In 2024, the Union Cabinet sanctioned the new PM student loan initiative, the PM Vidyalaxmi Scheme, aimed at offering students loans without collateral or a guarantor for pursuing higher education in QHEIs and HEIs throughout India.
The Vidya Lakshmi Portal is supported by the government and offers a one-stop service for students looking for education loans for advanced studies. The portal enables access to student loans from different banks and financial organizations. The Vidya Lakshmi Portal features a total of 37 banks. Learners can sign up on the portal and complete a shared application form. Every bank provides an individual page where students can gain a clearer understanding of the loan process, covering interest rates, repayment choices, and eligibility requirements.
Directory of Banks on Vidya Lakshmi Portal
The Vidya Lakshmi Portal presents a detailed list of 37 banks that offer education loans for students. Students can apply for an education loan through the Vidya Lakshmi portal from various banks, simplifying the application procedure. Here’s the compilation of banks on the portal that aid in the education loan application procedure-
Abhyudaya Cooperative Bank Limited | Karnataka Bank Ltd |
| Andhra Pragathi Grameena Bank | Karnataka Vikas Grameen Bank |
| Axis Bank | Karur Vysya Bank |
| Bank of Baroda | Kerela Gramin Bank |
| Bank of India | Kotak Mahindra Bank Ltd |
| Bank of Maharashtra | New India Cooperative Bank Limited |
| Canara Bank | Punjab and Sind Bank |
| Central Bank of India | Punjab National Bank |
| Chhattisgarh Rajya Gramin Bank | Rajasthan Marudhara Gramin Bank |
| City Union Bank Limited | RBL Bank Limited |
| Dombivli Nagari Sahakari Bank Limited | State Bank of India |
| Federal Bank | Tamilnad Mercantile Bank Limited |
| GP Parsik Bank Ltd | The Kalupur Commercial Co-Op Bank Ltd |
| HDFC Bank | The South Indian Bank Ltd |
| ICICI Bank | UCO Bank |
| IDBI Bank | Union Bank of India |
| IDFC First Bank | YES Bank |
| Indian Bank | |
| Indian Overseas Bank | |
| Jammu and Kashmir Bank Ltd |
In 2024, the Union Cabinet sanctioned the PM Vidyalaxmi Scheme, a new student loan initiative that offers collateral-free and guarantor-free loans for students seeking to pursue higher education in QHEIs and HEIs across India.
The Vidya Lakshmi Portal is supported by the government and offers a single-window service for students looking for education loans for advanced studies. The portal enables access to student loans offered by different banks and financial entities. The Vidya Lakshmi Portal features a total of 37 banks on its list. Learners are able to sign up on the platform and complete a unified application form. Every bank features its own page that helps students gain a clearer understanding of the loan process, covering interest rates, repayment methods, and eligibility requirements.
Information about Banks in Vidya Lakshmi Portal
Explore the interest rates and repayment durations offered by different banks within the Vidya Lakshmi scheme:
List of Vidyalakshmi Banks, Repayment period, Interest rates
Abhyudaya Cooperative Bank Limited – 15 years
Male (Static):
– For amounts up to 4 lakhs: No Fixed Interest Rate is Provided.
– INR. 4 Lakhs to Rs. 7.5 Lakh: No Consistent Interest Rate is Provided
– Exceeding Rs. 10 Lakh: No Interest Rate is Fixed.
Andhra Bank 15 years
– Upto Rs.4.00 lakhs – 10% (Fixed)
– Above 4- 7.5 lakhs – 10.5% (Fixed)
– Above 7.5 lakhs – 11% (Fixed)
Axis Bank – 15 Years Maximum
Male
– Up to Rs 4 Lakh – MCLR +7.00% (Floating)
– Rs. 4 lakh to Rs. 7.5 lakh – MCLR +8.00% (Floating)
– Above Rs 7.5 Lakh – MCLR +6.00% (Floating)
Female
– Up to Rs 4 Lakh – MCLR +6.50% (Floating)
– Rs. 4 lakh to Rs. 7.5 lakh – MCLR +7.50% (Floating)
– Above Rs 7.5 Lakh – MCLR +5.50% (Floating) For Loan Amount <= Rs 7.50 Lacs -10 Years MaximumFor Loan Amount > Rs 7.50 Lacs
