Applying for Education Loan Vidyalakshmi

Applying for Education Loan Becomes Easier as Govt Launches 'Vidyalakshmi' Portal

Shri Arun Jaitley, Honorable Union Finance Minister in his budget speech for FY 2015-16: 'With a view to enable all poor and middle class students to pursue higher education of their choice without any constraint of funds, I propose to set up a fully IT based Student Financial Aid Authority to administer and monitor Scholarship as well Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram. We will ensure that no student misses out on higher education for lack of funds.'

Previusly the Union Finance Minister has proposed to establish a fully IT based Student Financial Aid Authority to admin the Scholarship process as well as education loans by Pradhan Mantri Vidhya Lakshmi Karyalayam. It is the first step to achieve the present objective of Vidhya Lakshmi Portal .

This portal is the first portal of its kind and provides single window for the candidates to Access the Information and Application form for Education loans provided by the banks. 
It is having the following features:

1. It contains information about the Education Loan Schemes of Banks 
2. Application for for Common Education Loan for the students
3. Candidates can avail the facility to apply for the Education Loans in Multiple Banks. Facility for Banks to Download the Student Loan applications 
4. Facility for Banks to upload the loan processing status. 
5. Facility for Students to ask queries related to educational; loans and send their grievances through E Mail. 
6. Dash Board facility for Students to know their application Status
7. Government Scholar ships
8. Link to National Scholar ship Portal Information 


Through this portal till now, 13 banks have registered 22 Educational Loan schemes in various banks like SBI , bank of India, IDBI, Canara Bank and Union Bank of India. The students throughout India can be benefited by this initiative of launching web portal. 

About Vidya Lakshmi

Shri Arun Jaitley, Honourable Union Finance Minister in his budget speech for FY 2015-16 said:"India is one of the youngest nations in the world with more than 54% of the total population below 25 years of age. Our young people have to be both, educated and employable for the jobs of the 21st century.. The Prime Minister has explained how Skill India needs to be closely coordinated with Make in India. Yet, today less than 5% of our potential workforce gets formal skill training to be employable and stay employable. With a view to enable all poor and middle class students to pursue higher education of their choice without any constraint of funds, I propose to set up a fully IT based Student Financial Aid Authority to administer and monitor Scholarship as well Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram. We will ensure that no student misses out on higher education for lack of funds. The IT based mechanism under the Pradhan Mantri Vidya Lakshmi Karyakram is expected to provide to students a single window electronic platform for Scholarships and Educational Loans."
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 Human Resource Development) and Indian Banks’ Association (IBA).The portal has been developed and being maintained by NSDL e-Governance Infrastructure Limited (hyperlink to the information of NSDL e-Gov). Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal. The portal also provides linkages to National Scholarship Portal.

About NSDL e-Gov

NSDL e-Governance Infrastructure Limited (NSDL e-Gov) was originally setup as a Depository in 1995 and has over the years used its inherent strengths, project management capabilities & technology expertise to deliver state of the art e-Governance solutions which has helped Governments to identify and clear bottlenecks, promote transparency, reduce service delivery costs and deliver public services efficiently. The solutions have efficiently made use of information and communication technologies as a tool for delivering public services and benefits to society at large. Some of the key e-Governance projects undertaken by NSDL e-Gov are:
  1. Tax Information Network (TIN)
  2. Central Recordkeeping Agency (CRA) for National Pension System
  3. Electronic Accounting System in Excise & Service Tax (EASIEST)
  4. GST Pilot Project
  5. Registrar for Aaadhar enrolment and eKYC/Authentication Services
  6. National Judicial Reference System
NSDL e-Gov works closely with various Government agencies for designing, managing and implementing e-Governance Projects. Over a period of time, NSDL e-Gov has gained varied experience and expertise in areas that help Governments overcome various challenges faced by them in fulfilling their core responsibilities of delivering public services to the society.
NSDL e-Gov has also established Service Centre network across the country which serve as access points for the general public and are efficiently used by Governments to deliver quality services in a user friendly and transparent manner to the citizens. Visit www.egov-nsdl.co.in for more information.
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