India: Government has launched a portal named Vidya Lakshmi for the students who want educational loans and government scholarships, log on to vidyalakshmi.co.in.

The finance ministry announced news on Thursday that, Government has launched a portal named Vidya Lakshmi to provide benefits for students who are applying for educational loans and government scholarships. It is worked as single window system and candidates can apply for loans in multiple banks with one form.

The Government was launched this Vidyalakshmi portal www.vidyalakshmi.co.in for the students who are seeking edifying loans and studentships. The website was launched on the eve of Independence Day and there are five banks including SBI, IDBI and BOI have incorporated their system with this gateway.

The latest website has been maintained and developed by NSDL e-governance infrastructure limited under the supervision of financial services in the finance ministry, department of higher education, ministry of human resource development and Indian Banks Association (IBA).

Arun Jaitley, Finance Minister in his budget speech for session 2015-16 had projected to set up a fully IT based student financial aid consultant to monitor scholarships as well as educational loans schemes through Pradhan Mantri Vidya Lakshmi Karyakram (PMVLK).

The Vidyalakshmi website is the first portal offering single window access to poor students for applying fellowships and loans from respective banks. The website has designed with full information of education loan schemes, application forms for applying loans, Apply to multiple banks in a single form etc.