PM Vidya Lakshmi Yojana
The government is running a scheme to provide higher education to the students in which loans are given to the students without guarantee. This is a government scheme to help students get education loans. Under this, students get a credit guarantee of 75% for education loans up to Rs 7.5 lakh. Under this scheme, students with annual family income up to Rs 8 lakh also get 3% interest discount on loans up to Rs 10 lakh.
What is PM Vidya Lakshmi Yojana?
PM Vidya Lakshmi Yojana is a scheme of the Central Government, which was started on 6 November 2024. This scheme is being run for those people who want to get higher education, but are unable to get higher education due to financial problems. The government provides loan without guarantee to such people, in which they are given a loan of Rs 15 to 16 lakh to continue their further studies.
In this scheme, they have to pay three percent interest on a loan of up to Rs 10 lakh, along with this, subsidy is also given in this loan of the students. By taking advantage of this scheme, those students who are unable to complete higher education will be able to complete their higher education.
Features of PM Vidya Lakshmi Yojana
- In this scheme, the government guarantees 75% credit on loans up to Rs 7.5 lakh.
- Under this scheme, students are given loans up to Rs 15 to 16 lakh for higher education.
- The loan given under this scheme is without guarantee, that is, education loan is given without guarantee.
- In this scheme, students whose family’s annual income is up to Rs 8 lakh are given subsidy with 3% interest on taking a loan of Rs 10 lakh.
- The benefit of this scheme is given to one lakh students every year.
- In this, students are given up to 15 years to repay the loan and the interest waiver is given 1 year after the completion of the course of the students.
Who can apply for PM Vidya Lakshmi Yojana?
- To avail the benefits of this scheme, students will have to take admission in top 860 quality higher education institutes.
- Only 10th and 12th pass students can apply for this scheme.
- Under this scheme, students who have been selected on the basis of merit and not by giving donation will get the benefit.
- Under this scheme, students who are taking admission in educational institutions will be given its benefit.
Application process in PM Vidya Lakshmi Yojana
- To apply in this scheme, go to the official website of PM Vidya Lakshmi.
- After going here, first of all complete your registration.
- To complete the registration, open the registration form, enter your mobile number and email ID and verify it by entering OTP.
- After this, the user ID and password will be sent to your official mail, with the help of which you can log in.
- Now its home page will open in front of you where you click on the link to Apply for Education Loan.
- Now fill all the information sought in this application form.
- After this, upload all the necessary documents in it.
- Now tell the details of the bank from which you want to take the loan and submit your form after checking it thoroughly.
