Central government has approved the PM Vidyalaxmi scheme. The scheme aims to make sure that financial limitations don’t stop students from pursuing higher education. The program offers loans for higher education up to Rs 10 lakh to deserving candidates. Under this new central scheme center has allocated Rs 3,600 crore for 2024–2025 to 2030–2031 years.
What is PM Vidyalaxmi Yojana?
Under the PM Vidyalaxmi scheme, any student who is accepted into a reputable university would be entitled to receive a loan from a bank or other financial institution that does not require collateral or guarantors in order to pay for all of their tuition costs and other course-related expenses. This scheme will provide much-needed financial assistance to college students.
Benefits of PM Vidyalaxmi Yojana
- Tuition Fees: Covers full tuition fees for eligible students.
- Living Expenses: Students can utilize the loan for accommodation and boarding expenses.
- Additional Costs: Exam fees, study materials, and travel costs are also covered while providing complete financial assistance for students during their academic journey.
Eligibility Criteria
Under the PM Vidyalaxmi scheme, any student who gets admission to a Quality Higher Education Institution (QHEIs) will be eligible to get collateral free and guarantor-free loans from banks and financial institutions to cover the full amount of tuition fees and other expenses related to the course.
- Nationality: Only Indian citizens are eligible for this scheme.
- Age Limit: Most banks implementing the scheme have age limits. However, this can vary depending on the loan amount and institution.
- Educational Background: Priority is often given to those pursuing technical or professional courses and those attending government institutions.
- Income Criteria: The various benefits of the scheme are designed to support students from low and middle-income families, with specific criteria based on annual family income.
- Admission in a Recognized Institution: Students must have guaranteed admission in one of the 860 QHEIs recognized under the scheme.
- The Institute shall be ranked within 100 in the All India NIRF ranking.
Required Documents
- 12th-grade pass certification
- Aadhaar card
- Recent photograph
- Mobile number
- Income certificate
Educational Institutions Applicable
The PM Vidyalakshmi Scheme offers collateral and guarantee-free student loans for eligible applicants. This Scheme is applicable for top-quality higher educational institutions in India, as determined by the National Institution Ranking Framework (NIRF). This includes government and private higher education institutions (HEIs), state government HEIs, and central government governed institutions.
Loan Amount Sanctioned
For loans up to Rs 7.5 lakh, students can receive a 75 per cent credit guarantee on outstanding defaults. This is to help banks make education loans available to students under the initiative.
Annual Household Income Below Rs 8 lakh
In addition, during the moratorium period, students with an annual family income of up to Rs 8 lakh who are not eligible for benefits under any other government scholarship or interest subvention schemes would get a 3 per cent interest subvention on loans up to Rs 10 lakh. This interest subsidy will be granted to 100,000 students each year, prioritising those from government institutions and those pursuing technical or professional courses.
How to Apply for PM Vidyalakshmi Scheme Online?
The Department of Higher Education will launch a unified portal – PM-Vidyalaxmi, where students can apply for education loans and interest subsidies through a streamlined application process accessible to all banks. The interest subsidy will be disbursed via E-vouchers and Central Bank Digital Currency (CBDC) wallets.
- To apply for the Vidyalakshmi Scheme 2024 online, students will have to register and login to on Vidyalakshmi portal.
- Fill-up the Common Education Loan Application Form (CELAF) 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
- Alternatively, the applicant can also search for Educational Loan after login and apply for the suitable Educational Loan by filling the CELAF.
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