Highlights
- Education Loan up to Rs 10 lakh.
- 3% subsidy on interest during moratorium period to students with annual family income of Rs 8 lakhs.
- Credit guarantee of 75% on a loan up to Rs 7.5 lakh
- Loan provided is guarantor and collateral free.
Customer Care
- Vidyalaxmi Portal Helpline Number : - 020- 2567 8300
- Vidyalaxmi Portal Email Helpdesk : - vidyalakshmi@proteantech.in
Information Brochure
Summary of the Scheme
|
|
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Name of Scheme | PM Vidyalaxmi Scheme |
Launched Year | 2024 |
Benefits | Collateral free education loan up to Rs 10 Lakh. |
Beneficiaries | Indian meritorious students. |
Official Portal | Vidyalaxmi Scholarship. |
Nodal Department | Ministry Of Education. |
Subscription | Subscribe Here to Get Update Regarding Scheme. |
Mode of Apply | Through PM Vidya Lakshmi Portal.. |
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 record 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
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