The Cabinet has approved the PM-Vidyalaxmi scheme to offer financial support to talented students, ensuring that financial challenges don’t stop any young person in India from pursuing quality higher education. If you have any doubts, you can ask in comment section below.
PM Vidyalaxmi Scheme Education Loan: Details, Benefits, Loan Amount, Interest Subsidy
- This scheme will benefit over 22 lakh students each year.
- Students can get collateral-free, guarantor-free education loans easily.
- Government has approved a budget of Rs.3,600 crore for this scheme during 2024-25 to 2030-31.
- For loan amounts up to ₹7.5 lakh, the government will provide a 75% credit guarantee to encourage banks to extend more loans to students.
- Students from families with an annual income of up to ₹8 lakh will receive a 3% interest subsidy on loans up to ₹10 lakh.
- Additionally, students with family incomes up to ₹4.5 lakh already receive a full interest subsidy on loans up to ₹10 lakh during the loan moratorium period.
- PM-Vidyalaxmi will apply to the top higher education institutions (HEIs) ranked by NIRF, including:
- Top 100 ranked institutions (public and private).
- State HEIs ranked 101-200.
- All centrally governed institutions.
- The list of qualifying institutions will be updated yearly based on the NIRF rankings.
- The Department of Higher Education will set up a unified “PM-Vidyalaxmi” portal where students can apply for loans and interest subsidies, making it easy and quick to apply.
PM Vidyalaxmi Scheme Education Loan Required Documents
- Aadhar Card
- Mobile number
- Marksheets of class 11, 12, other qualifications
- Admission letter
- Fee Structure
- Passport size photographs
How to Apply Online for PM Vidyalaxmi Scheme Education Loan?
- Visit Website: https://www.vidyalakshmi.co.in/Students/index
- Click on Student Login: https://www.vidyalakshmi.co.in/Students/index#studentlogin
- Click on New User Register Now: https://www.vidyalakshmi.co.in/Students/signup
- Create Your Account
- Search for Your Bank Branch and Loan Scheme
- Apply for Loan
- Visit your Bank Branch
- Submit Required Documents
PM Vidyalaxmi Scheme Education Loan Apply Online Link
| Apply Online | Click Here |
| NIRF College Rankings | Click Here |
| PM Vidyalaxmi Scheme PDF | Click Here |
| More Schemes | Click Here |