Vidya Lakshmi Portal

Vidya Lakshmi Portal has been developed and maintained by NSDL e-Governance Infrastructure Limited (NSDL e-Gov) under the guidance of Department of Financial Services (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks' Association (IBA). Students can apply for educational loans and also view and track the applications by accessing the Portal.

Features of Vidya Lakshmi Portal

Common educational loan application form for students.
Student can apply to a maximum of three Banks through Vidya Lakshmi portal using single application form.
Information about Education loan schemes of Banks.
Facility for Banks to download students' loan application.
Facility for Banks to upload loan processing status.

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What is an Education Loan?
Education loan is a loan offered by leading banks in India to help students achieve their academic dreams by enabling them to pay for higher studies such as graduation and post graduation courses, both in India and overseas. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course related expenses may also be covered by the education loan. Education Loans from Federal Bank offers Flexible repayment options, Lower interest rate and Quick and fast approvals.

What is the maximum amount for Education Loan?
Loan amount up to Rs.10 Lakhs for studies in India and up to Rs.20 Lakhs in abroad can be availed as Education Loan.

What are the fees payable / expenses covered under Education Loan?
Fee payable to College / School, Hostel, Tuition, Examination, Library, Lab. Cost of books, equipment, instruments, Uniform, Travel expenses, Computer (if essential for the course). Expenses for study tours / project work / thesis etc. Caution deposit, Amount payable towards building fund, refundable deposit etc supported by bills / receipts but cannot exceed 10% of the tuition fee.

What will be the maximum period for Education Loan?
Moratorium period+ 15 years is the repayment period (Moratorium period will be course period + one year)

What is Vidya Lakshmi Portal?
Vidya Lakshmi Portal has been developed and maintained by NSDL e-Governance Infrastructure Limited (NSDL e-Gov) under the guidance of Department of Financial Services (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks' Association (IBA). Students can apply for educational loans and also view and track the applications by accessing the Portal.

What are features of Vidya Lakshmi Portal?
Common educational loan application form for students. Student can apply to a maximum of three Banks through Vidya Lakshmi portal using single application form. Information about Education loan schemes of Banks. Facility for Banks to download students' loan application. Facility for Banks to upload loan processing status.

What is the eligibility criteria for Special Vidya Loan?
Eligibility criteria for Special Vidya Loan, the education loan scheme offered by Federal Bank are as follows:
Applicant should be an Indian National. Applicant shall have secured admission to professional/technical courses through Entrance test/selection process. Course & Institution should have necessary approval/recognition. Course certificate should be issued by University / Govt.Dept / a body formed by enactment of Parliament. Vocational Training and Skill development study courses will not be eligible.

What is the security required for Education Loan?
For Special Vidya Loan, the education loan scheme offered by Federal Bank:
No security is needed Up to Rs 4 Lakhs. Third party guarantee acceptable to bank / collateral security for loans up to 7.50 Lakhs. Above Rs 7.50 Lakhs, collateral security with stipulated margin is required