Vidyalakshmi Portal - Education Loan

Any Indian student aged 18 or above pursuing higher education in a recognized institution in India or abroad can apply. The student should have been admitted to or studying in an eligible educational institution. Co-applicants (parents/guardians) should have stable income to support repayment capacity.

The maximum loan amount varies by participating bank and the type of course. Generally, loans up to Rs.20 lakh are available for domestic education and up to Rs.30 lakh for foreign education. The exact amount depends on the educational institution, course duration, and the specific bank's policy.

Interest rates are set by individual participating banks and may vary. Most banks offer concessional rates for education loans. Repayment typically begins 6-12 months after course completion or when the student starts earning. The repayment period usually ranges from 5-15 years depending on the loan amount and bank terms.

Yes, for most loans, a co-applicant (usually parent or guardian) is required. The co-applicant serves as a co-borrower and shares responsibility for loan repayment. For higher loan amounts, additional collateral or guarantors may be required as per bank policies.

The approval timeline varies by bank but typically ranges from 2-4 weeks after submission of complete documentation. The Vidyalakshmi Portal expedites the process by centralizing applications. Students are advised to apply well in advance of their course commencement date.