PM Vidyalaxmi Scheme Eligibility: Under the Pradhan Mantri Vidyalakshmi Yojana, students get an education loan without guarantee and without bail. The government offers interest in interest up to 3 percent. Know the details including application process, eligibility.
Pradhan Mantri Vidyalaxmi Yojana: Talented students’ dream of doing good studies is many times incomplete due to money. To overcome this problem, the Prime Minister of India has been launched (PM Vidyalaxmi Scheme). The aim is that no meritorious students of the country should leave their studies in the middle due to lack of money. This scheme is completely digital and students can apply online from home. It does not require guarantor or bail and interest rebate is also given by the government.
What will be the benefit from Prime Minister Vidya Lakshmi Scheme?
- Education loan will be available without guarantee and bail.
- Along with course fees, hostels, mess, laptops, books and living expenses will also be covered.
- There is no fixed upper limit of loan, banks will approve as per the requirement.
- The government gives 75 percent credit guarantee on loans up to Rs 7.5 lakh.
- Students whose family has an annual income of up to Rs 8 lakh, will get 3 percent interest rebate.
- If the income of the family is up to Rs 4.5 lakh and the child is doing professional or technical course, then the government will pay interest during the entire studies (under PM-RUSP CSIS).
- The bank’s interest rate will not be more than EBLR + 0.5 percent.
- If you keep paying interest during studies, then you will get 1 percent additional discount.
- There will be a maximum of 15 years time to repay the loan.
- The interest exemption from the government will go directly to PM-Vidyalaxmi Digital Rupee App (CBDC Wallet) and from there will be transferred to your loan account.
Who can apply for PM Vidyalaxmi Scheme?
- The applicant should be an Indian citizen.
- Admission will have to be taken with your hard work, admission taken from management quota will not be valid.
- The student will have to take admission in 860 chosen Quality Higher Educational Institutes (Qheis).
- The annual income of the family should be up to Rs 8 lakh (for 3 percent interest rebate).
- The candidate is not getting any other government scholarship or interest rebate.
- The scheme will not get the benefit of leaving the course in between or being removed due to indiscipline.
- It is necessary to bring good marks, only then the interest rebate will continue from next year.
- This facility will be available only once, whether UG, PG or Integrated Course.
Which institutions will benefit on admission?
- Top 100 heis in Nirf rankings (all categories or domain-specific).
- Top 200 heis under the state or union state governments.
- All higher education institutions under the Central Government.
- Candidate should keep in mind that foreign universities, foreign camps or Indian University foreign campus are not included in this scheme.
How to apply online for Pradhan Mantri Vidya Lakshmi Yojana 2025?
- To apply, first go to the official website of PM-Vidyalaxmi.
- Now click on the Student Login and select Create an account option.
- Register through Aadhaar card.
- Fill the name, mobile number, email ID and verify from OTP.
- Make a password, enter the captcha and submit.
- After completion of registration, confirmation will be available on SMS or Email or WhatsApp.
- After registration, click on Apply for Education Loan option.
- Fill the necessary information and upload the document.
- Choose the bank and branch of your choice.
- Check all the information and click on Final Submit.
- You will get the message of successful application immediately.
How to track loan status?
- You can check the status of your loan application by going to Track Loan Application section. If you want, you can also download PDF.
- Apply for Interest Subvention
- Login on the website after the loan is approved and dysber.
- Click on “Apply for Interest Subvention”.
- Upload income certificate or annexure 6.
- After submitting the form, confirmation will be found on SMS or email or Whatsapp.
PM Vidyalaxmi Scheme: Documents required to apply
- Aadhar card, PAN card, address proof
- Marksheet of previous classes
- Entrance exam result
- College offer letter and fee structure
- Income Certificate (issued by official official of the state government)
- If the college has already taken some documents, then Annexure 6 will have to be given.
Also read- Subsidy up to 2.67 lakhs under Pradhan Mantri Awas Yojana, know every information and benefits in PMAY-Raban
How to file a complaint in a loan case?
If there is a problem on a stage, then students can file a complaint-
- Canara bank toll free number: 1800 1031
- Email: [email protected], [email protected], [email protected]
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