Education Loan: Without going to the bank, you can easily get an education loan, interest will also be waived..
If you want to pursue your studies, but are feeling hindered due to lack of money, then there is no need to worry now. The central government has started a scheme called Pradhan Mantri Vidyalakshmi Yojana. Under this scheme, you will easily get an education loan and also get a lot of interest discounts. That is, now it has become even easier for you to complete your studies and make your dreams come true. Whether you want to enroll in graduation, post-graduation, or any professional course, this scheme can prove to be a great help for you.
What is PM Vidyalakshmi Yojana?
The central government has started the Pradhan Mantri Vidyalakshmi Yojana to give every promising student in the country an opportunity for higher education. This scheme was approved by the Cabinet on 6 November 2024. Its purpose is that no student should leave his studies midway due to financial constraints. Under this scheme, you can take a loan of up to Rs 15-16 lakh. Moreover, you will have to pay only 3% interest on a loan up to Rs 10 lakh. If your family's annual income is less than Rs 4.5 lakh, then the interest can be completely waived. That means the cost of education will no longer be a burden.
The biggest goal of this scheme is that no student should be deprived of education due to financial problems. The government wants every youth to get equal rights to higher education. No matter what background he is from, he should get a chance to fulfill his dreams. This scheme is especially for those students who suppress their career dreams due to lack of money.
You can get a 100 percent discount on interest.
Pradhan Mantri Vidyalakshmi Yojana comes with many special features. If you are admitted to the top 860 Quality Higher Educational Institutes (QHEIs), then you can get a loan without any security or guarantor. The government gives a 75 percent credit guarantee on loans up to Rs 7.5 lakh. If your family's annual income is less than Rs 4.5 lakh, then you can get 100 percent interest waiver for technical or professional courses. If the income is between Rs 4.5 to 8 lakh, then 3 percent interest subsidy will be available on a loan of Rs 10 lakh. You will get 15 years to repay the loan, and after completion of the course, the interest waiver will continue for a moratorium period of 1 year. Special priority will be given to female students in this scheme, and every year 1 lakh students will be able to take advantage of this scheme.
There are some conditions to take advantage of this scheme. The loan will be given only to those who are admission in educational institutions of India. You have to be admitted in the top 860 QHEIs based on merit or entrance exam. Admission taken through donation will not be valid. Along with this, the annual income of the family should be up to Rs 8 lakh, only then interest waiver will be available. The student must pass 10th and 12th from a recognized school. There will be a need to perform well consistently in studies. If you are taking advantage of any other government scheme, then this loan will not be available. Interest waiver will be available only once, whether it is an undergraduate, post-graduation, or integrated course.
How to apply?
To take a loan, you first have to register on the PM Vidyalakshmi portal. Go to the official portal and click on Student Login. Then click on Create An Account. Enter your name, mobile number, and email ID in the registration form and verify with OTP. Set the password, enter the captcha code, and submit the form. After this, log in with your user ID (which will be your email) and password. Click on Apply for Education Loan. Fill in all the details in the form, upload the necessary documents, and enter the information of the bank from which you want the loan. Check the form thoroughly and submit it finally.
How to check the status of the loan?
To know the status of your loan, log in to the portal with your user ID and password. Click on Track Loan Application. Select your loan application number, and you will get to know the status, such as Under Review, Approved, or Processed.
Apply for Interest Subsidy
After the loan is approved, log in to the portal for interest subsidy. Select Apply for Interest Subvention on the Student Homepage. Click on Claim Interest Subvention, fill in the required details, upload the income certificate, and submit the form. You will get a confirmation via message or email.
How to register a complaint?
If you face any problem, go to the Initiate Grievance section on the portal. Click on Register New Complaint. Enter the loan application number, type of complaint, and name of the bank. Write the full details of your complaint and upload the required documents. You will get a unique ID, through which you can track the status of the complaint.
Required Documents
You will have to submit some important documents for the loan. These include application forms, Aadhaar cards, PAN cards, residence certificates, 10th and 12th mark sheets, institute admit cards and fee structure, and income certificates.
Who cannot take a loan?
Some people cannot take advantage of this scheme. If a student leaves his studies midway (except for medical reasons), or is expelled for disciplinary or academic reasons, he will not be eligible. Apart from this, students who are taking advantage of any other scheme of the central or state government cannot apply for this scheme.
How will you get a loan?
You will get the loan amount through CBDC wallet or e-voucher. If you do not use it within 3 months, the amount will be returned. You will continue to get the benefit of the loan every year based on your academic performance.
Disclaimer: This content has been sourced and edited from TV9. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
