Introduction
Prime Minister Shri Narendra Modi’s Union Cabinet has authorized PM Vidyalaxmi Scheme. This scheme has been specially brought for those students who are not able to pursue higher education due to financial problems. Through this scheme, students will be able to overcome the financial obstacles of their education through education loan. In this article, we will provide you with all the details about this program.
PM Vidyalaxmi Scheme provides a digital platform to the students where they can choose the appropriate loan from various bank schemes. The objective of this scheme is to provide every student an opportunity for higher education so that they can progress in their career.
Objective of PM Vidyalaxmi Scheme
The main objective of PM Vidyalaxmi Scheme 2024 is to help those students who are facing financial difficulties. Under this, the following objectives have been kept:
- To help students get higher education without any financial hindrance.
- To make the process of obtaining education loan simple and easy.
- Providing students with loan options from different banks.
- Promoting equality in education.
Helpful Summary of PM Vidyalaxmi Scheme
| Name of the scheme | PM Vidyalaxmi Scheme |
| Announced by | The central government of India |
| Beneficiaries | The students who want to pursue higher education |
| Benefits | The students can apply for an education loan up to 10 lakh rupees |
| Application Mode | Online |
| Year | 2024-25 |
| Number of Beneficiaries | 22 lakh per year |
| Official website | https://www.vidyalakshmi.co.in/ |
Features of PM Vidyalaxmi Scheme
Online Platform: A special online portal has been created under PM Vidyalaxmi Scheme where students can apply online directly. This portal is like a central place for students where they can see loan offers from different banks.
Multiple Bank Options: Through this scheme, students get the option to get loans from multiple banks. Students can choose the bank as per their requirement and conditions.
Simple and Quick Process: PM Vidyalaxmi Scheme has made several improvements to make the education loan process smooth. Now students do not need to visit bank branches frequently.
Minimum Documents: Students need minimum documents to get the loan, which makes the process fast and easy.
Low interest rate: Under PM Vidyalaxmi Scheme 2024, the interest rate of education loan has been kept very low so that students do not have problem in repaying the loan.
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Benefits of PM Vidyalaxmi Scheme
Assistance for all sections: Under this scheme, assistance is given to students of all sections. Irrespective of the society they belong to, the benefit of education is extended to all.
Effort for equality: Through PM Vidyalaxmi Scheme, the government is trying to bring equality in education. This scheme also provides opportunities to the weaker sections of the society.
Simple loan repayment system: Under this scheme, students are given simple repayment options so that they can repay their loan on time.
Special facilities for female students: Some special facilities have been provided in this scheme for female students so that they get encouragement in higher education.
Eligibility for PM Vidyalaxmi Scheme
The eligibility criteria for applying to this program is given below:-
Indian citizenship: The applicant should be a permanent resident of the country of India.
Educational Qualification: The student should have passed the 12th class examination to apply for this scheme.
Required Documents: Students must have Aadhaar card, educational certificate and bank account.
Documents under PM Vidyalaxmi Scheme
While applying under PM Vidyalaxmi Scheme, students have to submit the following documents:
- Aadhaar card
- 12th class certificate
- Bank account details
- Passport size photo
- College admission card
Application process under PM Vidyalaxmi Scheme
The application process under PM Vidyalaxmi Scheme is very simple. For this, the student has to follow the following procedure:
Register on the portal: First of all, go to the official portal of PM Vidyalaxmi Scheme and register.
Fill the application form: After registration, the student has to fill an application form in which all the information related to education has to be given.
Upload documents: After filling the form, the student has to upload his documents like Aadhar card, educational certificate and other required documents.
Select loan: After this, the student has to select a bank and loan scheme from the available banks.
Submit the proposal: After filling all the information and documents, the student can submit the application.
Contact the bank: After submitting, the bank can contact the concerned student and guide in the further process.
Details of loan received from PM Vidyalaxmi Scheme
The amount of loan given to students under PM Vidyalaxmi Scheme 2024 is determined according to the duration and fees of their course. This loan is provided for undergraduate, postgraduate, and technical courses.
Undergraduate courses: The loan amount for undergraduate courses can generally be up to Rs 10 lakh.
Postgraduate and technical courses: For postgraduate and technical courses, this amount can be up to Rs 20 lakh.
FAQs
What is the PM Vidyalaxmi Scheme?
PM Vidya Lakshmi Yojana is a government scheme that provides education loan to students on easy terms for pursuing higher education.
What are the benefits of this scheme?
Under this scheme, the students can apply for education loans.
What are the eligibility criteria for applying to this program?
To apply under PM Vidya Lakshmi Yojana, Indian citizenship, minimum 12th class pass and age above 18 years is required.
Can I apply online for this scheme?
Yes, you can apply online for this scheme by visiting the official website of the scheme.