A web-based portal, Vidya Lakshmi (www.vidyalakshmi.co.in), was launched on the occasion of Independence Day for the benefit of students seeking educational loans, according to a statement released by Ministry of Finance.
Vidya Lakshmi Portal is a first of its kind portal providing single window for students to access information and make application for Educational Loans provided by Banks as also Government Scholarships.
The ministry notified that the portal has been developed and maintained by NSDL e-Governance Infrastructure Limited under the guidance of department of financial services, ministry of finance, department of higher education, ministry of human resource development and indian banks' association (IBA).
In the budget 2015-16, the finance minister Arun Jaitley had proposed to set-up a fully IT based student financial aid authority to administer and monitor scholarship as well as educational loan schemes, through the pradhan mantri vidya lakshmi karyakram (pmvlk) to ensure that no student misses out on higher education for lack of funds.
Currently, 13 banks have registered 22 educational loan schemes on the Vidya Lakshmi Portal and 5 banks viz; SBI, IDBI Bank, Bank of India, Canara Bank & Union Bank of India have integrated their system with the Portal for providing loan processing status to students.
This objective of this scheme is 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.