Narendra Modi has initiated various schemes in different sectors. For the improvement of the education system and to assist needy individuals, PM Narendra Modi launched the Vidya Lakshmi Portal to provide financial aid in the form of education loans and scholarships. Let’s explore the Education Loan Scheme by Narendra Modi, popularly known as PM Modi Education Loan.
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Vidya Lakshmi Portal
The Vidya Lakshmi Portal was launched on August 15, 2015, through collaborative efforts of India’s Ministry of Finance, Ministry of Human Resource Development, Higher Education Department, and the Indian Banks Association. This portal was created to help students in India find information about education loans and to apply for them through a single platform.
Before the launch of this portal, students had to apply separately with different banks using different forms, making the process uncomfortable, busy, and lengthy. The Vidya Lakshmi Portal has made it easier for students to apply for loans, check eligibility, and track and access education loans for higher education in India. Approximately 38 banks are registered, offering 127 different loan schemes.
Types of Education Loans
The Education Loan Scheme by Narendra Modi is not limited to special courses or institutions in India. You can apply for technical, professional, vocational, or degree courses in Indian universities or even study abroad.
You can apply for loan amounts of less than Rs. 4 lakhs, between Rs. 4 lakhs and Rs. 7.5 lakhs, or above Rs. 7.5 lakhs through a single application on the Vidya Lakshmi Portal across 38 banks. Modi’s education loan is helping thousands of students fulfill their dream of studying abroad.
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Modi Education Loan Registration Process
To apply for the education loan scheme by Narendra Modi, you need to register on the Vidya Lakshmi Portal. The online application process for Narendra Modi Education Loan Scheme is as follows:
- Visit the official website of the Vidya Lakshmi Portal to apply for an education loan by Modi.
- Click on the “Register Now” option.
- Enter all the necessary details, and you’ll be redirected to a new page.
- Submit and you’ll receive a confirmation mail and login details on your registered mobile number or email ID.
- Now, you can apply for an education loan or related scholarships.
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Modi Education Loan Interest Rates
Different banks have different interest rates under the education loan scheme by Modi. Presently, there are approximately 36 registered banks under Narendra Modi’s education loan scheme. The interest rate depends on the bank you are applying to, the loan schemes, institutions, courses, and loan amount.
Most banks charge an additional 2% to 6% over the Marginal Cost of Funds Based Lending Rate (MCLR). You can also calculate the monthly EMI on the bank’s official website. However, interest rates vary between 7% and 13% based on various factors.
Repayment of Modi Education Loan
Repayment of Modi’s education loan begins after the end of the moratorium period. The moratorium period is the course duration plus an additional year or six months after the applicant secures employment. Applicants are required to start paying EMIs after the moratorium period ends.
Banks Registered under Education Loan Scheme by Narendra Modi
There are 38 banks providing financial assistance under Narendra Modi’s education loan scheme. You can apply for Modi Education Loan through these banks. The list of banks registered under the Education Loan Scheme by Narendra Modi includes:
- 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 not only facilitates education loans but also provides various scholarships. You can find the latest scholarship details on the home page of the Vidya Lakshmi Portal. You can also apply for international scholarships.
Navigate to the end of the home page and click on Scholarships. You’ll be directed to a new page where you can log in and get detailed information about scholarships.
Narendra Modi Education Loan Subsidy
To assist students from economically weaker sections and backward communities who cannot bear the expenses of higher education, Narendra Modi announced an education loan interest subsidy scheme. Applicants can avail loans up to Rs. 7.5 lakhs without any collateral. The family income should be less than Rs. 4.5 lakhs, and this subsidy can be claimed only once.
Conclusion
We hope that all your questions regarding “Education Loan Scheme by Narendra Modi” have been answered through this article.
If you need assistance with admission abroad, such as selecting the right university, identifying suitable loans, and preparing the right application for your dream universities, you can find more information on the Vidya Lakshmi Portal website.
FAQ’s
Which banks are associated with Modi Education Loan?
SBI, HDFC Bank, IDBI Bank, Punjab National Bank, Allahabad Bank, Axis Bank, UCO Bank, and some other banks are associated with Narendra Modi’s education loan scheme.
Can I apply to different banks with a single application for Modi Education Loan?
Yes, you can apply to different banks with a single application.
Can we claim the education loan scheme by Narendra Modi for admission to foreign universities?
Yes, the education loan scheme by Narendra Modi can be used for admission to foreign universities.
How much loan is provided under the education loan scheme by Narendra Modi?
You can get a loan of more than Rs. 7.5 lakhs under Narendra Modi’s education loan scheme.
