Narendra Modi has launched various schemes in different fields ever since he was elected as Prime Minister of India. To improve the education system and help those in need PM Narendra Modi launched Vidya Lakshmi Portal for providing financial assistance in terms of education loans, scholarships all under one portal. Let’s explore the education loan scheme by Narendra Modi or popularly known as Modi Education Loan.
This Blog Includes:
A Glimpse of Vidya Lakshmi Portal
Vidya Lakshmi Portal was launched on 15th August 2015 by the joint efforts of the Finance Ministry of India, HRD of India, Department of Higher Education, and Indian Bank Association. This portal was launched to help students find information regarding education loans in India and also apply for the same on a single portal. Before this portal was launched, students had to apply at different banks, with different forms and the process was uneasy, hectic and the process was long. Vidya Lakshmi portal has made it easy for students to apply, check eligibility, track & access the information education loan in India for higher education. There are almost 38 banks registered and 127 different loan schemes.
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Applicability of Education Loans
The education loan scheme by Narendra Modi is not just limited to one particular course of the stream or to institutions in India. You can apply for technical, professional, vocational, degree courses from Indian universities or study abroad. You can apply for a loan amount of below Rs.4 Lacs, In between Rs.4 Lakh to Rs. 7.5 Lakh or above Rs. 7.5 Lacs and apply to 38 banks with a single application on the Vidya Lakshmi Portal. Education loan by Modi is helping thousands of students fulfill their dream of studying abroad.
Also Read: Documents Required for Education Loan
If you want to apply for this education loan scheme, you have to register yourself on the Vidya Lakshmi portal. Here is the process to apply online for Narendra Modi Education Loan Scheme:
- Visit the official website of Vidya Lakshmi Portal to apply for an education loan by Modi
- Click on the register new option
- You will be redirected to a new page to enter all the required details
- Submit and you will receive a confirmation mail and login details on your registered mobile number or email id
- Now you can apply for an education loan or related scholarships
Different banks are under the education loan by Modi scheme with different interest rates. There are about 36 banks registered at present under the education loan scheme by Narendra Modi. Interest rate depends on the bank you are applying to, loan schemes, institution, courses & amount of loan as well. Most of the banks charge 2% – 6% above the MCLR. You can also calculate the monthly EMI by visiting the official website of the bank. However, the interest rates range between 7% – 13% depending on various factors.
The repayment of the education loan by Modi will start after the moratorium period has expired. The moratorium period is the duration of the course plus one additional year or six months after an applicant has secured a job. The applicant has to pay the EMIs beyond the period of the moratorium.
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Banks registered under Education Loan Scheme by Narendra Modi
There are 38 banks that provide financial assistance under this scheme by Narendra Modi. You can apply for a Modi education loan from these banks. Here is the list of banks under the Education Loan Scheme by Narendra Modi:
- Abhyudaya Cooperative Bank Limited
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Bank Of Baroda
- Bank Of India
- Bank Of Maharashtra
- Canara Bank
- Corporation Bank
- Central Bank Of India
- Dena Bank
- Dombivli Nagari Sahakari Bank Limited
- Federal Bank
- GP Parsik Bank Ltd
- HDFC Bank
- ICICI Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank
- Karnataka Bank
- Kotak Bank
- Karur Vysya Bank
- New India Cooperative Bank Limited
- Oriental Bank Of Commerce
- Pragathi Krishna Gramin Bank
- Punjab And Sind Bank
- Punjab National Bank
- RBL Bank
- Syndicate Bank
- State Bank of India
- Tamilnad Mercantile Bank Limited
- UCO Bank
- Union Bank
- United Bank of India
- Vijaya Bank
- YES Bank
Also Read: Education Loan for MBA
Modi Education Loan Scholarships
Vidya Lakshmi Portal is not just for education loans but offers various scholarships as well. You can check the latest scholarship details on the home page of the Vidya Lakshmi portal. You can also apply for international scholarships. Just go to the end of the home page and click on scholarships. You will be redirected to a new page where you can log in and get detailed information about scholarships.
Narendra Modi Education Loan Subsidy
To help the students of economically weaker sections and backward societies that can’t afford the cost of education of higher studies, an education loan interest subsidy scheme announced by Narendra Modi. The applicants can get loans without any collateral up to Rs. 7.5 Lakhs. The family income should be less than Rs.4.5 Lacs & this subsidy can only be claimed once.
Also Read: Best Education Loan in India
Yes, the education loan scheme by Narendra Modi can be used for admission to foreign universities.
Yes, You can apply to various banks with a single application.
No, it is applied for courses at the undergraduate level, postgraduate & doctorate level.
You can get a loan of more than Rs. 7. 5 lakhs under the education loan scheme by Narendra Modi.
We hope that all your queries regarding the education loan scheme by Narendra Modi are solved through this blog. If you require more extensive abroad admission support, like choosing the right university, identifying the suitable loan, and creating the perfect application to target your dream universities, our counsellors at Leverage Edu can help you.