About Scheme

The Pradhan Mantri Vidyalaxmi Scheme provides financial support to meritorious students to ensure that financial constraints do not prevent them from pursuing higher education.

Details

The scheme offers collateral-free, guarantor-free education loans through a digital process with 3% interest subvention for students from families with annual income up to ₹8,00,000. Eligible students must gain admission on merit to one of the 860 designated Quality Higher Educational Institutions (QHEIs) in India.

Key Features

• Ensure financial barriers do not prevent higher education
• Provide easy access to education loans
• Offer interest subvention for eligible students
• Support students in QHEIs across India

Eligibility

Applicants must be Indian citizens, have merit-based admission to a designated QHEI, not admitted via management quota, and have an annual family income up to ₹8,00,000. Students must not be receiving other scholarships/interest subvention schemes and should maintain satisfactory academic performance.

Benefits

Collateral-free, guarantor-free education loans; Loan amount depends on course fees and associated expenses; 75% credit guarantee by the Government of India for loans up to ₹7,50,000; 3% interest subvention for loans up to ₹10,00,000; Interest rate capped at bank's EBLR + 0.5%; Repayment period up to 15 years; Subvention amount credited via PM-Vidyalaxmi Digital Rupee App.

Application Process

Online: Register on the PM-Vidyalaxmi portal https://pmvidyalaxmi.co.in/ via Aadhaar. Complete profile, upload mandatory documents, select bank/branch, fill application form, and submit. Track loan status and apply for interest subvention through the portal. Grievances can be raised and tracked online.

Documents Required

1. Aadhaar Card 2. PAN Card 3. Address Proof 4. Previous Qualifying Marksheets (Self-attested) 5. Entrance Exam Result 6. Offer Letter with fee structure 7. Income Certificate (from designated public authority) 8. Any additional documents as required by QHEI or bank