Organisation : Ministry of Education
Facility Name : PM-Vidyalaxmi Education Loan
Applicable States/UTs : All India
Website : https://pmvidyalaxmi.co.in/
What is PM-Vidyalaxmi Education Loan?
PM-Vidyalaxmi is a Unified Portal for the students to apply for education loan provided by scheduled commercial banks, co-operative banks, RRBs & private banks and submit application for Educational Loan & Interest Subvention.
Features of PM-Vidyalaxmi Scheme
PM-Vidyalaxmi is central sector scheme aims to provide financial support to meritorious students pursuing higher education in Top 860 Quality Higher Educational Institutes as identified by Ministry of Higher Education. The broad contours of the scheme are:
** A special loan product will enable collateral free, guarantor free education loans.
** Simple, transparent, student-friendly and entirely digital application process.
** 3% interest subvention during moratorium to One Lakh students with family income up to Rs 8 Lakh.
** Full interest subvention during moratorium for loans up to Rs. 10 Lakh for students with family income up to Rs 4.50 Lakh.
** Loan amounts up to ₹ 7.5 lakhs will be provided a 75% credit guarantee by the Government of India through NCGTC.
** Education Loans under Management Quota not Eligible
** The Scheme is applicable for all Scheduled Banks/Regional Rural Banks (RRBs)/Cooperative Banks
Eligibility of PM-Vidyalaxmi Education Loan
The scheme will be available to students enroling in the Eligible Quality Higher Education Institutions (QHEIs) in India, as per the National Institutional Ranking Framework (NIRF).
How To Apply For PM-Vidyalaxmi Education Loan?
The applicant must register and login to PM-Vidyalaxmi portal and then fill-up the 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 his/her needs, eligibility and convenience.
3 simple steps to apply for an educational loan:
PM-Vidyalaxmi is a Unified Portal for students who want to apply for Education Loan & Interest Subvention.
Registration:
Students want to apply for education loan on PM-Vidyalaxmi portal, you must register on portal. Please provide essential details as mentioned in registration form.
Fill Up Single Form:
Students 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 his/her needs, eligibility and convenience.
Submit Application to Bank:
Students can submit application to bank for Educational Loan as per his/her needs, ease and convenience.
Documents Required For PM-Vidyalaxmi Education Loan
Following Documents to be uploaded by the student in portal:
** Marksheet for Class X.
** Marksheet for Class XII /Last qualifying Examination/Diploma
** Proof of admission to the course.
** Schedule of Expenses for the course as given by institution
** Proof of income issued by public authority/ College authority
** Applicant photograph.
** Parent photograph.
** Co- obligant/Guarantor photo should be uploaded if collateral security is given.
FAQ On PM-Vidyalaxmi Education Loan
Frequently Asked Questions FAQ On PM-Vidyalaxmi Education Loan
What is Two-page Education loan application form?
Two-page Education loan application is Common loan application form used for applying loan under PM-Vidyalaxmi scheme
What is Sign up/Registration process on Vidyalaxmi portal?
Students are required to access www.pmvidyalaxmi.co.in and complete sign-up process by providing the necessary details such as Mobile number and E mail ID. Students already completed “Sign up” / “Registration” process can log in with their credentials and apply for educational loan through Vidyalaxmi portal.
Is Aadhaar mandatory for applying under PM-Vidyalaxmi?
Submission of Aadhaar is mandatory for availing benefits under the PM Vidyalaxmi Scheme, including education loans, interest subvention, and credit guarantee coverage. Further Aadhaar is also a mandatory requirement for students to avail interest subsidy under the PM-USP scheme.
What if student forget his/her password?
** On PM- Vidyalaxmi portal student can click Forgot password on student login page
** Follow the instruction and reset the password
How the student can track status of his/her Education Loan application?
** Student can view the updated status i.e., Closed/Disbursed/In process/PF-Eligible/Rejected/Reqinfo/Sanctioned/Submitted by clicking “Track Loan Application” Tab provided in PM-Vidyalaxmi portal.
** In case of rejection of Education loan application student may contact the respective member Bank for further clarification.
How the educational loan is disbursed by member Banks ?
** Education loan disbursement will be initiated by Banks based on the disbursement request of the student.
** The Bank verifies all the documents and do needful Due-Diligence before sanction.
** After sanction, the amount will be directly remitted to the account of Educational Institution.
** The PM-Vidyalaxmi portal doesn’t release funds, it is only a processing channel for education loan.
Details of Banks where student can apply for educational loan through PM-Vidyalaxmi portal?
List of Member Banks integrated with PM- Vidyalaxmi portal is available at HOME Page of the portal.