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News18
5 days ago
- Business
- News18
Looking For An Education Loan? All You Need To Know About PM Vidyalakshmi Scheme
Children from families with an income between Rs 4.5 lakh and Rs 8 lakh receive a 3% interest subsidy on education loans up to Rs 10 lakh through the PM Vidya Lakshmi Yojana. Every year, countless promising students abandon their studies midway due to financial difficulties. To assist these children, the central government has initiated an education loan scheme. Under the Pradhan Mantri Vidya Lakshmi Yojana, meritorious children from economically weaker families will receive loans without needing a guarantor. Additionally, students with an annual family income of up to Rs 4.5 lakh are granted full interest subsidy (100% interest subvention). Children from families with an income between Rs 4.5 lakh and Rs 8 lakh receive a 3% interest subsidy on education loans up to Rs 10 lakh through the PM Vidya Lakshmi Yojana. The government has allocated Rs 3,600 crore for this scheme, covering the financial years 2024-25 to 2030-31. Consequently, approximately 7 lakh new students will benefit from this scheme. A 75% credit guarantee is also provided on education loans up to Rs 7.5 lakh, reducing the risk for banks when offering these loans. The primary aim of the PM Vidya Lakshmi Yojana is to ensure that no deserving student is deprived of higher education due to financial constraints. This scheme allows students who have secured admission in NIRF-ranked Quality Higher Education Institutions (QHEIs) to access education loans without collateral or a guarantor, promoting inclusivity and equal opportunity in the education sector. Students with an annual family income of up to Rs 4.5 lakh get full interest subsidy (100%), a benefit associated with the PM-USP CSIS scheme. Those with an annual income between Rs 4.5 lakh and Rs 8 lakh receive a 3% interest subsidy on loans up to Rs 10 lakh. The government provides a 75% credit guarantee on loans up to Rs 7.5 lakh, enabling banking institutions to offer loans with reduced risk. How To Apply? Students wishing to apply for an education loan can do so directly through the PM Vidya Lakshmi portal, The scheme is integrated with all major banks, including government, private, regional rural banks, and cooperative banks. The interest subsidy amount is sent directly to the beneficiary via e-voucher or CBDC wallet, ensuring transaction transparency. PM Vidya Lakshmi Yojana Eligibility Criteria: – Merit-based admission in QHEIs. – Annual family income should be up to Rs 8 lakh (full interest benefit to certain income groups). – Should not be receiving benefits from any other government scholarship or interest subsidy scheme. PM Vidya Lakshmi Yojana Ineligibility: – Students who drop out of studies for academic or disciplinary reasons. – Students already benefiting from any other Central/State Government Scholarship/Interest Subsidy scheme. Documents Required For Application: To apply for an education loan under the PM Vidya Lakshmi Yojana, the following documents are required: – Identity Proof: Aadhar Card / PAN Card / Passport – Address Proof: Aadhar Card / Ration Card / Electricity Bill / Passport – Date of Birth Proof: 10th mark sheet or birth certificate – Educational documents: 10th and 12th mark sheets, Graduation/Diploma mark sheets (if applicable), Admission letter (in a recognized Quality Higher Education Institution) – Income Certificate: Issued by State Government or Competent Authority – Passport size photo: recent one – Bank passbook/account details: containing student's name and IFSC code – Self-Declaration: stating non-availability of any other interest subsidy or education loan subsidy scheme. – Fee Structure / Course Details: Issued by College / University view comments First Published: August 12, 2025, 17:53 IST News education-career Looking For An Education Loan? All You Need To Know About PM Vidyalakshmi Scheme Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
NDTV
18-06-2025
- Business
- NDTV
NMC Directs Medical Colleges To Promote This Scheme For Easy Education Loans
The National Medical Commission (NMC) has issued a public notice advising 50 leading medical colleges and institutions across India to actively promote the PM Vidyalaxmi Scheme, a government initiative designed to facilitate collateral-free, guarantor-free education loans for meritorious students pursuing medical education. In its latest circular, the NMC noted that all Scheduled Commercial Banks have been advised by the Reserve Bank of India to adopt the Model Education Loan Scheme (MELS) formulated by the Indian Banks' Association (IBA). To further streamline access, the PM Vidyalaxmi scheme was officially launched on November 6, 2024, providing a simplified, transparent, and digital loan application process for students enrolled in Quality Higher Educational Institutions (QHEIs). The commission has shared a list of 50 premier medical institutions, including AIIMS branches, state-run colleges, and private universities, urging their deans and principals to include information about the PM Vidyalaxmi scheme in their admission brochures and prospectuses. This move aims to raise awareness among eligible students about available financial assistance and ensure wider adoption of the scheme. Students can apply for loans through the official PM Vidyalaxmi portal, Institutions on the list include AIIMS Delhi, AIIMS Patna, JIPMER Puducherry, PGIMER Chandigarh, Madras Medical College, CMC Vellore, King George's Medical University, and others across 24 states and union territories.
