PM Vidyalaxmi Scheme 2024: Eligibility and List of Required Documents

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The PM Vidyalaxmi Scheme, launched by the government, aims to provide financial support to deserving students seeking higher education in India. It offers collateral-free, guarantor-free loans to students admitted to top-ranked Higher Education Institutions (HEIs) as per the National Institutional Ranking Framework (NIRF). The loans cover full tuition fees and other course-related expenses. Students from families with an annual income of up to Rs. 8 lakh can avail of a 3% interest subsidy during the moratorium period. Additionally, for loans up to Rs. 7.5 lakh, a 75% credit guarantee is provided to encourage banks to offer loans. The scheme is expected to benefit over 22 lakh students annually, making education more accessible and reducing financial barriers for students pursuing quality higher education across India.

PM Vidyalaxmi Scheme
PM Vidyalaxmi Scheme

About PM Vidyalaxmi Scheme?

The PM Vidyalaxmi Scheme is an initiative by the Government to ensure that deserving students can pursue higher education without being hindered by financial constraints. It provides education loans to students who have been admitted to top-ranked Higher Education Institutions (HEIs) in India, as listed by the National Institutional Ranking Framework (NIRF). The scheme offers collateral-free, guarantor-free loans that cover full tuition fees and other related course expenses. Additionally, students from families with an annual income of up to Rs. 8 lakh are eligible for a 3% interest subsidy during the loan moratorium period. A credit guarantee of 75% is available for loans up to Rs. 7.5 lakh to facilitate loan disbursement. The scheme aims to benefit over 22 lakh students annually by helping them access quality education at prestigious institutions. The process is simplified through an online portal, ensuring smooth application and loan disbursement.

Also Read: PRITHvi VIgyan Scheme 

PM Vidyalaxmi Scheme Eligibility

PM Vidyalaxmi Scheme Eligibility are as follows:

  • The scheme is open to Indian nationals who are pursuing higher education in India at eligible institutions. Students pursuing education abroad are not covered under this scheme.
  • The student’s family income must be up to Rs. 8 lakh per annum to qualify for the interest subvention and other benefits under the scheme.
  • The scheme is applicable to students who are admitted to top-ranked Higher Education Institutions (HEIs) as per the National Institutional Ranking Framework (NIRF). This includes government and private institutions ranked in the top 100 overall, in specific categories, or domain-specific rankings.

Required Documents (Expected)

Required Documents for PM Vidyalaxmi Scheme are as follows:

  • Aadhaar Card
  • College ID Card
  • Income Certificate
  • Education Certificates and Documents
  • Bonafide Certificate
  • Bank Account Number
  • Photograph
  • Mobile Number
  • Email ID

Benefits of PM Vidyalaxmi Scheme

Here are some benefits of PM Vidyalaxmi Scheme, which are as follows:

  • Under this scheme students can get education loans without needing a guarantor or collateral.
  • The scheme is applicable to students enrolled in top-ranked Higher Education Institutions (HEIs) in India, based on NIRF rankings.
  • Loans cover the full amount of tuition fees and other course-related expenses.
  • Students from families with an annual income of up to Rs. 8 lakh can receive a 3% interest subsidy during the moratorium period.
  • Loans up to Rs. 7.5 lakh are supported with a 75% credit guarantee, reducing risk for banks.
  • The scheme enables students to pursue education in top-ranked institutions without financial constraints.
  • The scheme also supports students pursuing technical and professional education at approved institutions.

No of Students

  • The PM Vidyalaxmi Scheme is expected to benefit over 22 lakh students annually by providing education loans to those entering top 860 prestigious higher education institutions in India.

Also Read: Vidya Lakshmi Education Loan

Educational institutions Covered

Educational Institutions Covered under PM Vidyalaxmi Scheme are as follows:

  • Top 100 NIRF-Ranked HEIs
  • State Government HEIs
  • Central Government Institutions
  • Approved Technical/Professional Institutions

Loan Amount and Interest Subvention

  • Loan Amount: Students can avail of education loans covering full tuition fees and related expenses, up to Rs. 10 lakh.
  • Interest Subvention: Students with a family income up to Rs. 8 lakh are eligible for a 3% interest subsidy during the loan moratorium period.

Salient Features

Salient Features of PM Vidyalaxmi Scheme are as follows:

  • Scheme provides education loans without the need for a guarantor or collateral.
  • Loans cover full tuition fees and related course expenses.
  • 3% interest subvention for students from families with an income up to Rs. 8 lakh.
  • 75% credit guarantee for loans up to Rs. 7.5 lakh, encouraging banks to offer loans.
  • Applicable to students admitted to top 860 prestigious Higher Education Institutions (HEIs) in India.
  • Expected to benefit over 22 lakh students annually.
  • The application process is streamlined through the PM Vidyalaxmi portal for ease of access.
  • Supports students pursuing technical and professional education at approved institutions.

Application Process

To apply for the scheme, please follow the below-mentioned steps:

Step 1: Visit the Vidyalakshmi Portal.

Vidyalakashmi Portal
Vidyalakashmi Portal

Step 2: On the homepage, click the “CLICK HERE” link under the “To search and apply for the scholarship through the National Scholarship Portal” option.

Step 3: Select “Search and Apply for Loan.”

Online Registration Form
Online Registration Form

Step 4: Choose the country where you wish to study (India or overseas).

Step 5: Decide the course and loan amount required for your education.

Step 6: Select three preferred banks and agree to the repayment terms.

Step 7: Upload the required documents and review the information.

Step 8: Click the “Submit” button to complete the application process.

FAQs

What is the PM Vidyalaxmi Scheme?

The PM Vidyalaxmi Scheme provides collateral-free education loans with interest subsidies for students in top-ranked Indian higher institutions.

Who can apply for the PM Vidyalaxmi Scheme?

Any student admitted to a top-ranked Higher Education Institutions (HEIs) in India is eligible to apply.

What is the loan amount offered under the scheme?

The scheme offers loans covering full tuition fees and other course-related expenses, up to Rs. 10 lakh.

Is the loan collateral-free?

Yes, the loan is provided without the need for collateral or a guarantor.

Are there any interest subsidies available?*

Yes, students from families with an income of up to Rs. 8 lakh are eligible for a 3% interest subsidy during the moratorium period.

Which institutions are covered under the scheme?

The scheme is applicable to students admitted to the top 860 prestigious HEIs in India, as per NIRF rankings.

How many students will benefit from this scheme?

The scheme is expected to benefit over 22 lakh students annually.

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