Bank Of Baroda 15 years
8.35%
Bank Of India- 15 lakhs
Upto Rs.7.50 lacs – 3% above Base Rate, (presently 12.95 %)
Above Rs.7.50 lacs – 2.50% above Base Rate, (presently 12.45 %)
Bank Of Maharashtra -15 years
Upto Rs. 7.50 Lakh – RLLR + 2.00Above Rs. 7.50 Lakh – RLLR + 1.65
Canara Bank – 15 years
Loans up to Rs. 7.5 Lacs: MCLR(9.35%) + 2% = 11.35%
– Loans above Rs.7.50 lacs: MCLR(9.35%) + 1.80% = 11.15%
Central Bank Of India – 15 years
Male: 09.95 % + 2.00%
Female: 09.95 + 1.50%
Federal Bank -15 years
Male (Floating)
– Upto Rs.4 lakh: 10.72% to 15.32%
– Rs.4 lakh to Rs.7.5 lakh: 10.72% to 15.32%
– Above Rs.7.5 lakh: 10.72% to 15.32%
Female (Floating)
– Upto Rs.4 lakh: 10.72% to 15.32%
– Rs.4 lakh to Rs.7.5 lakh: 10.72% to 15.32%
– Above Rs.7.5 lakh: 10.72% to 15.32%
GP Parsik Bank Ltd 120 months
Male
– Upto Rs. 10 lakh -12.50 % pa (Fixed)
– Above Rs. 10 lakh – 13.50 % pa (Fixed)
– Up to Rs 10 Lakh -11% pa (Floating)
– Above Rs 10 Lakh -12% pa (Floating)
Female
– Upto Rs. 10 lakh – 12.50% pa (Fixed)
– Above Rs. 10 lakh – 13.50% pa (Fixed)
– Upto Rs. 10 lakh – 11% pa (Floating)
– Above Rs. 10 lakh – 12% pa (Floating)
HDFC Bank 15 YEARS
For loan amounts up to Rs. 4.00 lacs
Min: 10.25% – Max: 12.25%
For loan amounts more than Rs. 4.00 lacs Min: 10.25% – Max: 15.00%
ICICI Bank Male (Floating): 10-12 years
– Upto Amount 4 Lakhs – 13.60% (I Base + Applicable Margin (Currently: I BASE + 4.25 %)
– Above Amount 4 Lakhs – 14.60% (I Base + – Applicable Margin (Currently: I BASE + 5.25 %)
Female (Floating):
– Upto Amount 4 Lakhs – 13.10% (I Base + Applicable Margin (Currently: I BASE + 3.75 %)
– Above Amount 4 Lakhs – 14.10% (I Base + Applicable Margin (Currently: I BASE + 4.75 %)
IDBI Bank – 15 years
11.00% (BR+1%) Floating
Indian Bank 15 years
8.25%
Indian Overseas Bank 15 years
Male – 12.25 %Female – 11.75 %
Karur Vysya Bank Interest rate for Males (Floating):
– Upto Rs. 4 lakhs =One year MCLR+3.10%
Rs. 4 lakh to Rs. 7.5 lakh = One year MCLR+3.10%
– Above Rs. 7.5 lakh to Rs 10.00 Lakh =One year MCLR+2.85%Above Rs 10.00 Lakhs =One year MCLR+2.60%
Interest rate for Female (Floating):
– Upto Rs. 4 lakhs =One year MCLR+2.60%
Rs. 4 lakh to Rs. 7.5 lakh = One year MCLR+2.60%
– Above Rs. 7.5 lakh =One year MCLR+2.35%
– Above Rs 10.00 Lakhs =One year MCLR+2.10% 15 years
Kotak Mahindra Bank Limited – 15 years
Male-Fixed ROI
ROI is linked to the base rate whichever is applicable
– Upto 4 Lakh – base rate + 7.25%
– Greater than 4 Lakh – base rate + 8.25%
Female-Fixed ROI
ROI is linked to the base rate whichever is applicable
– Upto 4 Lakh – base rate + 7.25%
– Greater than 4 Lakh – base rate + 8.25%
New India Cooperative Bank Limited – 15 years
12.00 to 13.00%
Punjab And Sind Bank 15 years
For Male Borrowers: (Floating)
– Upto Rs 4 Lakh: 10.75%
– Between Rs 4 Lakh to Rs 7.5 Lakh: 10.75%
– Above Rs 7.5 Lakh: 10.25%
For Female Borrowers: (Floating)Upto Rs 4 lacs: 10.25%
Between Rs 4 lacs to Rs 7.5 lacs: 10.25%Above Rs 7.5 lacs: 9.75%
Punjab National Bank -15 years
Loan up to Rs.7.50 Lakh (covered under CGFSEL Scheme) RLLR + BSP + 2.00%
Loan above Rs.7.50 Lakh RLLR + BSP + 2.75%
RBL Bank Limited 15 years
Interest rate for Male (Floating):
– Upto Amount (in Rs.): Upto Rs. 4 Lakh: Base + 5%
– Between Rs. 4 Lakh and Rs. 7.5 Lakh: Base + 6%
– Above Rs. 7.5 Lakh: Base + 4%
Interest rate for Female (Floating):
– Up to Rs. 4 lacs: Base + 5%
– Between Rs. 4 lacs and Rs. 7.5 lacs: Base + 6%
– Above Rs. 7.5 Lacs: Base + 4%
State Bank Of India – 15 years
Syndicate Bank – 15 years
9.55% to 13.25%
UCO Bank – 15 years
Upto Rs.7.50 lacs: Base Rate + 2.50% i.e. 12.20% p.a.(9.70+2.50).
Above Rs.7.50 lacs: Base Rate + 2.25% i.e. 11.95% p.a.(9.70+2.25).
Union Bank Of India – 15 years
Upto Rs.4 lakh EBLR+3.25% i.e.10.45%
Rs.4 to Rs.7.5 lakh EBLR+3.00% i.e. 10.20%
Above Rs.7.5 lakh EBLR+2.10% i.e. 9.30%
