Students can proceed for the PM Vidyalaxmi Scheme Online Apply at the official portal. A dedicated portal for the PM Vidyalaxmi Scheme will be launched soon by the Department of Higher Education, government of India. All students who are eligible for the scheme can apply online at the official website. All processes related to loan application and interest subvention would be performed online on the dedicated portal. All students are requested to keep their documents ready to apply for education loans under PM Vidyalaxmi Scheme 2024.
The scheme has greater scope with the potential of supporting 22 lakhs of students every year with education loans. Read below to check more details about the process of the PM Vidyalaxmi Scheme Online Apply.
What is PM Vidyalaxmi Scheme 2024?
This is an education loan scheme approved by the central government of India to provide loan support to talented young students in India. The scheme has been framed to meet the desirous goals as determined in the New Education Policy 2020. PM Vidyalaxmi scheme got approval from the union cabinet chaired by Prime Minister Narendra Modi on 6 November 2024. The scheme aims to provide loan support to more than 22 lakh students every year in 860 top-ranked quality higher educational institutions in India.
The scheme will facilitate loans up to INR 10.00 lakhs without collateral and without any guarantor. Students can enjoy full interest subvention on Vidyalaxmi Education Loans. The duration of the scheme will be 6 years, from FY 2024-25 to FY 2030-31. During the period, more than one crore students would be eligible for the loan assistance.
PM Vidyalaxmi Scheme Online Apply Details in Key Highlight
| Name of Article | PM Vidyalaxmi Scheme Online Apply |
|---|---|
| Scheme Name | Prime Minister Vidyalaxmi Education Loan Scheme |
| Concerned Department | The Department of Higher Education, Govt. of India |
| Objectives | To provide education loan assistance to merited students |
| Scheme type | Education Loan Scheme |
| Loan limit | INR 10.00 lakhs |
| Benefits | Full interest subvention |
| Application Process | Online |
| Official Website | To be Launched Soon |
Benefits and Features
- This scheme will be run out of the central government budget.
- The scheme will be operational for the next 6 years, i.e., from FY 2024-25 to FY 2030-31.
- Students can avail of loan facilities up to INR 10.00 lakhs for higher education.
- A loan under PM Vidyalaxmi would be available without collateral and without a guarantor.
- Initially, the scheme will include 860 top-ranked, quality higher educational institutions.
- The selection of educational institutions will be based on the NIRF rankings.
- More than 22 lakh students can avail of loan benefits every year under the scheme.
See Also: Prime Minister Internship Scheme (PMIS)
Loan and Interest
- Loans under PM Vidyalaxmi can be taken from any participating banks across India.
- The maximum loan limit a student can avail of is INR 10.00 lakhs.
- Students whose family income is up to INR 4.5 lakhs per annum would be supported with the full interest subvention for loans amounting to a maximum of INR 7.5 lakhs.
- Students whose family income is up to INR 8.00 lakh per annum can enjoy an interest subvention of 3% on loans up to INR 10.00 lakhs.
- In the case of loans taken by students whose annual family income is up to INR 4.5 lakhs, the central government will provide credit guarantees up to 75% to banks.
- Such guarantee will be accorded for loans up to a limit of INR 7.5 lakhs.
Eligibility for PM Vidyalaxmi Scheme Online Apply
- Any student who has Indian citizenship can apply for a Vidyalaxmi Education loan.
- The students must have secured admission in approved quality higher education institutions (QHEIs).
- The students must be admitted to any of the 860 listed educational institutions to get the loan assistance under Vidyalaxmi.
- For the full interest subvention, the family income of the student must be up to INR 4.5 lakhs per annum.
- Students with a family income of INR 8.00 lakhs per annum would be offered an interest subvention of 3%.
- The above interest subvention of 3% will be applied during the moratorium period of the loan.
Useful Documents
- Aadhar Card
- Residential proof
- Email ID
- Mobile number
- Proof of educational qualification
- Admission Receipt
- Copy of Bank passbook
- Passport-sized photographs
- Any other document as required
See Also: PM E-DRIVE Scheme
List of Eligible Educational Institutions
A list of educational institutions for the Vidyalaxmi scheme would be prepared as per the top rankings provided by the National Institutional Ranking Framework (NIRF). To check the entire list of eligible colleges and universities, you can go through the PM Vidyalaxmi Scheme College List. This article will help you find out eligible quality higher educational institutions (QHEIs).
How to Proceed for PM Vidyalaxmi Scheme Online Apply
The Department of Higher Education has been designated to maintain an integrated portal for the purpose of the PM Vidyalaxmi Scheme Online Apply process. The dedicated portal will enable all students to access and submit their application. The process would involve following steps after the launch of the official website.
- For the first, students need to visit the official website to complete the PM Vidyalaxmi Scheme Online Apply Process.
- On the home page of the website, you are required to click on the New Account option.
- Next, enter your Aadhar no. and mobile number, fill in the captcha code, and click Submit.
- After registration is complete, return to the home page and click Login.
- Now enter the credentials and login to your profile.
- On the dashboard, you have to click on the Apply for Education Loan option.
- Next, an online application form will appear on your screen.
- Fill in the mandatory details, upload the required documents, and proceed with the final submission.
- Process for PM Vidyalaxmi Scheme Online Apply will complete this way.
Note: Online applications will start after the launch of the official website. Till then, students are requested to wait for a while. Updates will be provided here.
Important FAQs
What is the PM Vidyalaxmi Scheme?
This is an education loan scheme launched by the central government of India.
Which department will manage this scheme?
The Department of Higher Education, Government of India, will manage this scheme.
How much loan can be availed of under PM Vidyalaxmi?
A maximum of INR 10.00 lakhs can be availed of as an education loan under PM Vidyalaxmi.
Who is eligible for the loan benefit under the scheme?
All students securing admission in the listed institutions of India are eligible.
What is the process for PM Vidyalaxmi Scheme Online Apply?
PM Vidyalaxmi Scheme Online Apply Process can be performed on the official website.
What is the official website for PM Vidyalaxmi Scheme Online Apply?
The official website has not been launched. It is likely to be launched soon. You will be updated about it here.