PM Vidyalaxmi: Get up to Rs 7.5 lakh for your education without collateral or guarantor

PM Vidyalaxmi scheme: Are you worried about securing an education loan? Say goodbye to stress! You can w access loans up to ₹7.5 lakh without need for collateral or a guarantor. Union Cabinet, chaired by Prime Minister Shri Narendra Modi , has approved PM Vidyalaxmi Scheme. scheme is designed to make it easier for students to access educational loans and pursue higher education without financial stress.

What’s PM Vidyalaxmi?

This scheme provides financial support to students who are mitted to top-quality educational institutions across India. key vant of this scheme is that it simplifies loan process, making it quick and easy for students to apply without worrying about collateral or a guarantor.

How does it work?

Under scheme, students do t need to provide any collateral or guarantor to secure a loan, removing common barriers that often deter applicants. entire loan application process is digital, allowing students to apply online from anywhere without burden of paperwork. 

ditionally, scheme provides financial relief through interest subvention: students from families with an annual income of up to Rs 8 lakh can benefit from a 3% interest discount on loans up to Rs 10 lakh during moratorium period, while those with a family income of up to Rs 4.5 lakh enjoy full interest cover. 

scheme allows students to apply for loans up to Rs 7.5 lakh to cover tuition and or expenses, with government offering a 75% credit guarantee to support banks in expanding loan access.

Who can apply?

scheme is available to students who are mitted to one of top-ranked institutions (both government and private) as per NIRF rankings. It’s available to more than 22 lakh students annually who want to pursue higher education in technical, professional, or or courses.

If your family income is up to Rs 8 lakh, and you’re pursuing a loan for up to Rs 10 lakh, you can get interest subvention. ditionally, students on technical or professional courses are given preference.

How to apply for loan?

• Visit Portal: Go to official PM Vidyalaxmi portal.
• Fill in Your Details: Enter your personal details, course information, and family income.
• Submit Loan Application: Select loan amount based on your requirements and submit your application.
• Process and Verification: After submission, your loan application is processed digitally, with updates provided online.
• Interest Subvention: If eligible, you will receive interest subvention directly into your **E-voucher or CBDC wallet.

This scheme aims to ensure that deserving students can pursue higher education, regardless of financial constraints, opening doors to better career opportunities in future.