PM Vidya Lakshmi Yojana Update: In recent years, the expenditure on higher education has increased significantly. As a result, students from economically weaker families often bear the brunt of this increased financial burden, causing their dreams of higher education to remain unfulfilled. To address this issue, the Government of India has launched the Pradhan Mantri Vidya Lakshmi Yojana (PM Vidya Lakshmi Yojana).
Under this scheme, children from families with an annual income of less than Rs 8 lakh will be eligible for a loan of up to Rs 10 lakh, without the need for a guarantee. This scheme was recently approved in a cabinet meeting.
The subsidy will also be available on interest
Union Minister Ashwini Vaishnav recently provided key details about the Pradhan Mantri Vidya Lakshmi Yojana. He explained that students will not need to provide a guarantor or any form of guarantee to obtain a loan under this scheme. Additionally, the government will offer a 3% subsidy on the interest charged. Any student admitted to a recognized higher education institute can benefit from this scheme.
Who Will Get the Loan? (Vidyalakshmi Yojana Eligibility)
The institute where the student is admitted must be ranked in the top 100 in the NIRF All India Ranking or in the top 200 at the state level.
The student’s annual family income must be less than Rs 8 lakh.
The government will provide a 75% credit guarantee for loans up to Rs 7.5 lakh.
How to Apply?
Union Minister Ashwini Vaishnav informed that the verification process for students applying for this scheme will be conducted through DigiLocker. To apply, students must visit the official Vidyalakshmi portal. Every year, 1 lakh students will be provided loans under this scheme.
Here is a step-by-step guide on how to apply for the PM Vidyalakshmi Yojana online:
Steps to Apply:
- Visit the Portal: Go to Vidya Lakshmi Portal.
- Register/Login: Register if you’re a new user, or log in if you already have an account.
- Fill Application Form: Choose “Apply for Loan,” and enter personal, academic, and financial details.
- Upload Documents: Upload Aadhaar, admission proof, income certificate, academic records, and bank details.
- Submit: Complete the application and submit it for verification.
- Loan Approval: Loan processing will be done, and you’ll be notified of the approval status.
Make sure you meet the eligibility criteria, including being from a family with an income under Rs 8 lakh.
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