PM Vidyalaxmi Scheme

Scheme Introduction: A Brief Overview

• To empower youth and middle class students, the government of India has launched a scheme called the "PM Vidyalaxmi Scheme".
• The scheme aims to provide financial support to meritorious students for their higher education.
• PM Vidyalaxmi Scheme aligns with the NEP 2020, which determines that financial assistance should be provided to each meritorious student for both private and public Higher Education Institutions.
• Under the PM Vidyalaxmi Scheme, each meritorious students can avail education loans up to Rs 10 lakh.
• The loan provided under the scheme is collateral and guarantor free, which will help a large number of students to avail the loan.
• Benefits of PM Vidyalaxmi Scheme will be provided to students admitted to quality higher education institutions (QHEIs), as per the NIRF ranking.
• According to the current NIRF ranking, around 860 quality higher education institutions (QHEIs) will provide Vidyalaxmi Scheme benefits to 22 lakh students.
• The primary objective of the scheme is to provide quality education to needy meritorious students without any financial constraints.
• Scheme mentioned that, the students with annual family income up to Rs 8 lakh will receive a 3% subsidy on loan up to Rs 10 lakh during the moratorium period.
• In a financial year, maximum one lakh students will receive the interest subvention benefits, with preference to government institutions students opted technical/professional courses.
• Under the scheme, the government of India will also provide a credit guarantee of 75% on a loan amount up to Rs 7.5 lakh.
• Students with annual family income up to Rs 4.5 lakh are already receiving full interest subsidy benefits.
• The government has allocated a budget of Rs 3,600 Cr, for a period of 2024-2025 to 2030-2031, where around 7 lakh new students will benefit from the scheme.
• To receive scheme benefits, it is important for the applicants that their institutions must be ranked in the following manner : -
  • Top 100 institutions in the overall category.
  • Top 200 ranked institutions of the state and UTs.
  • All government institutions.
• Applicants can apply for the PM Vidyalaxmi Scheme online through Vidya Lakshmi official portal.
• With the help of Vidyalaxmi Portal, students can apply, track and receive loans.

Scheme Benefits

• Under the PM Vidyalaxmi Scheme, the government offers following benefits to eligible students : -
  • Education Loan up to Rs 10 lakh.
  • 3% subsidy on interest during the moratorium period on a loan up to Rs 10 lakh for students with annual family income of Rs 8 lakh.
  • Government provides credit guarantee of 75% on a loan up to Rs 7.5 lakh.
  • Loan provided under the scheme is collateral and guarantor free.

Eligibility Requirement

• It is essential for the students to meet the following eligibility criteria mentioned under the PM Vidyalaxmi Scheme : -
  • Students must be domiciled citizens of India.
  • 3% interest subsidy will be provided to students with an annual family income of Rs 8 lakh.
  • Students institution must be top ranked as determined by the NIRF : -
    • Top 100 institutions government and private ranked in overall category.
    • Institutions ranked in specific categories under 101-200, and
    • All Central government institutions.

Required Documents

• Students must submit the following documents when applying for the PM Vidyalaxmi Scheme : -
  • Address Proof.
  • Aadhaar Card.
  • Admission Slip
  • Academic Certificate and marksheets.
  • Income Certificate.
  • Students photograph.
  • Parents photograph.
  • Land recrod copy.
  • Others as mentioned in the application form.

Steps to Apply

• Students can apply for the PM Vidyalaxmi Scheme online.
• To submit applications, students need to visit the Vidya Lakshmi Portal.
• On the home page, students need to choose the "Apply Now" tab.
• If students seek subsidy on interest then they can submit their Vidyalaxmi Scheme applications through Jansamarth Portal.
• Meanwhile, other students can submit their application from Vidyalaxmi Portal.
• Students need to first register online by following the process given below : -

Registration Process

• For registration, students need to provide their : -
  • Name.
  • Mobile Number.
  • Email ID.
  • Password.
  • Confirm the password submitted.
• After submitting the captcha code press the submit button.
• Click on the activation link received on the provided email.

Application Submission Process

• Login with the details, to submit the PM Vidyalaxmi Scheme application form.
• Select the Loan Application tab from the applicants dashboard.
• In the application form students need to submit the following details : -
  
  • Basic Information.
  • Personal Information.
  • Present Bank Details.
  • Course Details.
  • Cost of finance details.
  • Upload documents.
• Students can submit this single filled in application to multiple banks.
• Students will receive a confirmation once the bank accepts your education loan application.

Relevant Links

• PM Vidyalaxmi Scheme Applicants Registration.
• PM Vidyalaxmi Scheme Applicants Login.
• PM Vidyalaxmi Scheme Information.
• Vidya Lakshmi Official Portal.
• Official Portal of Ministry of Education.
• Official Jansamarth Portal.

Contact Information

• Vidyalaxmi Portal Helpline Number : - 020- 2567 8300
• Vidyalaxmi Portal Email Helpdesk : - vidyalakshmi@proteantech.in
• Times Tower, 1st Floor, Kamala Mills Compound,
  Lower Parel, Mumbai, Maharashtra 400013