PM Vidya Lakshmi Yojana: Studies will not stop due to lack of money, this scheme will provide loan sitting at home, interest will also be waived..

It is the dream of millions of students in the country to get a good education, but many times lack of money becomes an obstacle in it. To help such students, the Government of India has started many schemes, one of which is the Pradhan Mantri Vidyalakshmi Portal. This portal helps students to get education loans. Let us know how students can take advantage of this scheme.

If you need a loan for your studies, then there is no need to go to any bank. Pradhan Mantri Vidyalakshmi Portal removes this problem. Through this portal, you can get information about the education loan schemes of many banks sitting at home without going anywhere. This portal has been created jointly by the Finance Ministry, Education Ministry, and Indian Banks Association (IBA) of the Central Government. So far 38 banks are connected to this portal, which gives a total of 86 types of education loans.

Who can apply and what are the rules?

If you are an Indian citizen, have passed 12th, and have been admitted in a recognized college or institute, then you can apply for an education loan through this portal. On the official website pmvidyalaxmi.co.in, meritorious students who get admission to the top 860 best colleges in the country can take loans for studies without any guarantor.

There is also a discount on interest.

Families whose annual income is less than Rs 4.5 lakh. The entire interest on their loan is paid by the government. On the other hand, families whose annual income is between Rs 4.5 lakh to Rs 8 lakh. They get a discount of 3% in interest. If you take a loan up to Rs 7.5 lakh, then a 75% credit guarantee is also available on it. This is very beneficial for those students who do not have any property to take a loan.

How to apply?

Go to the official website pmvidyalaxmi.co.in.

Click on the registration link here.

Register by entering your name, email ID, and mobile number.

A link will come to your registered email ID.

Activate your account by clicking.

Now login with your username and password.

Fill out the Common Education Loan Application Form (CELAF).

You can apply to three banks simultaneously.

Now upload the documents and submit them.

Which documents are required?

Passport size photo, Aadhar card, or any other identity card like PAN card or voter ID. An income certificate issued by a government official like a Tehsildar. Caste certificate if you belong to a reserved category. Residence certificate, previous class mark sheet, and other documents related to studies. College admission letter or bonafide certificate, copy of cancelled cheque/passbook, college fee receipt or full details, EWS certificate if you belong to the economically weaker section.

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