National Scholarship Portal: https://scholarships.gov.in/Students
PM Vidyalaxmi Scheme: https://pmvidyalaxmi.co.in/
PM-Vidyalaxmi is the exclusive and unified portal for students to apply for education loans for pursuing higher education in India and abroad, offered by scheduled commercial banks, co-operative banks, RRBs, and private banks, and to submit applications for Educational Loan and Interest Subvention.
About PM-Vidyalaxmi Scheme
The Union Cabinet on 6th November 2024 approved “Pradhan Mantri Vidyalaxmi” (PM-Vidyalaxmi), a Central Sector Scheme to financial support to meritorious students so that financial constraints do not prevent any youth of India from pursuing quality higher education. The broad contours of the scheme are:
- A mission mode mechanism will facilitate and drive the extension of education loans to meritorious students who get admission in the top quality Higher Educational Institutions (QHEIs) of the nation, translating to covering more than 22 lakh students every year.
- A special loan product will enable collateral free, guarantor free education loans; made accessible through a simple, transparent, student-friendly and entirely digital application process.
- Loan amounts up to ₹7.5 lakhs will be provided a 75% credit guarantee by the Government of India, to support banks to expand coverage.
- Furthermore, for students with up to Rs. 8 lakhs annual family income, the scheme will also provide for 3% interest subvention on loans up to Rs 10 lakh.
- This is in addition to the full interest subvention already offered to students with up to Rs. 4.5 lakhs annual family income.
- The Scheme is applicable for all Scheduled Banks/Regional Rural Banks (RRBs)/Cooperative Banks.
Student
Apply for 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.
Once student completes the process, application is routed to the selected banks for processing. After sanctioning and Disbursement of the Education Loan Bank shall update the status of loan on VLP as Sanctioned/Disbursed. Student shall receive SMS on status of application. Student may check the status of their application on Dash Board. Student who shall get interest subvention benefit based on eligibility criteria, interest subvention will go to Digital Rupee Wallet and student has to redeem the wallet to his/her loan account.