PM Vidyalaxmi Scheme: Registration, Eligibility, How to Apply

Central Government has approved PM Vidyalaxmi scheme to support students who want to pursue higher education in top-ranked institutions in India. Uner this scheme government provide collateral-free, guarantor-free education loans to meritorious students pursuing higher studies.

The government launched this scheme to ensure that all deserving students can achieve their dreams. In this article, we will explore all aspects of the Vidyalaxmi Scheme, from its objectives and benefits to the eligibility criteria and application process.

What is PM Vidyalaxmi Scheme?

The PM Vidyalaxmi Scheme provides loans to meritorious students for pursuing higher education. The scheme offers collateral-free loans without a guarantor requirement. The PM Vidyalakshmi Scheme provides a 75% credit guarantee for loans up to ₹7.5 lakh. This scheme is an initiative that aligns with the National Education Policy.

Under this scheme, students can apply for loans that cover tuition, living expenses, and other costs associated with their studies. The main objective of the PM Vidyalaxmi Scheme is to provide guarantor-free, collateral-free loans to eligible students.

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PM Vidyalaxmi Scheme Features

Collateral-Free Loans: Loans up to ₹7.5 lakhs are collateral-free and guarantor-free.

Credit Guarantee: The government provides a 75% credit guarantee for loans up to ₹7.5 lakhs.

Interest Subvention: For loans up to ₹10 lakhs, students from families earning up to ₹8 lakhs annually receive a 3% interest subsidy.

Unified Digital Portal: A single platform for loan application, processing, and tracking, enhancing user experience.

Wide Institutional Coverage : Applies to students from top-ranking NIRF institutions, covering over 860 institutions initially.

Maximum Loan Amount

For Studies in India: Up to ₹10 lakh, covering all educational expenses such as tuition and living costs.

For Studies Abroad: Up to ₹20 lakh, addressing costs like tuition, travel, and living expenses.

Eligibility Criteria for PM Vidyalaxmi Scheme

• The applicant must be an Indian citizen.
• Students with a family income of up to ₹8 lakhs.
• Students must secure admission through merit-based processes or open competitive examinations in the top 860 QHEIs.
• Students are eligible irrespective of family income group.
• The scheme typically caters to students between 18 and 35 years of age.

Required Documents

The application process for the Pradhan Mantri Vidyalakshmi Yojana has begun. You can view the list of required documents on the official website of the Pradhan Mantri Vidyalakshmi Yojana. The general documents required under this scheme are as follows:

• Aadhaar card
• Bank account details
• Admission confirmation from the institution
• Identity proof documents

How to Apply for PM Vidyalaxmi Scheme?

Visit the Official Portal: Students need to visit the PM Vidyalaxmi Scheme portal to begin the application process.

Registration : Create an account by providing basic details such as name, contact information, and course details.

Fill out the Application Form: Complete the Common Education Loan Application Form (CELAF) with your details.

Submit Documents: Upload the necessary documents, including identity proof, income certificates, academic records, and any other supporting documentation as required.

Search for Loans: Once the form is submitted, search for educational loans that match your needs.

Submit Loan Application: After selecting a suitable loan, submit your application. Students will receive a response regarding their application status.

Loan Approval Process: After submitting the application, the loan request will be processed by the bank. 

Tracking and Processing: Track your application status on the portal.

Indian citizens, NRIs and Overseas Citizens of India (OCI) students are eligible under this scheme. PM Vidyalaxmi Scheme a valuable resource for students who want to achieve academic success without financial constraints.

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