Money tension is over, this scheme will provide an education loan up to Rs 10 lakh, read details

Under the PM Vidya Lakshmi scheme of the Modi government, financially weak students will get education loan up to Rs 10 lakh without a guarantor, which will fulfill the dream of higher education in India and abroad.

The central government has announced a big relief for lakhs of promising students of the country. Now students facing hindrance in studies due to financial constraints will be able to take education loan up to Rs 10 lakh under PM Vidya Lakshmi Yojana. This decision is a golden opportunity for those youth who dream of higher education, but lack of money becomes a wall in their way.

The government has also fixed the budget for the operation of this scheme. Its purpose is to give an opportunity to financially weak but talented students to complete their studies. Under this scheme, students can study not only in prestigious colleges of India, but also in high ranking institutions abroad.

The most important thing is that no guarantor will be required for the loan. About 39 nationalized banks of the country are associated with this scheme. The central government will give up to 75% credit guarantee on loans up to Rs 7.5 lakh, which will give confidence to banks in giving loans and students will find it easier to take loans.

Who can take advantage of this scheme?

The applicant should be a citizen of India.

There should be at least 50% marks in 10th and 12th examinations.

The annual income of the family should not exceed Rs 8 lakh.

The student should be admitted for higher education in a recognized institute.

The student or his family should not be in serious financial crisis during the loan period.

If the family income is up to Rs 8 lakh, then a loan of up to Rs 10 lakh can be obtained. A discount of 3% will be given on the interest rate on this. At the same time, families whose income is up to Rs 4.5 lakh will get additional benefits of this scheme along with the already running interest discount schemes.

Why is this scheme special?

Earlier, many students found it difficult to find a guarantor for the loan, due to which their dream of studying remained unfulfilled. But now loans can be obtained even without a guarantor. Apart from this, this scheme is also opening doors for students wishing to study abroad.

What documents will be required?

Income certificate

Identity card (Aadhaar card, passport, voter ID etc.)

Residence certificate

Educational qualification certificate (10th, 12th, or other)

Caste certificate (if applicable)

Economically Weaker Section (EWS) certificate

Application process

Interested students can apply by visiting Vidya Lakshmi Portal. Loan can be applied for by filling a form there and uploading the required documents. After getting loan approval from the bank, the student can start his studies directly.