PM-Vidyalakshmi Scheme: Education loan up to Rs.10 lakh through PM Vidyalaxmi Scheme.. Apply!
PM-Vidyalakshmi Scheme: Education loan up to Rs.10 lakh through PM Vidyalaxmi Scheme.. Apply!
PM-Vidyalakshmi Scheme: Modi Cabinet has taken a key decision for higher education of poor students. PM-Vidyalakshmi scheme along with many aspects have been approved. Cabinet approves Vidyalayakshmi Scheme for poor students to get easy loans for higher education. The aim of PM-Vidyalakshmi scheme is to prevent talented students from getting away from education due to lack of money. Talented poor students will be financially benefited through PM-Vidyalakshmi. Loans can be easily obtained. The Union Cabinet took this decision in a meeting chaired by Prime Minister Narendra Modi on Wednesday. Union Minister Ashwini Vaishnav revealed the cabinet decisions.
The government will provide loan facility to the students who get admissions in 860 higher educational institutions of leading educational quality. Rs. Loan facility up to seven and a half lakhs will be provided. The central government will provide 75 percent credit guarantee through this scheme. Ashwini Vaishnav revealed that 22 lakh students will be benefited annually through PM-Vidyalakshmi.
PM Vidyalakshmi Scheme Benefits
• Under this Vidyalakshmi scheme, students are provided 'without any collateral or guarantee'.
• Annually maximum one lakh students will be provided education loans under this scheme.
• Students whose annual family income is less than Rs.8 lakh can get scholarships up to Rs.10 lakh.
• In fact, full interest subsidy will be provided up to Rs.4.5 lakhs. After that, regardless of the amount of the loan, the interest charged on it will be subsidized up to 3 percent. Additional concession is also given to girls.
• Under this scheme, education loan will be provided to the students pursuing courses in the fields of Inter, Degree, Post Graduation, Engineering, Medicine, PG Diploma, CA, Professional Courses, IIM, Management, IIT, Vocational Education Courses etc.
• Eligible students can apply for these loans on PM Vidyalakshmi portals.
• Eligible students are granted education in just 15 days.
• Up to 75 percent credit guarantee is also provided in case of default.
• It is very useful for those students who have good talent but are staying away from higher education due to financial difficulties.
• The Higher Education Department prepares a list of top quality educational institutions every year. Loans are provided under this Vidyalakshmi scheme to students who have got admissions in top-100 ranked institutes. Also, students who have got admissions in top-200 ranked educational institutes in states/UTs are also eligible to get education loans under this scheme.
Apply for PM Vidyalakshmi Scheme
• First you need to open https://www.vidyalakshmi.co.in/Students/ Vidyalakshmi portal.
• Register by entering your phone number and email id.
• Open the education loan form and enter your personal, educational qualification details and your rank details. Later on
• Details of available loan schemes and banks offering them should be seen.
• Choose a suitable loan scheme and bank for you. A maximum of 3 banks can be selected at a time.
• Banks will scrutinize your application and credit your account within 15 days if all the eligibility criteria are met.
• In case your application is rejected, you will be sent a mail stating the reasons.