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How to apply for an education loan scheme online?

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Created on
May 23, 2023


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Even while education is a vital investment in one's future, it may be expensive, and not everyone can afford it. In this situation, a government education loan scheme can assist you in funding your studies and achieving your academic and professional objectives. Moreover, there are private banks as well whom you can approach to get financial assistance.

What is the Education Loan Scheme?

The education loan scheme is a government-backed financing program that assists students seeking higher education in India or abroad. Students can use this program to borrow money for tuition, living expenses, and other education-related obligations. The loan can be returned when the course is completed, with payback terms ranging from 5 to 15 years.

Types of Government Education Loan Schemes

Here are the details about the different types of education loan schemes:

Pradhan Mantri Vidya Lakshmi Karyakram (PMVLK)

This government initiative intends to provide money to deserving students from EWS. This program allows qualified students to apply for educational loans from participating banks and financial organisations at lower interest rates.

Central Sector Interest Subsidy Scheme (CSIS)

This government scheme provides interest subsidies on education loans for students from economically weaker sections. Under this scheme, the government provides eligible students with a 100% interest subsidy during the moratorium period (course duration plus 1 year).

SBI Education Loan

The State Bank of India (SBI) provides education loans for students pursuing higher education in India or abroad. The loan's sum can be used to pay for living costs, tuition, and other costs associated with pursuing an education. The payback duration for SBI education loans can be between 5 and 15 years, and the interest rate is affordable.

How to Apply for a Student Loan Scheme Online

Below are the steps to follow to apply for a student loan scheme online:

Step 1: Research different student loan schemes

Before applying for a student loan, examining the various loan programs available and their qualifying requirements is important.

Step 2: Check your eligibility

Once you have chosen the loan schemes that best meet your needs, verify that you meet their eligibility requirements. Each loan initiative has distinct qualifying specifications, including age restrictions, educational requirements, and income requirements. Before applying, make sure you fulfil all the prerequisites.

Step 4: Apply online

You can apply for a student loan online by visiting the financial institution's website or the Vidya Lakshmi Portal. Register for an account on the site or log in if you already have one. Fill out the application form with the essential information, upload the appropriate documents, and submit it.

Step 5: Await loan approval and disbursement

After you submit your application, the lender will evaluate the provided information to assess your loan eligibility. If you are accepted, the lender will send the loan funds directly to the institution you attend.


Government and private education loan schemes provide financial assistance for higher education. These schemes, such as the Pradhan Mantri Vidya Lakshmi Karyakram and Central Sector Interest Subsidy Scheme, offer eligible students lower interest rates and interest subsidies. Students can apply online, fulfil eligibility requirements, and receive direct disbursement to their educational institution.

In case you need it, Fi Money offers immediate loans that are deposited directly into your savings account instantly. These loans are pre-approved for eligible users who have good credit scores. Fi Money ensures a completely paperless process, and the loans are provided at competitive interest rates. Users maintain full control and have complete visibility of all loan details. An authorised partner bank, Federal Bank, determines the loan amount for each user, with a maximum limit of ₹5 lakh.

Frequently Asked Questions

1. How do I submit an education loan?

To apply for an education loan in India, you must research and compare various lenders' interest rates,teria, and repayment options eligibility criteria. Fill out the application form and provide necessary documents such as identity proof, academic records, and admission letter.

2. Which bank is easy to get an education loan from?

Many banks and financial institutions in India offer education loans to students. However, the ease of getting an education loan may depend on several factors, including the bank's policies, the loan amount, and the eligibility criteria.


Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.
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