The "Pradhan Mantri Vidyalaxmi (Pm-vidyalaxmi) Scheme" aims to provide financial support for higher education through education loans. Under this scheme, financial assistance of up...
Department: · Level: central
- A special loan product of collateral-free and guarantor-free education loans for students admitted to QHEIs. - The loan amount depends on the course fee and other associated expenses (mess, hostel fee, refundable and non-refundable fees, laptop, living expenses) with no upper limit. - 75% credit guarantee by the Government of India for loan amounts up to ₹7,50,000, irrespective of family income. - 3% interest subvention on loans up to ₹10,00,000 for students with annual family income up to ₹8,00,000 during the moratorium period (course period plus one year). - Full interest subvention is already offered to students with up to ₹4,50,000 annual family income under PM-USP CSIS for technical/professional courses. - Interest rate capped at individual bank's Externally Benchmarked Lending Rate (EBLR) + 0.5%. - Up to 1% additional interest concession if interest is serviced during the study period and the moratorium period. - Repayment period up to 15 years, excluding moratorium period. - The interest subvention amount will be credited to PM-VIDYALAXMI DIGITAL RUPEE APP (CBDC WALLET) of the beneficiary and on redemption on the app by the beneficiary, the amount will be transferred...
**For Students** - The applicant must be an Indian citizen. - The applicant must get merit-based admission to one of the 860 designated Quality Higher Educational Institutions (QHEIs) in India. - The applicant must not be admitted through the management quota or a similar quota. - The applicant must have an annual family income of up to ₹8,00,000 to qualify for 3% interest subvention. - The applicant must not be receiving any other Central/State Government Scholarship or interest subvention scheme or fee reimbursement. - The applicant must not discontinue the course midstream or be expelled from the institution on disciplinary or academic grounds. - The applicant must maintain satisfactory academic performance to receive interest subvention from the 2nd year onwards. - The applicant can avail interest subvention and credit guarantee benefits only once, either for an undergraduate or postgraduate or integrated course. **For Quality Higher Education Institutions (QHEIs)** The following institutions are eligible - - Top 100 ranked HEIs in the overall/category-specific and/or domainspecific rankings in latest list of NIRF published by the Ministry of Education. - Top 200 ranked HEI...
**Online** **REGISTRATION** **Step 1:** Visit the [Official Website](https://pmvidyalaxmi.co.in/) of the "Pradhan Mantri Vidyalaxmi (PM-vidyalaxmi) Scheme" **Step 2:** In the top ribbon, click "Login" > "Student Login". On the next screen, click "Create an Account", you will be taken to the "Student Registration" page. **Step 3:** Student to register through AADHAAR for availing benefits under the PM-Vidyalaxmi Scheme, which includes education loan, interest subvention, and credit guarantee coverage and can apply for Interest Subvention, if eligible. **Step 4:** In the registration form, provide the following mandatory details - Applicant Name, Mobile Number, Email ID. Verify the Mobile Number and the Email ID via OTP. Create a password. It must contain at least 8 characters. A combination of uppercase and lowercase letters, numbers and special characters. **Step 5:** Confirm the password, fill in the Captcha code, agree to the "Terms & Privacy", and click "Submit" to register. Upon registration, you will receive a confirmation message on SMS/Email/WhatsApp. **APPLICATION** **Step 1:** Visit the [Officia...