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The government of India released the PM Vidya Lakshmi Loan Scheme to offering the loan process for students looking for financial support to study abroad or in India. The authorities has said that students who have gained admission in 869 quality higher education institutions which has recognised by the National Institutions Ranking Framework(NIRF) are eligible for the loans, the Union Cabinet Chaired of Prime Minister Narendra Modi approved a new central government on November 6, 2024.
This program has set to provide financial help to meritorious students who want to get highly educated from abroad. According to the report all the students who qualified from (QHEIs) are eligible to avail free loans from bank and financial institutions for their amount fees including expenses courses.
What is PM Vidya Lakshmi Loan Scheme
The government of India launched Vidhya Lakhsmi Loan Scheme to provide an education loan from bank and financial institutions under this student can apply for up to three different education loans by filling out a single application form. The education loan process easy for students all the students those who stop their studies for lack of funds so this initiative has set to provide them financial support its is available for all students who obtain 860 marks from higher education institutions in India which recognised by the National institutions Ranking Framework.
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Its designed to provide free loand from bank and financial institutions to their further expensive courses, Loan amount up to 7.5 lakhs will be provided a 75% credit guarantee by the government of India Its help to support to banks in making education loans to eligible under this scheme.
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Purpose of PM Vidya Lakshmi Loan Scheme
The main purpose of PM Vidya Lakshmi Loan Scheme is dedicated to students seeking student loans or scholarships launched the Vidhya Lakhsmi portal. Its helpful for Indian students who are going to study abroad or are looking for students loans in India. The aim of this initiative to provide free loans from bank and financial institutions to cover amounts of tuition fees, Its will available to students whi enrol in the top 850 Quality Higher Education institutions in India which is defined by the National Institutional Rankings Framework.
All the students who stop their studies for lack of funds authorities provide them loan assistance from bank and financial institutions,under this initiative there is no upper limit on the amount of education loans and its will depend on course fee the education loan amount is upto Rs. 7.5 Lakhs irrespective of Family income.
Overview Of PM Vidya Lakshmi Loan Scheme
| Name of the scheme | PM Vidya Lakshmi Loan Scheme |
| Launched by | The India GovernmentGovernment Loans |
| Objective | To provide online loan facility to the students |
| Beneficiaries | The Indian Students |
| Application mode | Both offline and online |
| Official website | Vidyalakshmi Portal |
Eligibilty Criteria
- Student must be permanent resident of India.
- Students should have passed 10th or 12th from recognised board.
- Student can also apply for loan while studing in abroad.
- Its necessary that student pass their recently exam with higly marks for admission into collages.
Required Documents
- Two passport size photos of Students with Co-applicant
- Aadhar Card and Pan Card
- Birth Certificate
- 10th or 12th board exam results
- In the case of study abroad, students need to have a valid passport, study visa approval and other relevant documents at the time of vidyalakshmi scheme application.
How to Apply for PM Vidya Lakshmi Loan Scheme
Step 1: Student should have to visit Official website at https://www.vidyalakshmi.co.in/Students/
Step 2: Here click on ‘New User’ and registered now.
Step 3: Then you have create an account by filling your all details such as name and mobile number.
Step 4: Then you will receive a verification link on your registered number or email then click on activate link to verify your accounts.
Step 5: After create a new account you have to open and locate the “Search and Apply for Loan” option.
Step 6: Here you have to select the country where you want to study (India/Abroad) and select your course also.
Step 7: Then select the amount you need to finance your higher studies.
Step 8: After verifying all your term and condition for repayment then select the three favour bank to apply.
Step 9: After that upload your documents then review it after that click on Submit option to complete your process.
List of Banks Registered on PM Vidya Lakshmi Loan Scheme
Here is the list of banks registered on the portal of Vidya Laxmi. Students can apply to get education loan offered by these banks.
- Yes Bank
- Abhyudaya Cooperative Bank Limited
- Andhra Pragathi Grameena Bank
- AXIS BANK
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Chhattisgarh Rajya Gramin Bank
- CITY UNION BANK LIMITED
- Dombivli Nagari Sahakari Bank Limited
- Federal Bank
- GP PARSIK BANK LTD
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IDFC First Bank
- Indian Bank
- Indian Overseas Bank
- Jammu and Kashmir Bank Limited
- Karnataka Bank Limited
- Karnataka Gramin Bank
- Karnataka Vikas Grameena Bank
- Karur Vysya Bank
- Kerala Gramin Bank
- Kotak Mahindra Bank
- New Indian Cooperative Bank Limited
- Punjab and Sindh Bank
- Punjab National Bank
- Rajasthan Marudhara Gramin Bank
- RBL Bank Limited
- State Bank of India
- Tamilnad Mercantile Bank Limited
- The Kalupur Commercial Co Op Bank LTD
- The South Indian Bank LTD
- UCO Bank
- Union Bank of India
FAQs
How can i apply for the PM Vidya Lakshmi Loan Scheme?
Students should have to visit the official website of the VidyaLakshmi Education Loan Scheme.
What is the Official Website of the PM Vidya Lakshmi Loan Scheme?
https://www.vidyalakshmi.co.in/Students/
What is the interest rate for loan amount under the PM Vidya Lakshmi Loan scheme?
Loan amount up to 7.5 lakhs will be provided a 75% credit guarantee by the government of India.
Who are eligible to apply under this initiative?
All students who obtain 860 marks from higher education institutions in India which recognised by the National institutions Ranking Framework.