how to apply pm vidyalaxmi education loan in telugu

The Central Government launched the Pradhan Mantri Vidyalakshmi (PM Vidyalakshmi) Scheme on 6 November 2024. It provides financial assistance to students pursuing higher education
This scheme will help talented youth in India to pursue higher education. Here are the details, objectives, benefits, eligibility and application process of PM Vidyalakshmi Scheme
PM Vidyalakshmi Scheme is a boon for students.. Loan of Rs. 7.5 lakh without collateral
PM Vidyalakshmi Scheme
Benefits: Providing collateral-free loans to talented students to cover their tuition fees and other course-related expenses
Eligibility: Any student admitted to Quality Higher Education Institutions (QHEIs) and Higher Education Institutions (HEIs)
Institutions covered: QHEIs, HEIs within the top 100 in NIRF rankings and State Government HEIs ranked 101-200 in NIRF rankings
Interest Subsidy: An interest subsidy of 3% will be provided on the loan. 10 lakhs during the moratorium period for students with annual family income up to Rs. 8 lakhs
Credit Guarantee: 75% credit guarantee will be given on the outstanding default amount up to Rs. 7.5 lakhs
Application Process: Through the unified portal of PM-Vidyalaxmi
The Pradhan Mantri Vidyalakshmi Scheme is applicable to all Regional Rural Banks (RRBs), Scheduled Banks and Cooperative Banks. Its outlay from 2024-25 to 2030-31 is Rs. 3,600 crore. The scheme will help overcome any financial barriers to pursuing higher education and help the youth achieve their dreams.

how to apply pm vidyalaxmi education loan in telugu

The scheme is complementary to the two-part schemes of PM-USP, namely Credit Guarantee Fund Scheme for Educational Loans (CGFSEL) and Central Sector Interest Subsidy (CSIS), implemented by the Department of Higher Education.

Under PM-USP CSIS, students pursuing technical/professional courses from approved institutions will be provided with a credit guarantee of Rs. Students with annual family income up to Rs. 4.5 lakh will get full interest subvention on education loans up to Rs. 10 lakh during the moratorium period.
Therefore, PM Vidya Lakshmi Scheme and PM-USP provide comprehensive support to all eligible students pursuing higher education in Quality Higher Educational Institutions (QHEIs) and professional/technical education in approved higher educational institutions.
All students admitted to Quality Higher Educational Institutions (QHEIs) are eligible to avail loans from banks and financial institutions to meet their tuition fees and other course-related expenses under PM Vidya Lakshmi Scheme. Students are eligible to avail education loan irrespective of their family annual income group.

The scheme covers students admitted in the top QHEIs in the country as determined by NIRF rankings, including all HEIs, private and government, ranked in the top 100 in NIRF in overall, domain-specific and category-specific rankings. State Government HEIs are ranked 101-200 in NIRF and all Central Government-run institutions are also covered under this scheme.
The list of QHEIs is updated every year using the latest NIRF ranking. Over 22 lakh students admitted in 860 eligible QHEIs will be able to avail benefits under the PM Vidya Lakshmi Scheme.
Students who are getting Central/State Government scholarships, interest subventions or fee reimbursements are not eligible to apply for loans under the Pradhan Mantri Vidya Lakshmi Scheme.

how to apply pm vidyalaxmi education loan in telugu

Students who are dismissed from the institution due to disciplinary/academic reasons or who have discontinued their studies midway are not eligible for interest subvention or credit guarantee under this scheme. However, if they have discontinued their studies due to medical reasons, they will be eligible for interest subvention and credit guarantee under this scheme if they submit relevant documents to the Head of the educational institution.
Under the PM Vidyalakshmi scheme, students whose annual family income is up to Rs. 8 lakh during the moratorium period will be provided with an interest subsidy of 3% on loans up to Rs. 10 lakh. However, students availing benefits under any other government scholarship or interest subsidy schemes will not be eligible for interest subsidy under this scheme.
Interest subsidy under this scheme will be provided to one lakh students every year. Preference will be given to students of government institutions opting for technical/professional courses.
The application process for the PM Vidyalakshmi scheme will be managed through a completely digital, interoperable, transparent, simple and student-friendly portal. The Higher Education Department will launch a unified portal of PM-Vidyalakshmi on which students can apply for education loans and interest subsidy through a simplified application process that can be used by all banks. The interest subsidy will be paid through Central Bank Digital Currency (CBDC) wallets and e-vouchers.
Required documents
– Aadhaar card
– Bank account details
– Admission details
– Identity proof documents