It has become easier for students to take education loans, know what will be the process now?

The Ministry of Education is preparing to simplify the process of getting education loan for accessibility in education. The portal is being updated by the ministry for the Pradhan Mantri Vidya Lakshmi Yojana

PM Vidhyalaxmi Scheme & Education Loan: Now it will be easier for students to take education loans. The Ministry of Education is constantly preparing to make the process easier. The Ministry of Education has posted from its official account. It is written in this post that the Ministry of Education is preparing to simplify the process of getting education loan for accessibility in education. The portal is being updated by the ministry for the Pradhan Mantri Vidyalakshmi Yojana.

It is further written in this post - This will make it easier for the students to apply. In view of the expansion of the scheme, private banks along with big banks have also been kept in its scope.

Actually the portal is being updated by the ministry for the Pradhan Mantri Vidyalakshmi Yojana. Apart from this, private banks along with big banks have also been kept in this scope. After this step of the Ministry of Education, it will become easier to take an education loan.

What is the Pradhan Mantri Vidyalakshmi Yojana?

Let us tell you that under the Pradhan Mantri Vidyalakshmi Yojana, students get a credit guarantee of 75 percent on the outstanding amount on loans up to Rs 7.5 lakh. Apart from this, students whose annual family income is up to Rs 8 lakh and who are not eligible for other scholarships or interest subsidy of the government are given an interest subsidy of 3 percent during the moratorium period on loans up to Rs 10 lakh.