Education and Career Forum

I got 57℅ in B.Com and now planing to study MBA. Am I eligible to get Vidya Lakshmi education loan? Terms & condition to get this loan from Nationalized banks?

Vidya Lakshmi is an online portal launched by the Indian government to provide a single window platform for students to access information and apply for various education loans offered by different banks in India. The eligibility criteria for the loan varies from bank to bank, but generally, the following criteria must be met to be eligible for an education loan:

• The applicant must be an Indian national.
• The applicant must have secured admission to a recognized university/college/institution in India or abroad.
• The applicant must have a good academic record.
• The applicant must have a co-borrower who has a good credit score and can provide collateral security for the loan.
• The applicant must have a plan to repay the loan after completion of the course.

To apply for an education loan through the Vidya Lakshmi portal, you need to follow these steps:

• Visit the Vidya Lakshmi portal at https://www.vidyalakshmi.co.in/.
• Register on the portal and create your account.
• Fill in the loan application form with all the required details.
• Choose the bank and loan scheme that you want to apply for.
• Upload the necessary documents, such as proof of identity, address, admission letter, mark sheets, etc.
• Submit the application form and wait for the bank to process your loan application.

The terms and conditions for the loan, such as the interest rate, repayment period, collateral security, etc., may vary from bank to bank. You should carefully read and understand the loan agreement before signing it.

Nationalized banks such as State Bank of India, Punjab National Bank, Bank of India, Canara Bank, Union Bank of India, etc., are some of the banks that offer education loans through the Vidya Lakshmi portal.