The Central Government and Prime Minister Narendra Modi approved the PM Vidyalaxmi Scheme 2024 to help students and provide financial support for higher education. This new scheme is inspired by the National Education Policy 2020 and ensures no student misses out on higher education due to financial problems.
Under the PM Vidyalaxmi Scheme students will get loans for quality institutions without collateral or guarantors, which covers tuition and course expenses. This article will share all the key details, Eligibility, Benefits, and Online application process of this Scheme.
Objective of PM Vidyalaxmi Scheme
- Provide financial help to the best students for higher education.
- Ensures no student will face financial problems to complete their education.
- This scheme aims to support around 22 lakh students every year.
- Up to ₹7.5 lakh loan with a 75% guarantee by the Government.
- 3% interest subsidy on loans up to ₹10 lakh for students with a family income up to ₹8 lakh.
PM Vidyalaxmi Scheme Details
| Scheme | PM Vidyalaxmi Scheme |
| Announced by | Central Government & PM Modi |
| Beneficiaries | Students who expect good higher education |
| Benefits | Education loans up to ₹10 lakh |
| Application Mode | Online |
| Year | 2024-25 |
| Number of Beneficiaries | 22 lakh/year |
| Official Website | https://www.vidyalakshmi.co.in/ |
Budget of PM Vidyalaxmi Scheme
The PM Vidyalaxmi Scheme 2024 has a budget of ₹3600 crores to support students who are expecting higher education.
Eligibility Criteria
- The student must pass the 12th class examination to apply.
- The applicant must be a resident of India.
- Students admitted to quality higher education institutions are eligible for the loan under this scheme.
Benefits of PM Vidyalaxmi Scheme:
- Provides financial support to students who want to take higher education after class 12th.
- Students can apply for education loans up to ₹10 lakh.
- A 3% interest subsidy is available for students with a family income of up to ₹8 lakh per year.
- Around 22 lakh students will benefit from this scheme each year.
Educational Institutions Covered:
- All government and private Higher Education Institutions ranked in the top 100 overall.
- State government Higher Education Institutions ranked 101 to 200 in the NIRF.
- All institutions under central government control are eligible for the program, as per NIRF rankings.
Loan Amount, interest rate, subsidy:
- Students with annual family income up to ₹8 lakh will receive a 3% interest Subsidy on loans up to ₹10 lakh.
- Students with an annual family income of ₹4.5 lakh or less will receive full interest Subsidy.
- Loans up to ₹7.5 lakh will be covered by a 75% credit guarantee from the Government of India.
Features
- Fully digital, simple, and transparent process.
- 3% interest subsidy on loans up to ₹10 lakh for students with family income up to ₹8 lakh.
- Budget of ₹3600 crores, benefiting 7 lakh students annually.
- Application and interest subsidy requests through the “PM-Vidyalaxmi” online portal.
- Covers 22 lakh students per year from the top 860 institutions.
- 75% credit guarantee for loans up to ₹7.5 lakh from the Government of India.
Required Documents
- Admission letter
- Marksheets of classes 11th and 12th
- Aadhar Card
- Mobile number
- Email ID
- Bank account details
- Residential proof
- Passport-size photographs
Selection Process
- The applicant must meet all eligibility criteria.
- The applicant should be a permanent resident of India.
PM Vidyalaxmi Scheme Apply Online:
- Step 1: Visit the official website of the scheme to begin the application process.
- Step 2: On the homepage, click on the “Apply Now” button.
- Step 3: Fill in your full name, address, email address, mobile number, and other details.
- Step 4: Attach all the required documents.
- Step 5: Enter the Captcha code and click on the submit button to complete your application.