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Business Standard
04-06-2025
- Business
- Business Standard
PNB cuts education loan rates by 20 bps under PM Vidyalaxmi Scheme
PNB has cut interest rates on its Vidyalaxmi education loans by 20 basis points, bringing down rates from 7.7% to 7.5% New Delhi Punjab National Bank (PNB) on Tuesday lowered interest rates on education loans provided through its Vidyalaxmi Scheme by 20 basis points (bps), from 7.7% to 7.5%. "This will make higher education more accessible for Indian students," PNB said in a press release. What is the Vidyalaxmi Scheme? The Vidyalaxmi Scheme is a special education loan product available to Indian nationals, including non-resident Indians (NRIs) and overseas citizens of India (OCIs). It provides collateral-free and guarantor-free loans to students who have secured admission on merit to 860 Quality Higher Education Institutions (QHEIs) across India. PNB has divided these institutions into three groups: Group II (AA): 152 institutes Group III (A): 623 institutes Revised rates The bank's education loan offering is need-based and requires parents or guardians to be joint borrowers. The revised interest rates start at 7.5%, depending on the institute group. The margin remains nil for loans up to Rs 4 lakh for all categories, while for Group III institutions, a 5% margin applies for amounts above that. For students from families with annual incomes up to Rs 4.5 lakh, the scheme includes a 100% interest subvention for technical and professional courses under the PM-USP CSIS, while other courses receive a 3% subvention under PM-Vidyalaxmi. Families with incomes between Rs 4.5 lakh and Rs 8 lakh can access a 3% interest subvention for all courses under PM-Vidyalaxmi. Eligibility and documents To be eligible for this loan, students must be Indian nationals, including NRIs and OCIs. Required documents include: KYC details: Aadhaar, PAN ID and address proof Previous qualifying self-attested mark sheets Entrance exam results Offer letter from the institution and fee structure Passport-size photographs Details of previous or existing loans, if any Proof of family income from a designated public authority Repayment period Parents or guardians must join as co-borrowers. The future income of the student is to be assigned to the bank for loan repayment. The repayment period for these loans is 15 years, excluding the moratorium period, which covers the course duration plus one year.
Time of India
04-06-2025
- Business
- Time of India
PNB boosts education access with reduced loan rates under Vidyalaxmi scheme
NEW DELHI: State-owned Punjab National Bank ( PNB ) on Tuesday said it has reduced interest rates on its education loan offering under the Vidyalaxmi Scheme by 20 basis points. This initiative further strengthens the bank's commitment to enhance education accessibility, PNB said in a statement. The Vidyalaxmi Scheme is designed to provide comprehensive financial support to students towards quality-driven higher education, it said. This initiative is available to candidates who secure admission on merit to 860 identified Quality Higher Education Institutions (QHEIs) across India, it said. With the revision, the education loan would start from 7.5 per cent depending on institutions, it said. PTI Ready to navigate global policies? Secure your overseas future. Get expert guidance now!
Economic Times
03-06-2025
- Business
- Economic Times
PM Vidyalaxmi Scheme: PNB cuts education loan rates by 20 bps; check new interest rates, other details
ET Online PNB education loan under PM Vidya Lakshmi scheme Punjab National Bank (PNB), the second-largest state-owned lender in the country, has announced a reduction of 20 basis points (bps) in its interest rates for education loans offered under the PM Vidyalaxmi scheme, making higher education more accessible for aspiring students. This government-backed initiative aims to provide financial assistance to students enrolled in undergraduate or postgraduate degree/diploma PM Vidyalaxmi scheme is designed to provide comprehensive financial support to students for quality-driven higher education. This initiative is available to students who secure admission on merit to the 860 identified Quality Higher Education Institutions (QHEIs) across India. New FD rates from June 1, 2025: PNB, Canara Bank revise interest rates across tenuresThe scheme is open to Indian nationals, including Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs), who are pursuing graduation or postgraduation degree/diploma courses in Qualified Higher Education Institutions (QHEIs).What is the margin requirement for availing a loan under PM Vidyalaxmi? Financing will be need-based, depending on the specific requirements of the student. Margin requirements for students enrolled in AAA & AA-rated institutes: No margin is other institutes, no margin is required for loans up to Rs 4 lakh; a 5% margin is applicable for amounts above Rs 4 lakh. Interest rates are institute-specific and start at 7.50% per annum Note that collateral is not required under the scheme. However, parents or guardians must be joint borrowers on the loan. Punjab National Bank has categorised Quality Higher Education Institutions (QHEIs) into three groups based on their ratings: Group I, classified as AAA, includes 85 institutions; Group II, labelled as AA, comprises 152 institutions; and Group III, categorised as A, consists of 623 institutions. Students pursuing higher education can avail themselves of interest subvention benefits based on their family's annual income and the type of students enrolled in technical or professional courses, those with an annual family income of up to Rs 4.5 lakh are eligible for 100% interest subvention. If the annual income is between Rs 4.5 lakh and Rs 8 lakh, they can avail a 3% interest subvention under the PM Vidyalaxmi scheme. For students enrolled in other courses, a uniform 3% interest subvention is available under the PM Vidyalaxmi scheme, regardless of whether their family income falls below Rs 4.5 lakh or between Rs 4.5 lakh and Rs 8 lakh. Income Details Technical / Professional courses Other courses Annual income Up to 4.5 lakhs 100% interest subvention(PM-USP CSIS) 3% interest subvention(PM-Vidyalaxmi) Annual income 4.5 lakhs – 8.00lakhs 3% interest subvention(PM-Vidyalaxmi) 3% interest subvention(PM-Vidyalaxmi) Documents required for PM Vidyalaxmi According to the PNB website, below are the documents required: KYC Details (Student)—Aadhaar, PAN ID, and Address Proof. Previous Qualifying self-attested copy of Mark Sheets. Entrance Exam Result. Offer letter from the Institution along with Fee Structure. Passport-size photographs. Previous or existing loans, if any, from Banks/Lenders, banks may obtain suitable documentary evidence. Proof of family Income from designated public authority of the state.
