Vidya Lakshmi Portal for Education Loan

Prelims level : Particulars of the Initiative Mains level : Effective step of speedy credit facilitation for students
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Why in News?

As part of its digital initiative, Karnataka Bank has integrated its education loan scheme/s with Vidya Lakshmi Portal.

Vidya Lakshmi Portal- Highlights:

  • Vidya Lakshmi Portal provides a single window for students to access information and make application for Educational Loans provided by Banks.
  • This portal has been developed 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).
  • Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal
  • It was launched by the Government on August 15, 2015 to ensure that students can avail loans easily through single window system of banks for education loans.
  • Banks follow Indian Banks’ Association (IBA) guidelines in this regard which stipulates that education loan applications have to be disposed off, in the normal course, within a period of 15 to 30 days.
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