Education Loan
About the Scheme
PRADHAN MANTRI VIDYALAXMI (PM-Vidyalaxmi) SCHEME is an initiative by the Government of India designed to provide financial assistance to students seeking higher education. This scheme offers an easy and transparent process to apply for education loans from multiple banks through a single platform.
Key Features of the Vidya Lakshmi Scheme
- A special loan product will enable collateral free, guarantor free education loans; made accessible through a simple, transparent, student-friendly and entirely digital application process.
- Loan amounts up to ₹7.5 lakhs will be provided a 75% credit guarantee by the Government of India, to support banks to expand coverage.
- Furthermore, for students with up to Rs. 8 lakhs annual family income, the scheme will also provide for 3% interest subvention on loans up to Rs 10 lakh.
- This is in addition to the full interest subvention already offered to students with up to Rs. 4.5 lakhs annual family income.
- The Scheme is applicable for all Scheduled Banks/Regional Rural Banks (RRBs)/Cooperative Banks.
- If any student is availing any scholarships/financial assistance, then he/she is not eligible to apply for an education loan under this scheme.
- To address queries raised by students there is dedicated toll free no 1800-1031.
Government Portal & Guidelines
| Title | Download |
|---|---|
| Portal Link | Click here |
| Scheme Guidelines | Click here |
| PPT | Click here |