Education Loan Scheme by Narendra Modi

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Education Loan Scheme by Narendra Modi

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.

Also Read: Loans to Study Abroad

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 loan 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.

Courtesy: Vidya Lakshmi, Twitter

Also Read: Student Loan for UK

Types 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

Also Read: Documents Required for Education Loan

Registration Process

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:

  1. Visit the official website of Vidya Lakshmi Portal.
  2. Click on the register new option.
  3. You will be redirected to a new page to enter all the required details.
  4. Submit and you will receive a confirmation mail and login details on your registered mobile number or email id.
  5. Now you can apply for an education loan or related scholarships.
Credits – Indian Banker

Interest Rates

There are 36 banks registered under the education loan scheme by Narendra Modi. Every bank has its own Interest Rates. It 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.

Also Read: Here are the Best Education Loans for MBBS Students!

Repayment

The repayment 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 moratorium.

Also Read: Avanse Education Loan

Banks registered under Education Loan Scheme by Narendra Modi

There are 38 banks that provide financial assistance under this scheme by Narendra Modi and you can apply for loans from these banks. Here is the list of banks under the Education Loan Scheme by Narendra Modi: 

Also Read: Education Loan for MBA

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

FAQs

Can we claim an education loan scheme by Narendra Modi for admission into foreign universities?

Yes, the education loan scheme by Narendra Modi can be used for admission to foreign universities.

Can I apply to various banks at the time with a single application?

Yes, You can apply to various banks with a single application.

Is the education loan scheme by Narendra Modi just restricted to education loans at the undergraduate level?

No, it is applied for courses at the undergraduate level, postgraduate & doctorate level.

What banks are associated with the education loan scheme by Narendra Modi?

UCO Bank, HDFC Bank, SBI, IDBI are some of the banks associated with the education loan scheme by Narendra Modi.

How much loan is granted under the education loan scheme by Narendra Modi?

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.

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