PM Vidyalakshmi Scheme Student Loan Program: The PM-Vidyalaxmi scheme was approved by the Union Cabinet in November with the intention of giving gifted students who are pursuing higher education at both public and private institutions financial aid. The Lok Sabha was informed by Union Finance Minister Nirmala Sitharaman that the PM Vidyalakshmi scheme is anticipated to be implemented by February 2025.
Additionally, loans for higher education exceeding Rs 7.5 lakh would be available to students from households making up to Rs 8 lakh per year. These loans up to Rs 10 lakh would be eligible for just 3% of interest subsidy. People earning up to Rs 4.5 lakh a year would be eligible for full interest subvention.
Aim of the PM-Vidyalakshmi Plan
- The goal of this PM Vidyalakshmi Scheme Student Loan Program is to provide education loans to students enrolled in the top 860 Quality Higher Education Institutions (QHEIs) in India without requiring guarantors or collateral.
- A diverse student body is guaranteed access to these institutions, which comprise a variety of public and private organizations.
- The plan has a budget of about Rs 3,600 crore set aside for the years 2024–25 to 2023-31 in total.
- It aims to help around 2.2 million students per year by giving loans up to Rs. 7.5 lakh at reasonable interest rates.
- Student who have been accepted into one of the top 860 Quality Higher Education Institutions (QHEIs) in India, whether they are government or private establishments as identified by the National Institutional Ranking Framework (NIRF), are the target audience for the program.
- The PM-Vidyalakshmi portal, which is linked to multiple banks to offer a seamless and digital application process, is where applicants can submit their loan applications.
An Over view of PM Vidyalakshmi Scheme
| Scheme Name | PM Vidya Lakshmi Yojana 2024 |
| Date of Launch | 6th November 2024 |
| Yojana Enforced By | PM Narendra Modi |
| Beneficiary | Students |
| Type of Yojana | Loan |
| Number of Banks | 38 |
| Eligibility | 10+2 pass |
| Loan Amount | Up to 10 lakhs |
| Official Link | https://www.vidyalakshmi.co.in/ |
Important Points about PM Vidyalakshmi Scheme Student Loan Program
- The top Qualifying Higher Education Institutions (QHEIs) as identified by the National Institutional Ranking Framework (NIRF) rankings will be eligible to participate in the program.
- All Higher Education Institutions (HEIs), whether public or private, that have been placed in the top 100 overall, category-specific, and domain-specific NIRF rankings will be included in this.
- Apart from these, all state government HEIs and central government-run institutions will be eligible for the program with NIRF rankings in between 101 to 200.
- Every year, the list of qualified institutions will be examined using the most recent NIRF rankings. 860 qualifying QHEIs will be covered by the program at first.
Concession of Loans
- A 75% credit guarantee will be provided to students applying for loans up to Rs 7.5 lakh under this PM Vidyalakshmi Scheme Student Loan Program, expediting the bank and financial institution approval and distribution process. This initiative aims to lower financial risks for lenders while encouraging more student aid.
- The PM Vidyalakshmi Scheme provides interest subsidy to students whose family income is below Rs 8 lakh per annum and who are not eligible for other government scholarship or interest subsidy schemes.
- During the grace period, i.e. the period between disbursement of the loan and the start of repayment, eligible students will be given an interest subsidy of 3% on loans up to Rs 1 lakh.
Eligibility Requirements for PM Vidyalakshmi Scheme
The government established a program for students who wish to continue their education in India or overseas but may drop out and begin working at a lower level if they are unable to pay for it. The Union Cabinet established the facility to lend money to those gifted kids without requiring them to deposit any guarantees or collateral. Verify your eligibility for the PM Vidya Lakshmi Yojana 2024.
- The candidate needs to be Indian.
- The applicant must have been accepted into a reputable university.
- The candidate must have a family income of at least 4point 5 lakh per year.
- The student needs to have completed the 12th grade or an equivalent program of study.
- A student must have an admission letter from an accredited university or college if they applied for a foreign education.
Important Documents to apply for PM Vidyalakshmi Scheme
- Aadhar card
- Pan Card
- Two passport-sized photos.
- 10th and 12th passing certificates
- Entrance cleared record
- Admission letter
- Valid passport if apply for abroad study
- Valid offer letter from college or university of the country you applied
Registration Process for PM Vidyalakshmi Scheme
One must register on the portal before proceeding with the application process. To register for PM Vidya Lakshmi Yojana 2024, follow these easy steps.
- Visit the PM Vidya Lakshmi Yojana’s official website at vidyalakshmi.co.in.
- Select “Create account.”.
- Add your valid credentials .
- Complete the Captcha accurately.
- Click the submit button now.
- Your registration has been completed.
- All set to apply.
Application Procedure for PM Vidyalakshmi Scheme 2024
Following these simple steps, you can apply for an education loan after registering on the PM Vidya Lakshmi Portal 2024.
- Enter your registration ID and mobile number OTP to access the official PM Vidya Lakshmi Yojana 2024 account link at https://www.vidyalakshmi.co.in/.
- After that click on “apply now”.
- The application for the PM Vidya Lakshmi Scheme 2024 will open in front of you.
- Complete the form.
- Pick the banks wisely.
- and choose the nation of education.
- and include the required, genuine documents.
- Press the “Submit” button.
- Your application has been sent in successfully.
- Wait for the banks’ confirmation now.
Frequently Asked Questions (FAQ’s)
What is the main objective of PM Vidyalakshmi Scheme 2024?
The main objective of PM Vidyalakshmi Scheme 2024 is to provide education loans to students enrolled in the top 860 Quality Higher Education Institutions (QHEIs) in India without requiring guarantors or collateral.
What is the budget of PM-Vidyalakshmi Plan?
The plan has a budget of about Rs 3,600 crore set aside for the years 2024–25 to 2023-31 in total.
What is the loan amount being provided through PM Vidya Lakshmi Yojana?
PM Vidya Lakshmi Yojana Student Loan is providing loan up to Rs 10 lakh at reasonable interest rates.
