Assam Scheme : Assam Bidya Lakshmi Loan Scheme

Bidya Lakshmi Loan Scheme was launched in 2016 -17 by the Government of Assam. This scheme basically provides loans for higher education to the children of all categories of state government employees. This education scheme is available to all categories for their studies in India and abroad under Uccha Shiksha Hitoishona Achani (USHA) for Karmachari.Under this scheme, loans from ₹5 lakh to ₹10 lakh are provided at an interest rate of 4% with the help of grants from the state government.

What is Assam Bidya Lakshmi Loan Scheme?

Bidya Lakshmi Loan is an educational loan scheme specific to the state of Assam, India. This scheme is designed to assist students in Assam in financing their higher education.underThis education scheme is available to all categories for their studies in India and abroad under Uccha Shiksha Hitoishona Achani (USHA) for Karmachari.

All State Government employees can provide education loan to study in India and abroad for professional technical courses like Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, ICWA, CA, CFA, MCA, MS, Graduation (in professional/ technical courses), Doctorate Programme (PhD Courses) and courses conducted by CIMA (Chartered Institute of Management Accountant, London), CPA (Certified Public Accountant in USA). 

Education loans will be provided jointly to the parents i.e. state government employees and students and the loan will be released directly to the educational institutions.

Assam Scheme: Bidya Lakshmi Loan Overview

Organization	Government of Assam
Scheme Name	Bidya Lakshmi Loan Scheme
State	Assam
Launched By	Government of Assam
Category	Educational Loan scheme
Benefits	Education loan up to ₹10 lakh
Application Mode	Online
Official Website	https://www.vidyalakshmi.co.in/
Whatsapp Group Link	Click Here to join

Benefits of the Vidya Lakshmi Education Loan Scheme

• State Government employees earning over Rs. 4.5 lakh annually can access loans up to Rs. 10 lakh through the Credit Linked Subsidy Scheme (CLSS).
• Employees can obtain loans exceeding Rs. 10 lakh from SBI.
• The education loan covers course fees, the purchase of books, computers, educational equipment, and other necessary items for completing the course.
• It includes expenses related to studying abroad and travel costs.
• Education loans will be provided jointly to parents (State Government employees) and students, ensuring a collaborative effort in funding education.
• The loan amount will be directly disbursed to educational institutions, simplifying the payment process and ensuring timely fee payments.

Assam Bidya Lakshmi Loan Scheme : Eligibility Criteria

Eligibility criteria for Students:

1. The student must be the ward/child of a regular employee of the Government of Assam currently in service.

2. Students must have secured admission in one of the professional or technical courses listed above.

3. A student who has failed in the last qualifying examination including class 12 will not be considered eligible.

Eligibility criteria for Parents

1. Assam State Government Employees with Check Off Facility.

2. There should be at least 5 years of residual pensionable service.

3. We are ready to repay the loan amount even if a student fails to get a job after completing the course.

4. In case of retirement during the loan tenure, he will have the option of receiving pension through SBI at least till the loan is repaid.

Assam Bidya Lakshmi Loan scheme Coverage: Courses and Institutions

Courses Type	Approval	Location
Course in Assam	UGC/ Government/ AICTE	Assam
Course in India	UGC/Government/AICTE	Anywhere in India
Courses in Top institutions	UGC/Government/AICTE	Assam and all India

Assam Scheme: Benefits of  Bidya Lakshmi  Education Loan

• The government offers loans up to Rs 5 to 10 lakh at a low interest rate of 4% to help employees pay for education.

• If employees earn more than Rs 4.5 lakh annually, they can avail a loan of up to Rs 10 lakh at the same 4% interest after getting assistance from the government.

• Employees earning less than Rs 4.5 lakh per annum are paid their entire study expenses during their course by the government. Later, they have to pay 4% interest along with a little help from the state.

• If employees need more than Rs 10 lakh, they can also borrow from the bank, but only the first Rs 10 lakh gets special help from the government. The rest of the amount is given as per the general rules of the bank.

  Bidya Lakshmi Education Loan Security points

1. No asset or third party guarantee is required for loans up to Rs 10 lakh.

2. Students can choose to take a life insurance policy to cover the loan amount to protect themselves in case of unforeseen events.

Documents Required for Bidya Lakshmi Loan Scheme 

Documents Required for Student:

1. Passport size photos (Three copies).

2. ID Proof: PAN Card,Aadhar Card

3. Address Proof: Electricity or Landline Bill, Aadhar Card, Driving License and Passport.

4. Academic Records: Marksheet from 10th to higher level

5. Admission Letter from the school/college.

6. Course Details: Prospectus and Approval copy.

7. Fee Structure from the institution.

8. Entrance Test Results (like JEE/PMT).

9. Any extra documents if asked.

For study abroad, also include:

1. Passport

2. Admission Letter

3. Any other needed papers.

Documents Required for parents:

1. Passport Size Photograph (3 copies).

2. Copy of Pan Card (Identity Proof).

3. Address Proof: Electricity Bill Landline Telephone Bill; Aadhar Card/  License/ Passport 

4. Xerox copy of Bank Passbook or Bank account statement.

5. Income Proof: Form 16/ Income Tax Return/ Income Certificate from the appropriate authority .

6. Any other documents if necessary.

Note: PAN Card mandatory for both Student and Parent

How to Apply for Vidya Lakshmi Education Loan?

To apply for the Vidya Lakshmi Education Loan, follow these steps:

• Download the Vidya Lakshmi Education Loan offline application form from this link.
• Now, Visit the official website of Vidya Lakshmi Loan.

• The home page will open on your screen.
• Click on the “Registration” link.
• Complete the registration process by filling in your Name, Mobile Number, Email ID, and Password.
• After successful registration, log in using your Email and Password.
• Fill in all mandatory details in the online application form.
• Upload the necessary documents.
• Submit the application.

By following these steps, you can successfully apply for the Vidya Lakshmi Education Loan online.

FAQs of Bidya Lakshmi Loan in Assam Scheme