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PM - Vidya Laxmi (PMVS): Education Loan Scheme
List of Institution under PM - Vidya Laxmi (PMVS)
The Union Cabinet on 6th November 2024 approved “Pradhan Mantri Vidyalaxmi” (PM-Vidyalaxmi), a Central Sector Scheme to financial support to meritorious students so that financial constraints do not prevent any youth of India from pursuing quality higher education.
Pradhan Mantri Vidya Laxmi (PM – Vidyalaxmi) is a special loan product will enable collateral free, guarantor free education loans to meritorious students who get admission in the top 860 quality Higher Educational Institutions (QHEIs) of the nation.
The broad contours of the scheme are:
- A special loan product will enable collateral free, guarantor free education loans.
- Simple, transparent, student-friendly and entirely digital application process.
- 3% interest subvention during moratorium to One Lakh students with family income up to Rs 8 Lakh.
- Full interest subvention during moratorium for loans up to Rs. 10 Lakh for students with family income up to Rs 4.50 Lakh.
- Loan amounts up to ₹ 7.5 lakhs will be provided a 75% credit guarantee by the Government of India through NCGTC.
- Education Loans under Management Quota not Eligible
Sr. No | Particulars | Guidelines | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Scheme Name | PM - Vidya Laxmi (PMVS): Education Loan scheme | |||||||||
| 2. | Objective | Providing financial support education loans to the meritorious students who get admission in the quality Higher Educational Institutions (QHEIs) of the nation | |||||||||
| 3. | Nationality |
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| 4. | Eligibility criteria | Should have secured admission to a higher education course in the 860 institutions. | |||||||||
| 5. | Meritorious | Admission in these select Premier institutions through common entrance test could be considered a meritorious student. | |||||||||
| 6. | Categorisation Institutions | List of select 860 quality Higher Educational Institutions (list of Institutions) | |||||||||
| 7. | Courses Eligible | All the Graduation/ Post Graduation degree and diploma courses offered by 860 quality Higher Educational Institutions. | |||||||||
| 8. | Expenses considered for loan. |
| |||||||||
| 9. | Quantum of Finance | Need based Finance linked to total education expenses. | |||||||||
| 10. | Margin |
Scholarship, teaching/research assistantship can be included in the margin. | |||||||||
| 11. | Security/ Guarantee |
| |||||||||
| 12. | Moratorium period | Course period* + 1 year after completion of study. (*the period of completion of initial course for which student is seeking admission) | |||||||||
| 13. | Repayment | Repayment of the loan will be maximum 180 equated monthly instalments (EMIs). (i.e. 15 years’ maximum excluding moratorium period). | |||||||||
| 14. | Rate of Interest | ||||||||||
| 15. | Charges | Processing Charge- No processing/ upfront charges. Account Handling Charges - As per service charges booklet., Presently - Rs. 500+0.20 % of Loan amount PM Vidya Laxmi Enrolment charges to be borne by the student (Rs. 100 + GST, subject to change). No Prepayment charges | |||||||||
| 16. | Interest subvention | The eligibility for interest subvention in PM-Vidyalaxmi and PM-USP CSIS in the QHEIs is given in the table below:
Student availing any other Central /State Government Scholarship, or any other interest subvention scheme or Fee reimbursement shall not be eligible for availing benefits under this Scheme. The definition of “family”, for the purpose of determining the family income criteria in this scheme shall be the student plus her/ his father & mother plus her/ his spouse, wherever applicable. | |||||||||
| 17. | Credit Guarantee on education loans: | -Education loan sanction amount is up to ₹ 7.5 lakhs, irrespective of family income, the student shall be eligible for credit guarantee where 75% of outstanding default will be covered by Government, as per the other existing guidelines of the PM-USP Credit Guarantee Fund Scheme for Education Loans (CGFSEL) run by DHE. | |||||||||
| 18. | Disbursement of Interest Subsidy Claims |
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| 19. | Check list / List of Documents required. | 1. Student-applicant:
Note:
2. Co-applicant
3. Income Limit/ Proof
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| 20. | Application Process | Unified PM Vidyalaxmi Portal - 3 simple steps to apply for an educational loan.
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