• Step 2 - Below the Login Button, click on the link ‘Resend Activation Link’.
• Step 3 - Type in your registration email address in the ‘User ID’ box.
• Step 4 - Click the button ‘Send Activation Link’.
• Step 5 - You'll receive an email from Vidya Lakshmi Portal in your registered email inbox.

*Follow the instructions in that email to reactivate your account.*

This is the most important step of the complete application process where you have to be fully focused and informed before filling out the Common Education Loan Application Form (CELAF). Once you input any wrong or incomplete information and submit it, you will have no option to edit it again for months. So, pay attention and read all the instructions carefully then only proceed with your loan application.

After logging into your account search for ‘Loan application form’  there you will see 6 steps. You have to fill in the details one by one. So let's start and understand requirements of every step in detail:

Step 1 - Basic Information:

1. Answer three questions:
   
   1. Are you pursuing higher studies in India?
   2. Is your parental income more than INR 4,50,000?
   3. Have you been admitted to an NAAC/NBA-accredited university?

Note: For applicants seeking education in abroad, parental income limit and NAAC/NBA accreditation questions are not applicable.

Step 2 - Personal Information:

1. Provide details for yourself and your parents/husband.
2. Submit basic personal data, contact details, Address, parental income, PAN number, academic score in the last qualifying exam, academic qualification.

Step 3 - Present Banker Details:

1. Enter details of the bank handling your current transactions.
2. Answer questions about IFSC code, account details, any liability with the bank, and any relationship with the present bank’s or any other bank’s chairman/director/employee.

Step 4 - Course Details:

1. Indicate whether admitted in merit quota or management quota in the drop down.
2. Specify the course and institution's name, along with starting and ending dates of the course.

Step 5 - Cost of Finance Details:

While filling the cost details, you should keep in mind that you are providing exact tuition fees and other expenses of your college/university because we have seen various cases that banks later rejects the application form if it mismatches from what you filled on the portal and what is on your college fee structure.

So, you should go through your College fee structure and fill all the details as per mentioned there. You can get in touch with the Vidya Lakshmi support team by sending mail given in the introduction of this blog. 

1. Provide details on:
   
   1. Tuition fees
   2. Exam fees
   3. Books, stationery, equipment, or computer expenses
   4. Hostel expenses
   5. Sundries or travel
2. State the total amount needed, mention your own source or scholarship, and specify the annual loan required.
3. Include details of pledged security and propose a repayment period.

Step 6 - Upload Documents:

On the document uploading section, there are various documents list that you have to upload there, but the thing is you can just upload "Mark sheet" and "Proof of admission to the course" and rest of the documents you can submit directly to the bank after your application is accepted by the bank. Please remember that the overall size of all the documents you going to upload should not excced 2 MB and the file should be in the format of jpeg, png, pdf and tiff format only. 

The requirement of documents varies for bank to bank, so you can read this article on "Document Checklist of Education Loan" for an overall idea. If you still have any doubt just comment it down, we will try our best to reslove it.

1. Final section for uploading mandatory documents on the Vidya Laksmi portal.
2. Upload the following documents:
   
   1. Mark sheet
   2. Proof of admission to the course
   3. Proof of income
   4. Schedule of expenses for the course from the institution
   5. Form 16 (latest)
   6. Latest Income Tax returns
   7. Copy of land records
   8. Applicants/Parents/Co applicants photos

Ensure all information and documents are accurate and complete before submitting the application.

After you have gone through the exercise of completing your education loan form, you are now at the final stage. This step is very important as it helps in the process of identifying and applying for the best education loan scheme. How to go about this step can be a bit tricky but if done as Methodically as possible then the process should go without any complications. Let’s break down the steps involved in finding and applying for the most suitable education loan scheme:

• Step 1: Go to the dashboard and find the 'Search and Apply for Loan Scheme' option. Click on it to start exploring and applying for different education loan options.
• Step 2: Use the filters provided to narrow down your search results based on your specific preferences. You can filter by factors like whether the loan is for study in India or abroad, the level of the course (Undergraduate, Post - Graduation, Professional Course, Vocational Course), and the amount of loan you need ( Below Rs 4 Lakhs, Between Rs. 4 Lakhs to 7.5 Lakhs, More than Rs. 7.5 Lakhs)
• Step 3: After applying the filters, a list of suitable loan schemes will appear. Each scheme will have an option to apply for it.
• Step 4: Select a scheme that interests you, and you will be taken to a detailed information page about that specific loan. Review the details carefully to make sure it meets your requirements before proceeding with the application.
• Step 5: Provide a few details such as the Bank Name, City, Branch Name, and IFSC code  of the selected bank scheme
• Step 6: You can apply for a maximum of 3 banks and for only one scheme of that bank. So you can repeat Step 4 and Step 5 simultaneously for applying to multiple banks. 

Note-  As you only have the option to apply for a maximum of 3 banks only (including only public and private banks), this minimizes your possibility of getting an education loan. On the other hand, if you are processing your education loan through WeMakeScholars you get an option of more than 14+ banks (including public banks, private banks as well as NBFCs) to choose from and all these you can get for free of cost. 

Check the Education Loan Application Status

All student loan applicants need to have a smooth journey through the application process. Checking your application status is a key part of this, and we've simplified the steps for you. Follow these simple guidelines to stay updated on your Vidya Lakshmi Education Loan:

Step 1 - Log in to your Vidyalakshmi Student account to access your dashboard.
Step 2 - Once on the Student Home Screen, easily locate the 'Application Status' option.
Step 3 - Click on the option to unveil the current status of your loan application.

*Be informed that most banks typically respond within 15 days or less to address any queries and request additional documents or undertakings if necessary.*

Note: If you receive any emails, phone calls, or SMS requests from the bank seeking valid details, it's important to respond within 15 days of receiving the communication. Neglecting this step may result in the cancellation of your Education Loan. Your cooperation ensures a smooth and successful application process.

Students can apply to multiple banks and different education loan schemes through 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

Fill out a Common Education Loan Application Form(CELAF). All registered banks accept this form. Keep the following documents ready to submit in your selected branch along with the form filling.

Applicant’s Documents:

• PAN, Aadhar, or Passport(if going abroad) as proof of your identity
• Provide the latest address proof in the form of an Aadhar card, Voter ID card, or electricity bill

Co-applicant's documents:

• Latest payslips of 6 months if salaried
• Business transactions of last 1 year if self-employed

Applicant’s academic documents

• Mark sheets of 10th, 12th and degree
• Admission proof reflecting the duration of the course
• Fee structure
• Scorecard of language proficiency tests and of relevant competitive exams
• University ranking

Documents for financial co-applicant

• Last 3 months' salary slips
• Balance sheet, and profit and loss account for the last 3 years
• Address proof of the business

Other documents

• A letter mentioning that the leftover expenses will be taken care of by the co-applicant. You can get the format of the letter from a WeMakeScholars financial officer.

Additional documents

• Receipts of any payments made to the university
• Loan account statement of any pending loans
• Explain in a Rs 100 stamp paper, the reason for any gap that you have had in your studies

Collateral documents

Collateral documents are needed if you are going for a collateralized loan and they differ with the state you are applying from. You can go through the statewise articles given below or talk to a financial officer from WeMakeScholars for accurate information regarding collateral documents.

• Andhra Pradesh
• Karnataka
• MP and Chattisgarh
• Delhi
• Kerala
• Tamil Nadu
• Amritsar
• Hyderabad
• Mumbai
• Goa
• Jaipur
• Gujarat
• Pune
• Jharkhand
• West Bengal