PM Vidyalaxmi
PM-Vidyalaxmi
The Union Cabinet on 6th November 2024 approved “Pradhan Mantri Vidyalaxmi” (PM-Vidyalaxmi), a Central Sector Scheme to financial support to meritorious students so that financial constraints do not prevent any youth of India from pursuing quality higher education. The broad contours of the scheme are:
- A mission mode mechanism will facilitate and drive the extension of education loans to meritorious students who get admission in the top 860 quality Higher Educational Institutions (QHEIs) of the nation, translating to covering more than 22 lakh students every year.
- A special loan product will enable collateral free, guarantor free education loans; made accessible through a simple, transparent, student-friendly and entirely digital application process.
- Loan amounts up to ₹7.5 lakhs will be provided a 75% credit guarantee by the Government of India, to support banks to expand coverage.
- Furthermore, for students with up to Rs. 8 lakhs annual family income, the scheme will also provide for 3% interest subvention on loans up to Rs 10 lakh.
- This is in addition to the full interest subvention already offered to students with up to Rs. 4.5 lakhs annual family income.
- The Scheme is applicable for all Scheduled Banks/Regional Rural Banks (RRBs)/Cooperative Banks.
3 simple steps to apply for an educational loan
Registration
Students want to apply for education loan on PM-Vidyalaxmi portal, you must register on portal. Please provide essential details as mentioned in registration form.
Fill Up Single Form
Students have to fill Common Education Loan Application Form by providing all the necessary details. After filling the form, the applicant can search for Educational Loan and APPLY as per his/her needs, eligibility and convenience.
Submit Application to Bank
Students can submit application to bank for Educational Loan as per his/her needs, ease and convenience.