The Vidyalakshmi Scholarship is a government-backed online portal designed to provide students with access to educational loans and scholarships for pursuing higher education in India and abroad. Managed by the Ministry of Finance, Ministry of Education, and Indian Banks Association (IBA), this portal serves as a single-window platform where students can apply for multiple educational loans offered by various banks and explore government scholarships to fund their studies.
The Vidyalakshmi Portal (vidyalakshmi.co.in) enables students to apply for multiple loan schemes from different banks through a Common Education Loan Application Form (CELAF), eliminating the need for separate applications. Banks evaluate these applications based on the student’s academic background, course details, and financial need. Some of the key banks participating in this initiative include State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda, ICICI Bank, and Axis Bank.
Students applying for education loans through the Vidyalakshmi Portal must meet the eligibility criteria set by individual banks, which generally include admission to a recognized institution, a co-applicant (parent/guardian), and a financial evaluation. Loan amounts, repayment terms, and interest rates vary based on the bank and course of study.
Additionally, the portal provides information about various government scholarships, including merit-based, need-based, and minority scholarships, ensuring that financially constrained students can find the best funding options for their education.
By streamlining the education loan and scholarship application process, the Vidyalakshmi Portal has made higher education more accessible, reducing financial barriers for students aspiring to study in India and abroad. This initiative plays a crucial role in promoting higher education, skill development, and career growth for students across the country.
