Pradhan Mantri Vidya Lakshmi Scheme- Details, Objectives & Apply Online

Pradhan Mantri Vidya Lakshmi Scheme

Pradhan Mantri Vidya Lakshmi Scheme:- The honorable Union Finance Minister of India Shri Arun Jaitley, 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 or youths have to be educated and employable both, for the jobs of the 21st century. The Prime Minister has explained how Skill India needs to be closely coordinated with Make in India in this changing era. Yet, today only less than 5% of our potential workforce gets formal skill training to be employable and stay employable in total.

With a view to enabling 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 or training 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.”

Pradhan Mantri Vidya Lakshmi Portal

Vidya Lakshmi Portal is a first of its kind portal for students seeking Education Loan which provides single window electronic platform for students to access information and prepares applications for Educational Loans and Government Scholarships. It provides information on the following:

  • Educational Loan Schemes of various Banks
  • Common Educational Loan Application Form for Students
  • Application for Education Loan to multiple Banks
  • Facility for Banks to download Students Loan Applications
  • Facility for Banks to upload loan processing status
  • Facility for Students to email grievances/queries relating to Educational Loans to Banks
  • Linkage to National Scholarship Portal for information and application for Government Scholarships

Objectives of Pradhan Mantri Vidya Lakshmi Scheme

This scheme aims to bring on board all Banks providing Educational Loans. It is expected that students throughout the country will be benefited by this initiative of the Government, by making available a single window for access to various Educational Loan Schemes of all Banks. The portal has been developed and is maintained by NSDL e-Governance Infrastructure Limited.

39 Banks have registered 70 Educational Loan Schemes on the Vidya Lakshmi Portal and integrated their system with the Portal for providing loan processing status to all rural students.

How to apply for Loan?

To apply for the loan through Vidya Lakshmi Scheme, one has to follow these steps:

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  • The applicant must register and login to Vidya Lakshmi Portal and then fill-up the Common Education Loan Application Form (CELAF) by providing all the necessary required details.
  • CELAF is a single form which students can fill to apply for Educational Loan to multiple banks or schemes.
  • This form is prescribed by Indian Banks Association(IBA) and accepted by all banks which is provided on Vidya Lakshmi Portal.
  • After filling the form, the applicant can search for Educational Loan and APPLY as per his or her needs, eligibility and convenience.
  • Alternatively, the applicant can also search for Educational Loan after login and apply for the suitable Educational Loan by filling the CELAF.
  • A student can apply to a maximum of three Banks and not more through Vidya Lakshmi Portal using CELAF.

Guidelines for Registration on Vidya Lakshmi Portal

To register through the scheme, one has to enter these informations:

  • Name – Enter student name as mentioned on 10th standard mark sheet or the mark sheet attached with your loan application.
  • Mobile Number – Enter a valid mobile number. Students can provide mobile number of parent or guardian.
  • Email ID – Enter a valid email ID. All necessary communications will be sent to this email ID. Email ID is not allowed to be changed later.

Various other unique measures to augment the quality and reach of education:

  • Pandit Madan Mohan Malviya Mission‘ is for Teacher Training has been launched to enhance the quality of teaching.
  • Global Initiative of Academic Network (GIAN) has been initiated to invite eminent faculty, scientists, and entrepreneurs from premier educational and scientific institutions across the world to teach in the higher educational institutions in the country during summer and winter breaks with a view to give international exposure to Indian students.
  • SWAYAM will leverage Massive Open Online Courses (MOOCs) to enable online education across India.
  • National e-Library will facilitate universal access to educational material and knowledge sources.
  • Shala Darpan is a mobile technology to ensure that parents are connected to schools, enabling them to monitor the progress of their children.

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