IDBI Bank Education Loan Scheme
IDBI Bank Education Loan Scheme (विद्या लक्ष्मी पोर्टल)
Vidya Lakshmi registered education loan by IDBI Bank Education Loan Scheme providing transparent, collateral-free credit up to ₹7.5 Lakh under IBA guidelines.
Max Loan Amount
Up to ₹7.5 Lakh (No Collateral) / Up to ₹20 Lakh (Domestic)
Interest Rate
8.75% – 10.60% p.a. (Base Rate / RLLR linked)
Moratorium Period
Course duration + 1 year
Repayment Tenure
Up to 15 years after moratorium
✦ What the Loan Covers (Eligible Expenses)
Tuition fees, hostel and mess charges, examination/library/laboratory fees, books, equipment, computer/laptop, study tours.
What is Missing: Honest MITC Policy Gaps, Hidden Clauses & Costs
Eligo disclosure: Bank loan brochures and DSA agents rarely highlight these conditions. Verify before signing your loan agreement.
Parent or guardian mandatory as joint co-borrower; CIBIL score checks apply to parent; interest during moratorium accumulates into principal if unserviced; disbursement is made directly to institute semester-wise upon satisfactory progress.
✦ Collateral & Margin Money Terms
Collateral & Guarantee Requirement:
Nil up to ₹7.5 Lakh; Full collateral security for amounts > ₹7.5 Lakh.
Margin Money (Borrower Contribution):
Nil up to ₹4 Lakh; 5% domestic > ₹4 Lakh; 15% abroad.
✦ Eligibility Requirements
Indian national who has secured admission to higher professional, technical or degree courses through entrance test or merit selection in recognized institutions.
✦ Government Subsidies & Rate Concessions
Eligible for CSIS (100% interest subsidy for family income < ₹4.5 Lakh) and PM-Vidyalaxmi 3% subvention.
✦ Required Documents Checklist
CELAF form via vidyalakshmi.co.in, admission letter, fee structure, academic marksheets, KYC of student and parent, 2-year ITR or Form 16, 6-month bank statements.
✦ How to Apply Step-by-Step
1. Log in to vidyalakshmi.co.in.
2. Fill CELAF and choose 'IDBI Bank Education Loan Scheme'.
3. Upload academic marksheets, admission letter, and parent income documents.
4. Submit online and track loan application status.
5. Visit nearest bank branch with original documents for document verification and sanction.Official Portal
Official Portal / Lender Domain
Apply or verify directly on the official banking portal
✦ Frequently Asked Questions
Is IDBI Bank Education Loan Scheme registered on Vidya Lakshmi portal?▼
Yes. IDBI Bank Education Loan Scheme is officially integrated with the National Vidya Lakshmi Portal (vidyalakshmi.co.in), allowing students to apply and track their loan status completely online.
Can I receive interest subsidy under CSIS for this loan?▼
Yes. If your annual parental family income is up to ₹4.50 Lakh and you are enrolled in an approved professional/technical course, you are eligible for 100% Central Sector Interest Subsidy (CSIS) during the moratorium period.
What is the penalty for early repayment or foreclosure?▼
There is zero prepayment penalty or foreclosure fee on all floating rate education loans as mandated by RBI regulations.