Education loan for Vidya Lakshmi scheme
The Government of India has brought forward various financing schemes for higher education, a significant one being the Vidya Lakshmi scheme. Under this scheme, students can apply for an education loan through a common application form called CELAF. Track your application status online on this portal or find government scholarships through the National Scholarship portal link it provides.
Register on the Vidya Lakshmi portal first to apply for this loan. Proceed with your Vidya Lakshmi login details and fill up the common application form.
Education loan for Vidya Lakshmi scheme
The Vidya Lakshmi Scheme introduced by the Government of India helps students apply for an education loan to a maximum of three financial institutions with one application. To avail of this facility, create an account on the Vidya Lakshmi portal. Use your Vidya Lakshmi login details to fill up the common application form (CELAF). The eligibility criteria, interest rates, and loan disbursal process vary from one financial institution to the other.
If you are looking for an alternative education loan scheme or need more funding, you can apply for the Bajaj Finserv education loan on property. With our high-value loan, you can access funds up to Rs. 10.50 crore* for any purpose including overseas tuition fees, living expenses, and flight tickets. With our competitive education loan interest rates and a flexible tenor of up to 15 years*, you can pay comfortably at your own pace.
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Ample funding up to Rs. 10.50 crore*
Apply for a high loan amount to ensure that lack of funds does not get in the way of quality education.
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Convenient repayment
Pay EMIs over a flexible tenor of up to 15 years while accounting for income from a future job.
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Secure & easy balance transfer
Avail our loan against property balance transfer facility for attractive interest rates and a high-value top-up loan.
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Hassle-free application
Save time with our simple eligibility criteria and minimal documentation.
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Disbursal in 3 days*
Get the money in your bank account within 72 hours* of approval and secure admission at your preferred institute.
Eligibility criteria and documents required for Vidya Lakshmi Portal Education Loan on Property
Meet our simple education loan eligibility criteria and apply for an education loan on the property by submitting just a few documents.
Vidya Lakshmi Education Loan for Salaried
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Nationality
Resident of India, owning property in the following BHFL locations:
Delhi & NCR, Mumbai & MMR, Chennai, Hyderabad, Bangalore, Pune, Ahmedabad
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Age
You must be between 25 years (18 years for non-financial property owners) to 85 years* (including non-financial property owners)
* 85 years* of age or less at the time of loan maturity -
Employment
Salaried employee of any private, public or multinational organization
For self-employed
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Nationality
Resident of India, owning property in the following BFL locations:
Bangalore, Indore, Nagpur, Vijayawada, Pune, Chennai, Madurai, Surat, Delhi & NCR, Lucknow, Hyderabad, Cochin, Mumbai, Jaipur, Ahmedabad
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Age
You must be between 25 years (18 years for non-financial property owners) to 85 years* (including non-financial property owners)
* 85 years* of age or less at the time of loan maturity -
Employment
Self-employed individual with a steady income from business
If opting for the Vidya Lakshmi Loan, you need to meet the eligibility requirements of the financial institution you are applying to.
How to apply education loan on property
The application process for the Bajaj Finserv education loan on property is simple:
- 1 Apply with our online application form
- 2 Enter your personal and property details
- 3 Provide your income details for the best loan deal
Once you submit the form, our relationship manager will call you to guide you through the next steps.
*Conditions apply
Benefits of Vidya Laxmi Portal
Centralised platform: The Vidya Lakshmi Education Loan portal provides a one-stop solution for students to apply for education loans from multiple banks.
Access to multiple lenders: Students can access loan offers from several public and private sector banks, increasing their chances of securing financing.
Easy loan application: The portal simplifies the application process, allowing students to apply for the Vidya Lakshmi Education Loan online from anywhere.
Eligibility checker: The platform includes a tool to check loan eligibility, helping students understand their chances of approval before applying.
Loan tracking: Students can track the status of their loan application, providing transparency and reducing uncertainty.
Loan repayment information: The portal offers clear information about the loan repayment terms, including EMI schedules and interest rates.
Scholarships and financial aid: In addition to loans, the portal also provides access to various scholarships and financial assistance programs for education.
Paperless process: Vidya Lakshmi Education Loan applications are processed digitally, minimising paperwork and making the process more efficient.
Frequently asked questions
The interest rate for Vidya Lakshmi Education Loan varies depending on the bank, generally ranging between 8% to 15%. Rates may differ based on the loan amount, tenure, and applicant's profile.
Yes, applicants typically need to be between 18 to 35 years old to apply for an education loan via Vidya Lakshmi. However, specific age limits may vary depending on the bank's policies.
Yes, students can register multiple times on the Vidya Lakshmi portal. However, they must use a unique email ID for each registration and ensure all information provided is accurate and up to date.
The tenure for Vidya Lakshmi Education Loans typically ranges up to 15 years, depending on the loan amount, repayment capacity, and the bank’s terms. Repayment starts after the course completion.
