Pradhan Mantri Vidyalaxmi Scheme 2025: Check Benefits, Eligibility & Apply

Pradhan Mantri Vidyalaxmi Scheme:- The “Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi)” initiative by the Department of Higher Education, Ministry of Education, Government of India, is designed to offer financial assistance to deserving students, ensuring that financial barriers do not hinder any Indian youth from accessing quality higher education. 

The program offers education loans that require no collateral or guarantor via an easy, clear, student-friendly, and completely digital application process, along with a 3% interest subsidy for students from families earning up to ₹8,00,000 annually.

To qualify, the applicant must secure admission based on their own merit to one of the 860 specified Quality Higher Educational Institutions (QHEIs) in India. The program is executed by the Department of Higher Education in collaboration with Canara Bank, serving as the lead bank. Applications for this program can be submitted online. 

Pradhan Mantri Vidyalaxmi Scheme Overview Table 

Pradhan Mantri Vidyalaxmi Scheme Objective 

The essential objective of the Pradhan Mantri Vidyalaxmi Scheme is to make sure that no deserving scholar in India is denied the opportunity to pursue better education due to economic constraints. The scheme aims to offer collateral-free and guarantor-unfastened education loans to meritorious college students who stable admission in top-ranked higher educational institutions across the USA.

By imparting an easy and digital software technique, along with hobby subsidies for college students from families with annual earnings up to ₹8 lakh, the scheme seeks to remove monetary boundaries and make higher schooling greater on hand and affordable. This initiative is designed to empower talented children, sell inclusion, and support the improvement of a professional staff for the state’s future.

Pradhan Mantri Vidyalaxmi Scheme Benefit

A special loan product of collateral-free and guarantor-free education loans for students admitted to QHEIs.The loan amount depends on the course fee and other associated expenses (mess, hostel fee, refundable and non-refundable fees, laptop, living expenses) with no upper limit.75% credit guarantee by the Government of India for loan amounts up to ₹7,50,000, irrespective of family income. 3% interest subvention on loans up to ₹10,00,000 for students with annual family income up to ₹8,00,000 during the moratorium period (course period plus one year). 

Full interest subvention is already offered to students with up to ₹4,50,000 annual family income under PM-USP CSIS for technical/professional courses. Interest rate capped at individual bank’s Externally Benchmarked Lending Rate (EBLR) + 0.5%.Up to 1% additional interest concession if interest is serviced during the study period and the moratorium period.Repayment period up to 15 years, excluding moratorium period. The interest subvention amount will be credited to the e-voucher/Programmable Central Bank Digital Currency (CBDC) wallet of each student.

Pradhan Mantri Vidyalaxmi Scheme Eligibility 

• To be eligible for the Pradhan Mantri Vidyalaxmi Scheme, the applicant needs to be an Indian citizen between 18 to 23 years of age and have to have secured admission on merit to one of the 860 designated Quality Higher Educational Institutions (QHEIs) in India, as consistent with the contemporary NIRF ratings. 
• The student should not be admitted through the management quota and should be pursuing a technical or professional course
• . Applicants ought to have exceeded their 10th and 12th board examinations from a central authority college. 
• To qualify for the three hobby subvention advantage, the once-a-year circle of relatives profits should not exceed ₹8 lakh.
• Additionally, the pupil must not be receiving any other Central or State Government scholarship, interest subvention, or rate compensation. 
• The applicant ought to maintain quality academic performance and have to not stop the direction or be expelled on disciplinary or academic grounds. 
• The scheme benefits can be availed of simply once, both for an undergraduate, postgraduate, or integrated route.

How to Apply Pradhan Mantri Vidyalaxmi Scheme

• Step 1: Go to the Official Website of the “Pradhan Mantri Vidyalaxmi (PM-vidyalaxmi) Scheme.” 
• Step 2: In the upper menu, select “Login” > “Student Login”. On the following screen, enter your Login Information, namely the User ID and the Password. Your User ID will be your Registered Email.
• Step 3: Enter the Captcha code, accept the “Terms & Privacy,” and press “Login.” Share the OTP sent to your Mobile Number / Email ID. 
• Step 4: On the “Student’s Homepage”, select “Apply for Education Loan”, and you will be directed to the scheme’s online application form. 
• Step 5: Complete all required fields in the application form and upload all necessary documents in the designated format and size. 
• Step 6: Select the desired bank and branch from the dropdown menu. Diligently examine all the details shared and the files uploaded. Sure! Please provide the text you’d like me to paraphrase. 
• Step 7: Recognize and consent to the terms and conditions as well as the privacy policy (if applicable). Press “Final Submit” to send in your application. A confirmation message will be sent to you.

FAQ 

1. Who is eligible for the PM Vidyalaxmi Scheme?

Any Indian scholar who has secured admission on benefit (not via management quota) to one of the pinnacle 860 Quality Higher Educational Institutions (QHEIs) as per NIRF ratings is eligible. The annual family earnings should not now exceed ₹eight lakh for interest subvention advantages.

2. What are the principle advantages of the scheme?

Students can get collateral-free and guarantor-unfastened education loans up to ₹10 lakh. For loans up to ₹7.5 lakh, a seventy five% credit score assurance is provided. There is a 3% interest subvention for college kids with circle of relatives earnings up to ₹eight lakh all through the moratorium period.

3. How do I observe the PM Vidyalaxmi Scheme?

You can observe online through the unified PM Vidyalaxmi portal. The manner is completely virtual and scholar-friendly. No fee is required in the course of the utility method, and all disbursements are treated without delay via the relevant bank.