PM Vidyalaxmi is a new scheme launched by the Government of India. The main objective of the Scheme is to make higher education more affordable and accessible for all students. On 6th November 2024 the Pradhan Mantri Vidyalaxmi Scheme launched.
The Pradhan Mantri Vidyalaxmi scheme is specially made for students who want to study further but have financial problems.
Aim of the PM Vidyalaxmi Scheme
The vision of the PM-Vidyalaxmi Scheme is to make sure that no student is deprived of higher education due to financial problems. The Pradhan Mantri Vidyalaxmi scheme offers education loans without any collateral or guarantor to students who secure admission into top-ranked Indian institutions.
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Who Can Apply for PM Vidyalaxmi Scheme?
Any student who gets admission based on merit (entrance exam or marks) in one of the 860 top colleges or universities listed by the Ministry of Education can apply for this scheme.
Students who get admission through management quota or donation seats cannot apply for this scheme.
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What Does the PM Vidyalaxmi Scheme Offer?
The PM-Vidyalaxmi Scheme is a new government plan that helps students get easy and affordable loans for higher education in India.
- Students can take loans without giving property papers or arranging a guarantor.
- There is no fixed limit on how much loan a student can take.
- Students can apply for the loan through the PM-Vidyalaxmi portal by filling out a short and easy two-page online form.
- If a student’s family income is ₹8 lakhs or less, the government will pay 3% interest on loans up to ₹10 lakhs during the study period and 1 extra year after that.
- Students with family income up to ₹4.5 lakhs, who are studying technical or professional courses, will get 100% interest subsidy under a related scheme (PM-USP CSIS).
- For loans up to ₹7.5 lakhs, the government will cover 75% of the risk, so banks feel safer in giving loans to more students.
Loan Repayment
Students don’t have to repay the loan while studying and for 1 year after finishing the course. After that, they get up to 15 years to repay the loan.
Documents Required for Pradhan Mantri Vidyalaxmi Scheme
- Aadhaar and PAN card
- Admission offer letter
- Course fee structure
- Family income certificate (issued by state authorities)
- Previous academic mark sheets
- Entrance exam result (if applicable)
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Who Gets Priority?
If applications exceed the yearly limit for interest subsidy (1 lakh students), selection will be based on:
- Government institution students
- Professional or technical course students
- Students from government and rural schools
- Girl students
- Students with lower family income
PM Vidyalaxmi Scheme Portal and Monitoring
The PM-Vidyalaxmi scheme runs through an online portal made by Canara Bank. This portal is used for applying, checking, and getting the loan and interest help. Students, banks, and colleges will all use this one portal.
Important Conditions
- A student can avail PM-Vidyalaxmi benefits only once (UG/PG/integrated course).
- Students availing any other scholarship or subsidy are not eligible.
- If a student drops out mid-course without valid reasons (such as medical grounds), benefits will be withdrawn.
- False declarations will lead to disqualification and legal action.
Note: We are only sharing this information to help readers understand the PM-Vidyalaxmi Scheme. Before applying, please read the official rules carefully. We try to give correct details, but there may be some mistakes. So, check everything yourself from official sources.
