Student Loan: Under the PM Vidyalaxmi Scheme, eligible students can obtain education loans without providing a guarantee or collateral. Benefits such as interest concessions are also available upon meeting specific conditions.
PM Vidyalaxmi Scheme: Every student dreams of pursuing higher education and achieving success in life. However, financial constraints often force some students to abandon their studies and dreams midway. To support such students, the Central Government runs the PM Vidyalaxmi Scheme. This scheme enables eligible students to secure education loans without any guarantee or collateral. Furthermore, students can avail of interest concessions subject to certain conditions.
What are the benefits of the PM Vidyalaxmi Scheme?
It is an education loan scheme launched by the Central Government.
Under the PM Vidyalaxmi Scheme, you can obtain an education loan without a guarantor or security.
The government provides a guarantee of up to 75% on loans amounting to ₹7.5 lakh.
The primary objective of this scheme is to ensure that no student's education is interrupted due to financial hardship.
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Which students are eligible?
Students admitted to institutions ranked among the top 100 by NIRF.
Students in state government institutions ranked between 101 and 200.
Students enrolled in any Central Government higher education institution.
What interest relief is available?
Students with an annual family income of up to ₹4.5 lakh may receive interest concessions as per established rules.
Students from families with an annual income between ₹4.5 lakh and ₹8 lakh will receive a 3% interest subsidy on loans up to ₹10 lakh during the study period.
How to apply online?
First, visit the official Vidyalaxmi portal at pmvidyalaxmi.co.in. Register as a new user and log in.
Fill in all the information requested in the application form.
Upload the necessary documents.
Once the form is submitted, the application status can be tracked online.
Documents required for the application:
Aadhaar card
Bank account details
Identity proof and proof of residence
Admission letter and fee structure
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