With objective of making quality higher education available to financially struggling students, the Indian government introduced a loan portal called Vidya Lakhshmi. The unique loan portal has been made available through a straightforward, transparent, student-friendly, and fully digital application process. It allows for collateral-free, guarantee-free education loans to deserving students who are accepted into the top 860 reputable universities in the country. Additionally, the initiative would offer a 3% interest subsidy on loans up to Rs 10 lakh for students whose family income is up to Rs 8 lakh annually. Under the direction of the Department of Financial Services (Ministry of Finance), the Department of Higher Education (Ministry of Education), and the Indian Banks Association (IBA), a fully IT-based Student Financial Aid Authority was created to administer and oversee Scholarship and Educational Loan Schemes. Click on the link below to visit the portal:
Education Loan Digital Portal for Higher Studies- Vidya Lakshmi
