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 called Vidya Lakshmi. This portal was created to administer and oversee Scholarship and Educational Loan Schemes. By using the platform, students may browse, apply, and follow up on their education loan applications to banks at any time and from any location. Links to the National Scholarship Portal are also provided by the portal. To help banks increase coverage, the Government of India would offer a 75% credit guarantee for loans up to ₹7.5 lakhs. Additionally, the program 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. Read about the thorough guidelines of the portal below:
