PM Vidya Lakshmi Scheme 2024: The Central Government has launched the Pradhan Mantri Vidya Lakshmi Scheme, which offers education loans of up to Rs 10 lakh without the need for a guarantor. The scheme was approved during a meeting chaired by Prime Minister Narendra Modi.
Under the PM Vidya Lakshmi Scheme, education loans of up to Rs 10 lakh will be provided to students from families with an annual income of less than Rs 8 lakh. Union Minister Ashwini Vaishnav shared details of this decision, which was made during a recent cabinet meeting. He announced that the government will offer a 3% interest subsidy on these loans. Any student enrolling in a higher education institution can avail the benefits of this scheme. Additionally, students applying for loans under this scheme will not require a guarantor.
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Benefits of Vidya Lakshmi Scheme 2024:
The Vidya lakshmi scheme is launched by Central Government for studies in higher education. Under this scheme, More than 22 lakh students from 860 major higher education institutions across the country will benefit from the Pradhan Mantri Vidya Lakshmi Scheme. Under this scheme, students with an annual family income of up to Rs 4.5 lakh are already receiving a full interest subsidy on their education loans.
The PM Vidya Lakshmi Scheme is an extension of the National Education Policy (NEP) 2020, aimed at promoting access to higher education for all.
Eligibility Criteria for PM Vidya Lakshmi Scheme 2024:
- The student must be enrolled in a government-recognized higher education institution, which should either be ranked within the top 100 in India or the top 200 at the state level, or feature in the National Institutional Ranking Framework (NIRF).
- The student’s annual family income should be Rs 8 lakh or less.
- Each year, 1 lakh students will be eligible to receive loans under the Pradhan Mantri Vidyalakshmi Scheme.
- The Government of India will provide a 75% credit guarantee for loans up to Rs 7.5 lakh.
How to Apply for Pradhan Mantri Vidya Lakshmi Scheme:
Applications for the Pradhan Mantri Vidya Lakshmi Scheme must be submitted online. According to Union Minister Ashwini Vaishnav, the verification process will be carried out through platforms such as DigiLocker.
Each year, 1 lakh students will be selected to receive an education loan under this scheme. To apply, visit the official Vidya Lakshmi portal at https://www.vidyalakshmi.co.in/.
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Steps to Apply for Pradhan Mantri Vidya Lakshmi Scheme:
- Step 01: Visit the official website at www.vidyalakshmi.co.in
- Step 02: After reaching the home page, click on the APPLY NOW button.
- Step 03: Now, you need to create a registration with your name, mobile number, email ID, and password.
- Step 04: After registration successfully, now fill out the application form.
- Step 05: Fill the application form correctly,
- Step 06: Upload all required documents and upload a passport-size image.
- Step 07: at last click on the submit button to complete the application form.
Important Links:
Online Apply for Pradhan Mantri Vidya Lakshmi Scheme Link
