The Government has approved PM Vidyalaxmi scheme to provide financial support to meritorious students. Under this, they will be given loan upto 7.5 lakhs at 75 percent credit guarantee by the government.
The Government has approved PM Vidyalaxmi scheme to provide financial support to meritorious students. This scheme aims to offer collateral-free and guarantor-free loans to pursue higher education. Addressing the media recently, Information and Broadcasting Minister Ashwini Vaishnaw said that the scheme has been introduced so that financial constraints do not prevent any youth from pursuing higher education.
According to PM-Vidyalaxmi Scheme, students will be given loan upto 7.5 lakhs at 75 percent credit guarantee by the government to support banks to expand coverage. Three percent interest subvention for loans up to 10 lakh rupees will also be provided during the moratorium period for students with an annual family income of upto eight lakh rupees. To get the benefit, students need to apply on the PM Vidyalaxmi portal.
Apply for PM Vidyalakshmi Scheme
Click Here to ApplyPM-Vidyalaxmi Scheme: Who is Eligible?
- Students who secure admission to higher institutions through merit-based selection can apply for the loan. The scheme is available for degree as well as diploma courses.
- Candidates from all income groups are eligible to apply. However, only those admitted through entrance examinations or merit-based admissions can apply for the PM Vidyalaxmi scheme
- Those securing admission under the management quota are not eligible
- The amount of loan sanctioned depends on the course fee and related expenses.
- There is no fixed upper limit on the loan amount under the scheme
How to Apply for PM Vidyalaxmi Scheme?
The process to apply for PM Vidyalaxmi Scheme is given below.
Registration: Students who want to apply for education loan must register on portal. They need to provide essential details as mentioned in registration form.
Fill up Single Form: They will have to fill Common Education Loan Application Form by providing all the necessary details. After filling the form, the applicant can search for Educational Loan and Apply as per their eligibility
Submit Application to Bank: Students can submit application to bank for Educational Loan
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