Central GovernmentVerified

Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) Scheme

Department: Department Of Higher Education

The "Pradhan Mantri Vidyalaxmi (Pm-vidyalaxmi) Scheme" aims to provide financial support for higher education through education loans. Under this scheme, financial assistance of up to ₹10,00,000/- is provided to meritorious students seeking admission to domestic institutions.

Start date6 Nov 2024

Last verifiedToday

Official Source ↗

About This Scheme

The scheme "Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi)" by the Department of Higher Education, Ministry of Education, Government of India, aims to provide financial support to meritorious students so that financial constraints do not prevent any youth of India from pursuing quality higher education. The scheme provides collateral-free, guarantor-free education loans through a simple, transparent, student-friendly and entirely digital application process, with 3% interest subvention for students from families with annual income up to ₹8,00,000. To be eligible, the applicant must get admission on their own merit to one of the 860 designated Quality Higher Educational Institutions (QHEIs) in India. The scheme is implemented by the Department of Higher Education in coordination with Canara Bank as the nodal bank. The applications for this scheme are accepted Online.

Benefits

₹7.5 L

75% credit guarantee by the Government of India for loan amounts up to ₹7,50,000, irrespective of family income.

A special loan product of collateral-free and guarantor-free education loans for students admitted to QHEIs.

The loan amount depends on the course fee and other associated expenses (mess, hostel fee, refundable and non-refundable fees, laptop, living expenses) with no upper limit.

₹10.0 L

3% interest subvention on loans up to ₹10,00,000 for students with annual family income up to ₹8,00,000 during the moratorium period (course period plus one year).

₹4.5 L

Full interest subvention is already offered to students with up to ₹4,50,000 annual family income under PM-USP CSIS for technical/professional courses.

Interest rate capped at individual bank's Externally Benchmarked Lending Rate (EBLR) + 0.5%.

Up to 1% additional interest concession if interest is serviced during the study period and the moratorium period.

Repayment period up to 15 years, excluding moratorium period.

The interest subvention amount will be credited to PM-VIDYALAXMI DIGITAL RUPEE APP (CBDC WALLET) of the beneficiary and on redemption on the app by the beneficiary, the amount will be transferred to the beneficiary loan account.

Required Documents

✦
Aadhaar Card
✦
PAN Card
✦
Address Proof
✦
Previous Qualifying Marksheets (Self-attested)
✦
Entrance Exam Result
✦
Offer Letter (from the Institution, along with the fee structure)
✦
Income Certificate (from the designated public authority of the state)
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_*If the QHEI has already accepted some of these documents at the time of admission, the student should submit a certificate from the QHEI regarding the same (_[_proforma given in Annexure 6_](https://www.education.gov.in/sites/upload_files/mhrd/files/document-reports/PM_Vidyalaxmi_Scheme_Guidelines.pdf)_). Only the remaining documents will have to be submitted by the students to the bank/portal._

✦ Required ◦ Optional

How to Apply

OOnline

Quick Info

Level: Central Government
Max benefit: ₹10.0 L
Launched: 6 Nov 2024