The Union Government has launched the Vidya Lakshmi web portal for students seeking study loans

It is the first portal of its kind that offers students a one-stop-shop for accessing information and applying for educational loans provided by banks as well as government grants.

Created on: Aug 21, 2015 3:00 PM ISTModified on: Aug 21, 2015 12:29 IST

The Union government launched on August 15, 2015 a web portal named Vidya Lakshmi (www.vidyalakshmi.co.in) for the benefit of students seeking study loans.

It is the first portal of its kind that offers students a one-stop-shop for accessing information and applying for educational loans provided by banks as well as government grants.

The portal was developed by NSDL e-Governance Infrastructure Limited (NSDL e-Gov) under the leadership of the Financial Services Department of the Union Ministry of Finance, the Department of Higher Education of the Ministry of Human Resources Development of Union and Association of Indian Banks (IBA).

Strengths of the portal

• It provides information on educational loan programs of banks
• Common student loan application form
• He has the possibility to ask several banks for educational loans
• It allows banks to upload student loan applications and upload loan processing status
• It offers students to email grievances / requests regarding student loans to banks
• It has a dashboard allowing students to see the status of their loan application
• It provides a link to the national scholarship portal for government scholarship information and applications.

So far, 13 banks have registered 22 educational loan programs on the Vidya Lakshmi portal and 5 banks, including SBI, IDBI Bank, Bank of India, Canara Bank and Union Bank of India, have integrated their system with the portal to provide the student loan processing status. .

This initiative aims to rally all banks offering education loans.

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