PM Vidya Lakshmi Scheme
About PM Vidya Lakshmi Scheme
The Union Cabinet has greenlit the PM Vidya Laxmi scheme to aid students seeking higher education, earmarking Rs 3,600 crore for 2024-25 to 2030-31. T
he initiative offers a 75% credit guarantee for loans up to Rs 7.5 lakh, targeting students with family incomes up to Rs 8 lakh who lack access to other government scholarships.
They will receive a 3% interest subvention for loans up to Rs 10 lakh during the moratorium period. The scheme aims to support 2.2 million students, especially in government institutions pursuing professional courses, utilizing E-vouchers and CBDC wallets for reimbursement.
In Short:
- About PM Vidya Lakshmi Scheme
- PM Vidya Lakshmi Scheme for Students
- Eligibility And Required Documents to apply for Loan
- Sanctioned Loan Amount
- Instructions for Signing Up on the Vidya Lakshmi Portal
- How to Use the Vidya Lakshmi Portal for Online Applications
- The PM Vidya Laxmi scheme’s advantages
PM Vidya Lakshmi Scheme
PM Vidya Lakshmi Scheme for Students
Vidya Lakshmi Portal offers students a centralized platform to access information and apply for various educational loan schemes from banks, requiring registration.
Eligibility And Required Documents to apply for Loan
To apply for the scheme, one must be a resident Indian student with a 12th-grade certificate, valid Aadhaar card, recent photograph, contact number, and income certificate for eligibility verification and streamlined application.
Sanctioned Loan Amount
(i). Loans up to Rs 7.5 lakh offer a 75% credit guarantee to assist banks in providing education loans.
(ii). Students from families earning below Rs 8 lakh annually, who do not qualify for other government scholarships or interest subventions, receive a 3% interest subvention on loans up to Rs 10 lakh during the moratorium period.
Instructions for Signing Up on the Vidya Lakshmi Portal
Following fields must be entered carefully while registering on Vidya Lakshmi portal to avail loan facility
- Name: Student Name should be as per 10th marksheet.
- Mobile Number: Must register valid and working mobile no, parent/guardian’s number is also acceptable.
- Email ID: Student should have valid email id to be registered for further communications ,Alteration not allowed once entered or registered.
How to Use the Vidya Lakshmi Portal for Online Applications
Students must be registered on the Vidya Lakshmi portal by creating a new user profile in order to apply online for the Vidya Lakshmi Scheme 2024.
Step -1 : User Profile Creation
- Students need to visit the official Vidya Lakshmi website, choose “New User” and enter their contact details to register for a new account.
- Click the activation link to confirm their account when a verification link is issued to the registered email address.
Step -2 : Apply for loan post new user creation
- After selecting the “Search and Apply for Loan” option, student can choice whether to study in India or abroad and then figure out the amount they will need to spend for their further education.
- Students require to choose three preferred banks with appropriate repayment conditions prior to they can apply for a Vidya Lakshmi education loan.
- Once they finish all of the steps, have to verify all the information they provided and then click “submit.”
The PM Vidya Laxmi scheme’s advantages
(i). Security-free loans: Without demanding security or guarantors, students can get loans that entirely pay for education and related expenses.
(ii). Bank guarantee: The government offers a 75% assurance of credit for loans up to Rs 7.5 lakh, which makes it simpler for banks to make loans to greater numbers of students.
(iii). Interest rebate: During the moratorium period, students from families earning up to Rs 8 lakh annually are eligible for a 3% interest rebate on loans up to Rs 10 lakh, with preference given to those participating in government institutions for technical or professional degrees.
Website Link: PM Vidya Lakshmi Scheme
Website Link: National Portal of India | PM Vidya Lakshmi Scheme
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