Educational Loans
First student has to apply in Vidya lakshmi portal. (www.vidyalakshmi.co.in)
The following documents are required for applying in Vidya Lakshmi portal.
1. Marks sheet
2. Admission letter
3. Income Proof of the parent.
Student has to select the branch where he wants to avail the education loan by entering the IFSC Code.
After applying through vidya Lakshmi portal , student can approach the branch with the following documents.
1. Applicant ( student ) photos
2. Applicant ( Student) Aadhar Card
3. Student Marks sheets
4. Admission letter
5. Co- Applicant ( Father/Mother ) Photos
6. Co- Applicant ( Father/Mother ) Aadhar card
7. Income proof of co- applicant
8. Common Retail Loan Application form ( Student)
9. Common Retail Application form (Parent)
10. Education Loan Application form
Loan Eligibility and other conditions are as follows:
Operating Area
We currently operate in the Brooklyn area. Businesses outside of a 20 mile radius may require travel expenses. Please contact for more details.
Vocational/Skill Development courses of duration ranging from 2 months to 3 years run or supported by a Ministry/ Department/ Organization of the Government or a company/ society/ organization supported by National Skill Development Corporations, or state skill missions or state skill corporations, preferably leading to a certificate/ diploma/ degree, etc. issued by Government organization or an organization recognized/ authorized by the Government to do so.
State Level Bankers Committee (SLBC) / State Level Coordination Committee (SLCC)
may add other skill development courses / programs, having good employability.
| Course duration | Maximum quantum of loan |
| Upto 3 months | Rs. 20,000 |
| Above 3 months and upto 6 months | Rs. 50,000 |
| Above 6 months and upto 1 year | Rs. 75, 000 |
| Above 1 year | Rs. 1,50,000 |
- Tuition Course & Fee
- Examination/Library/Laboratory Fee
- Caution Deposit
- Purchase of the books, equipments and instruments
- Any other reasonable expenditure found necessary for completion of the course (As such courses are localized boarding, lodging may not be necessary. How ever whether it has been found necessary, the same could be considered on merits)
Maximum repayment tenure after completion of course / moratorium period is
| Course Duration | Moratorium Period |
| Upto 1 Year | 6 months from the completion of the course |
| Above 1 Year | 12 months from the completion of the course |
Maximum repayment tenure after completion of course / moratorium period is
| Quantum of Loan | Repayment Period |
| Loans upto Rs.50,000 | Upto 2 years |
| Loans above Rs.50,000 and upto Rs. 1,00,000 | 2-5 years |
| Loans above Rs.1,00,000 | 3-7 years |
- No collateral or any third party guarantee to be taken.
- Loans should be mandatorily covered under CGFSEL
- The parent to execute the loan documents along with the students as co-borrower
Optional, at the requirement of the borrower
| Particulars | Rate of Interest | |
| Male Student | Female Student | |
| Skill Development Loan without deviation to be covered under CGFSSD | FALFt.1.50% | EBLR+1.50% |
| Skill Development Loan with deviation if any & not covered under CGFSSD | ERLR+3.2S% | EBLR+2.75% |