Bank of Baroda has announced the launch of Pradhan Mantri Vidyalakshmi (PM-Vidyalakshmi) Yojana to provide financial assistance to talented students. PM-Vidyalakshmi Yojana is an ambitious initiative of the central government, which aims to provide financial assistance to students who want to pursue higher education.
The main goal of this scheme is to ensure that no youth of India is deprived of higher education due to lack of funds. Interested students can apply digitally for education loan from Bank of Baroda through PM-Vidyalakshmi platform, this public sector bank said in a statement.
The bank operates 12 dedicated education loan approval cells and 119 retail asset processing cells in addition to more than 8,300 branches to meet the needs of students across the country. So let us know the features of PM Vidyalakshmi Yojana, loan amount, repayment process and method of application.
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Bon for students
PM-Vidyalakshmi Yojana is a special loan service that opens the doors to higher education for students. Under this scheme, education loan is made available without any security and without any guarantor. The most important thing is that its application process is completely digital, making it even easier for students to get it. This scheme can prove to be a boon for those students who are unable to continue their studies due to financial constraints.
Loan amount and repayment
The loan amount under PM Vidyalakshmi Yojana may vary depending on the course and the bank. Usually, a loan of up to ₹ 10 lakh is given without any guarantee. The best thing is that repayment of the loan amount is available with a grace period of 1 year after completion of studies. This gives students time to focus on their education and repay the loan comfortably after getting a job.
How to apply
Applying for an education loan under PM Vidya Lakshmi Yojana is very simple. Follow the steps given below:
- Visit the Vidya Lakshmi portal (https://www.vidyalakshmi.co.in/) to avail of the loan.
- Register yourself on the official portal and then log in it.
- After logging in, carefully fill out the common education loan application form.
- View the schemes of different banks and choose the scheme as per your requirements.
- Submit your application after filling in all the information and reviewing the schemes.
Resolve of Bank of Baroda
On this occasion, Sanjay Mudaliar, Executive Director, Bank of Baroda said that PM-Vidyalakshmi Yojana is a pioneering initiative aimed at providing financial assistance to deserving students and ensuring that quality education is accessible to all. Bank of Baroda is committed to helping the youth of the country realize their educational dreams through this scheme.
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