Ever since Narendra Modi assumed the position of Prime Minister of India, he has introduced numerous initiatives in various sectors. In order to enhance the education system and aid individuals in need, Prime Minister Narendra Modi has inaugurated the Vidya Lakshmi Portal. This platform provides comprehensive support for education loans and scholarships, consolidating all the necessary resources in one place. Let us delve into the enlightening scheme initiated by Narendra Modi, commonly referred to as the Modi Education Loan.
- 1 Overview of Vidya Laxmi Portal
- 2 Applicability of Education Loans
- 3 Registration Process
- 4 Interest Rates
- 5 Repayment
- 6 Banks registered under Education Loan Scheme by Narendra Modi
- 7 Modi Education Loan Scholarships
- 8 Narendra Modi Education Loan Subsidy
- 9 FAQs
- 9.0.1 Is it possible to avail an education loan scheme introduced by Narendra Modi for pursuing studies in foreign universities?
- 9.0.2 Is it feasible to submit a single application to multiple banks for Modi Education Loan?
- 9.0.3 Does the Modi education loan scheme solely cater to undergraduate education loans?
- 9.0.4 Which banks are affiliated with the Modi education loan scheme?
- 9.0.5 What is the maximum loan amount granted under the education loan scheme introduced by Narendra Modi?
Overview of Vidya Laxmi Portal
The joint efforts of the Finance Ministry of India, HRD of India, Department of Higher Education, and Indian Bank Association resulted in the launch of the Vidya Lakshmi Portal on 15th August 2015. The purpose of this portal is to assist students in obtaining information and applying for education loans in India, all within a single platform. Prior to the launch of this portal, students faced difficulties as they had to apply at various banks, using different forms, making the process arduous and lengthy. Thanks to the Vidya Lakshmi portal, students can now easily apply, check eligibility, and track as well as access information related to education loans for higher education in India. Currently, there are 38 registered banks with a total of 127 different loan schemes available.
Applicability of Education Loans
In regards to the education loan program initiated by Narendra Modi, it should be noted that it encompasses a wide range of courses and institutions, both in India and abroad. Prospective applicants are eligible to pursue technical, professional, vocational, or degree programs at Indian universities or international educational institutions. The loan amount can vary, with options ranging from below Rs.4 Lacs, Rs.4 Lakh to Rs. 7.5 Lakh, or above Rs. 7.5 Lacs. Furthermore, it is possible to apply to a total of 38 banks by submitting a single application on the Vidya Lakshmi Portal. It should be acknowledged that this initiative by Modi has effectively empowered numerous students in realizing their aspirations for overseas education.
In order to avail of the education loan program, it is necessary for you to enrol yourself on the Vidya Lakshmi portal. The following steps outline the online application process for the Narendra Modi Education Loan Scheme:
- Access the Vidya Lakshmi Portal’s official website to begin the loan application by Modi.
- Choose the register new option.
- You will then be directed to a separate page where you can input all the necessary information.
- Upon submission, you will receive a confirmation email containing your login credentials on your registered mobile number or email address.
- From this point onwards, you can proceed to apply for an education loan or explore relevant scholarship opportunities.
Under Narendra Modi’s education loan scheme, there are currently 36 registered banks offering loans at varying interest rates. The interest rate you receive depends on factors such as the bank you choose, the specific loan scheme, the educational institution, the course, and the loan amount. Most banks charge an interest rate that is 2% – 6% above the MCLR. To calculate the monthly EMI, you can visit the official website of the bank. However, it should be noted that the interest rates can range from 7% to 13% based on different variables.
Once the moratorium period has concluded, Modi will commence repaying his education loan. This period, which includes the course’s duration and an additional year or six months following an applicant’s employment, determines the start of the loan repayment. It is the applicant’s responsibility to make EMI payments after the moratorium period.
Banks registered under Education Loan Scheme by Narendra Modi
Under the Education Loan Scheme by Narendra Modi, a total of 38 banks offer financial assistance. If you are interested in obtaining a Modi education loan, you have the option to apply through any of these banks. Please find below the comprehensive list of banks participating in this scheme:
- Abhyudaya Cooperative Bank Limited
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Bank Of Baroda
- Bank Of India
- Bank Of Maharashtra
- Canara Bank
- Corporation Bank
- Central Bank Of India
- Dena Bank
- Dombivli Nagari Sahakari Bank Limited
- Federal Bank
- GP Parsik Bank Ltd
- HDFC Bank
- ICICI Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank
- Karnataka Bank
- Kotak Bank
- Karur Vysya Bank
- New India Cooperative Bank Limited
- Oriental Bank Of Commerce
- Pragathi Krishna Gramin Bank
- Punjab And Sind Bank
- Punjab National Bank
- RBL Bank
- Syndicate Bank
- State Bank of India
- Tamilnad Mercantile Bank Limited
- UCO Bank
- Union Bank
- United Bank of India
- Vijaya Bank
- YES Bank
Modi Education Loan Scholarships
The Vidya Lakshmi Portal provides a range of scholarships, in addition to education loans. On the homepage of the portal, you can find the latest scholarship details. Furthermore, it is possible to apply for international scholarships as well. By clicking on the “scholarships” section at the end of the home page, you will be redirected to a new page. From there, you can log in and access comprehensive information about the scholarships.
Narendra Modi Education Loan Subsidy
Narendra Modi has unveiled an education loan interest subsidy scheme aimed at assisting students from economically disadvantaged backgrounds and underprivileged communities who are unable to bear the expenses associated with pursuing higher studies. Under this scheme, eligible applicants can avail loans of up to Rs. 7.5 Lakhs without the need for any collateral. However, it is essential for the family income to be below Rs. 4.5 Lacs, and it is important to note that this subsidy is only applicable once.
Is it possible to avail an education loan scheme introduced by Narendra Modi for pursuing studies in foreign universities?
Certainly, the education loan scheme proposed by Narendra Modi can be utilized for seeking admission into foreign universities.
Is it feasible to submit a single application to multiple banks for Modi Education Loan?
Absolutely, you can submit a single application to multiple banks.
Does the Modi education loan scheme solely cater to undergraduate education loans?
No, the scheme is applicable for undergraduate, postgraduate, and doctoral programs.
Which banks are affiliated with the Modi education loan scheme?
Some of the banks associated with the education loan scheme introduced by Narendra Modi include UCO Bank, HDFC Bank, SBI, and IDBI.
What is the maximum loan amount granted under the education loan scheme introduced by Narendra Modi?
Under the education loan scheme introduced by Narendra Modi, you can obtain a loan exceeding Rs. 7.5 lakhs.