Prime Minister Vidyalaxmi Education Loan Scheme
Scholarship Amount
About This Scholarship
The Prime Minister Vidyalaxmi Education Loan Scheme is a pivotal initiative designed to support Indian students in pursuing higher education by facilitating access to education loans. This scheme aims to alleviate the financial strain on students and their families, ensuring that deserving candidates can pursue their academic goals without monetary constraints. There is no specific deadline mentioned for this ongoing scheme, allowing continuous applications.
Key benefits offered under the scheme include:
• Interest Subvention for Various Income Brackets:
• For students with an annual family income up to ₹4.5 lakh, the scheme provides a 100% interest subvention for those pursuing technical or professional courses. For students enrolled in other courses within this income bracket, a 3% interest subvention is offered.
• For families with an annual income ranging from ₹4.5 lakh to ₹8 lakh, a 3% interest subvention is applied across all types of courses.
• Credit Guarantee: Loans sanctioned up to ₹7.5 lakhs are further supported by a 75% credit guarantee, providing an added layer of security and making loans more accessible.
This comprehensive approach is crucial for promoting educational growth and ensuring financial inclusivity in higher education throughout India.
Eligibility Criteria
To be eligible for the Prime Minister Vidyalaxmi Education Loan Scheme, applicants must fulfill the following criteria:
• Applicants must be Indian citizens.
• Students must be enrolled in one of the top 860 Higher Education Institutions (HEIs) of India, as determined by the National Institutional Ranking Framework (NIRF) rankings. A detailed list of these HEIs is available on the official AISHE dashboard.
• Applicants must be pursuing an undergraduate, postgraduate, or integrated course.
• Students with an annual family income not exceeding ₹8 lakh are eligible for interest subvention benefits under this scheme.
• Preference will be given to students who are enrolled in government institutions and have opted for technical or professional courses.
Important Considerations:
• Students who are already availing of any other central or state government scholarship, or any other interest subvention scheme or fee reimbursement, shall not be eligible to avail benefits under this scheme. This criterion ensures that the scheme's benefits reach a broader spectrum of deserving students.
• Interest subvention and credit guarantee under this Scheme are not available for students who discontinue their course midstream or are expelled for disciplinary or academic reasons. These benefits are exclusively available if the discontinuation is due to medical reasons, which must be substantiated with documentation acceptable to the Head of the educational institution.
Required Documents
Applicants are required to prepare and submit the following documents as part of their application process:
• A recent passport-size photograph.
• Marksheet of the last qualification obtained by the applicant.
• A government-issued identity proof, such as an Aadhaar Card, Voter ID, Driving License, or PAN Card.
• Current year admission proof, which can be provided in the form of a Fee Receipt, Admission Letter, Institution ID Card, Bonafide Certificate, or an Enrollment Letter.
• Applicant's bank details, including the account number and IFSC code.
• Valid and recent family income proof. Acceptable documents for this include ITR Form-16, an income certificate issued by an SDM/DM/Tehsildar or other competent government authority, or recent salary slips.
How to Apply
To apply for the Prime Minister Vidyalaxmi Education Loan Scheme, please follow these steps carefully:
1. Visit the official portal at www.vidyalakshmi.co.in. This is the primary platform for applying.
2. Register as a 'Student' on the portal. After registration, you will need to create and complete your personal profile.
3. Fill out the common education loan application form. This form will require you to provide personal details, academic information, and specific details about the course you intend to pursue.
4. Upload all necessary supporting documents. This includes your KYC documents (like Aadhaar/PAN), academic transcripts, the admission letter from your educational institution, and comprehensive proof of your family's income.
5. Select the desired loan scheme(s) that best fit your educational and financial needs. You will also need to choose the bank(s) through which you wish to apply for the loan.
6. Submit your application through the portal. Once submitted, you can conveniently track the status of your application online using your dashboard on the portal.