PM Vidyalaxmi Scheme Apply Online:- The Union Cabinet of India has approved the PM Vidyalaxmi Scheme. To provide financial assistance to all the meritorious students who want to pursue higher education in India the central government of India has introduced the PM Vidyalaxmi Scheme. All the meritorious students who will get selected under the scheme will receive educational loans from the authorities for higher education. The Government of India will set up banks and other financial organizations to provide loans under the scheme. All the students who want to avail the benefits of the PM Vidyalaxmi Scheme can now visit the official website and fill out the application form online.
Purpose of PM Vidyalaxmi Scheme
The main purpose of launching the scheme is to make sure no student of India stops their higher studies because of monetary problems. Under this scheme, the central government of India will provide a loan of up to INR 7.5 lakh with a 75% credit guarantee to support banks to expand coverage. According to the information a total of 22 lakh students will receive financial assistance under the scheme. The loans under the scheme will be collateral-free and guarantor-free. All the students who are pursuing their higher education from Quality Higher Education Institutions (QHEIs) are eligible to avail the benefits of the scheme.
Also Read: Education Loan e Voucher Scheme
Short Summary of PM Vidyalaxmi Scheme Apply Online
| Key Highlights | Details |
| Name of the Scheme | PM Vidyalaxmi Scheme Apply Online |
| Launched By | Government of India |
| Launch Date | 6th November 2024 |
| Announced By | Prime Minister of India |
| Purpose | Provide educational loan |
| Beneficiaries | Citizens of India |
| Target Beneficiaries | Students pursuing higher education |
| Advantage | Provide loans for further studies |
| Eligibility Criteria | Students studying in Quality Higher Education Institutions (QHEIs) |
| Required Documents | Aadhaar Card, Bank account, Post office account details |
| Application Process | Online |
| Official Website | https://www.vidyalakshmi.co.in/Students/ |
| Financial Commitment | INR 3600 crores |
| Expected Benefits | Provide an interest rate of 7.4% |
| Contact Number | 020-2567 8300 |
Budget for PM Vidyalaxmi Scheme
- For the successful implementation of the PM Vidyalaxmi Scheme, the central government has set up a total budget of INR 36000 crore.
Eligibility Criteria
- The student must be a permanent resident of India.
- The students must belong to a financially unstable family and must be a meritorious student.
- The annual income of the student’s family must not exceed INR 4.5 lakh per year.
- The students must be pursuing technical courses from Quality Higher Education Institutions (QHEIs).
Benefits of PM Vidyalaxmi Scheme
- All the students who will get selected under the PM Vidyalaxmi Scheme will receive financial assistance from the Government of India so that they can pursue higher education.
- The financial assistance in the form of an educational loan which is up to INR 10 lakh will be given to all the selected students.
- The loans under the PM Vidyalaxmi Scheme will be collateral-free and guarantor-free.
- A total of 22 lakh students across India will avail the benefits of the PM Vidyalaxmi Scheme.
- The students can achieve their dreams and build their careers with the help of quality education.
No of Students
- A total of 22 lakh students across India will be selected under the PM Vidyalaxmi Scheme.
Educational Institutions Covered
- According to the information the scheme will be available to all the highest quality universities including all government and private in India. HEIs that place in the top 100 overall, category-specific, and domain-specific rankings; state government HEIs that place 101–200 in the NIRF; and all institutions under central government control.
Loan Amount and Interest Subvention
- For all the students whose annual income is less than or equal to INR 8 lakh per year, the scheme will also provide a 3% interest subvention on loans of up to INR 10 lakh. This is in addition to the full interest subvention already offered to students with up to INR 4.5 lakh and your income.
Salient Features
- Budget: The central government of India has set up a total budget of INR 36000 crore for the smooth implementation of the PM Vidyalaxmi Scheme.
- Make education affordable: By providing educational loans under the scheme the Government of India will make higher education affordable for all the students who belong to economically weaker sections of society.
- Educational Institute: By getting the information from the recent NIRF ranking list the Government of India has selected a total of 886 qualifying institutions to become eligible under the scheme.
- Interest subvention: To provide relief to all the students during the payback of the educational loan the Government of India also set up a subvention on interest.
Required Documents of PM Vidyalaxmi Scheme Apply Online
- Aadhar card
- Educational documents
- Previous year’s mark sheet
- Incom certificate
Selection Process
- The students will be selected based on their clearance of eligibility criteria.
- Only the students who are the permanent resident of India will be selected under the scheme.
- Only those students whose annual income is less than INR 8 lakh will be selected under the scheme.
- To get the interest subvention the annual income of the student’s family must not exceed INR 4.5 lakh.
- The students must be a meritorious student to be selected under the PM Vidyalaxmi Scheme.
PM Vidyalaxmi Scheme Apply Online
STEP 1: All the Students who clear the eligibility criteria are requested to visit the Vidyalakshmi website and fill out the application form to avail the benefits of the PM Vidyalaxmi Scheme.
STEP 2: Once the students reach the homepage of the official website they must locate and click on the option called “Apply now”.
STEP 3: The application form will now appear on your desktop screen the students must enter all the details that are asked and attach all the necessary documents.
STEP 4: After entering all the details the students must quickly review it and click on the option of “submit” to complete their process.
FAQs
When was the PM Vidyalaxmi Scheme approved?
The scheme was approved by the Union Cabinet of India on 6th November 2024.
Who is eligible to avail the benefits of the PM Vidyalaxmi Scheme?
All the students who are financially unstable and want to pursue higher education are eligible to avail the benefits of the PM Vidyalaxmi Scheme.
How many students will be selected under the PM Vidyalaxmi Scheme?
A total of 22 lakh students across India will be selected under the PM Vidyalaxmi Scheme.
Direct Link
| Official Website | PM Vidyalaxmi Scheme Website |
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