PM Vidya Lakshmi Yojana: Get education loan up to ₹ 10 lakh without guarantee! Know how to apply – StudyToper

PM Vidya Lakshmi Yojana: Government of India has recently announced a new education loan scheme named “PM Vidya Lakshmi Yojana”. The main objective of this scheme is to provide financial assistance to the youth of the country for higher education. Under this scheme, students can avail education loan up to Rs 10 lakh without any guarantee or collateral.

This scheme can prove to be a boon for those students who are not able to continue their studies due to financial reasons. The government believes that this scheme will increase the rate of higher education in the country and the youth will get better career opportunities.

What is PM Vidya Lakshmi Yojana?

PM Vidya Lakshmi Yojana is a central sector scheme that provides financial assistance to students for higher education. Under this scheme, students can avail education loans from banks and financial institutions without any guarantee or collateral. This scheme has been launched under the National Education Policy and its objective is that no student is deprived of higher education due to financial reasons.

Brief description of the scheme

Main features of the scheme

1. Loan without guarantee: Under this scheme, students will get loan without any guarantee or collateral.
2. Loan up to Rs 10 lakh: Students can avail an education loan up to a maximum of Rs 10 lakh.
3. Interest Subsidy: Government will provide interest subsidy of 3%.
4. Income Limit: Students with annual family income up to Rs 8 lakh are eligible for this scheme.
5. Credit Guarantee: 75% credit guarantee will be given for loans up to Rs 7.5 lakh.
6. Eligible Institutions: 860 higher education institutions selected on the basis of NIRF ranking are eligible under the scheme.

Eligibility Criteria

To be eligible for PM Vidya Lakshmi Yojana it is necessary to fulfill the following criteria:

• The annual family income of the student should be less than Rs 8 lakh.
• The student must have got admission in a recognized higher education institution.
• The institute should be included in NIRF ranking.
• The student must be a citizen of India.
• It is necessary to pass 12th class.

application process

Following is the process to apply for PM Vidya Lakshmi Yojana:

1. Registration on the portal: First of all register on the Vidya Lakshmi portal.
2. Login: Login with your registered account.
3. Fill the Common Education Loan Application Form (CELAF): Fill all the required information.
4. Upload Documents: Upload the required documents.
5. Select Bank: Select three preferred banks.
6. Submit Application: Submit the application after checking all the information.
7. Track Status: Track the status of your application online.

Required Documents

The following documents will be required while applying for the scheme:

• Aadhar card
• PAN card
• Marksheet of 10th and 12th
• income certificate
• admission letter from institute
• passport size photo
• bank account details

Interest Rate and Repayment

• Interest Rate: As per bank rules (Government will give subsidy of 3%)
• Moratorium Period: Course Duration + 1 Year
• Repayment period: Maximum 15 years

Benefits of the scheme

1. Financial hurdles removed: This scheme will provide financial assistance to students for higher education.
2. Without Guarantee: Students will get relief by getting loan without any guarantee or collateral.
3. Interest Subsidy: Interest subsidy of 3% will reduce the financial burden on students.
4. Long Repayment Tenure: Repayment tenure up to 15 years will bring ease to the students.
5. Credit Guarantee: By getting credit guarantee to the banks, they will be able to give loans easily.

importance of planning

The importance of PM Vidya Lakshmi Yojana is due to the following reasons:

1. Access to Education: This scheme will provide access to higher education to poor and middle class students.
2. Economic Development: Educated youth will contribute to the economic development of the country.
3. Skill Development: Higher education will develop the skills of the students.
4. Employment Opportunities: Better education will increase employment opportunities.
5. Development of society: There will be overall development of educated society.

Disclaimer: This article is for informational purposes only. For accurate and latest information about PM Vidya Lakshmi Yojana, please visit the government website or authorized sources. The reality and availability of the scheme may change over time. So, make sure to confirm from official sources before taking any action. The author or platform is not responsible for any damages or consequences caused by the use of this information.