Latest news with #VidyaLakshmi
News18
2 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.
Hans India
02-08-2025
- Business
- Hans India
UBI to sanction loans on plots of capital farmers
Guntur: A woman farmer from the capital region's Ananthavaram village Gopidesi Swathi has been granted a loan of Rs 20 lakh by the village's Union Bank to purchase a crane to be used in the construction work of the capital under the Nari Shakti scheme on Friday. Union Bank deputy general manager Syed Jawahar cut the ribbon and inaugurated the new crane purchased by the woman farmer. He himself drove the crane and handed over the keys to the owner. Speaking on this occasion, Union Bank deputy general manager said that it has been decided to sanction loans on the plots of capital farmers registered with CRDA. He said that under the PM Vidya Lakshmi scheme, Union Bank is providing education loans of Rs 40 lakh to students pursuing higher education in other countries without any security. Similarly, under the Sukanya Samriddhi scheme, women account holders who have an average of Rs 15,000 in their accounts and those who need cancer treatment will get assistance of up to Rs 5 lakh. He said that Union Bank is ready to provide more loans to the residents of the capital region. The locals who participated in the meeting said that it is a matter of happiness that banks have agreed to provide loans on the plots of the capital farmers. They expressed satisfaction with the bank's services. Speaking on the occasion, Anantavaram village Union Bank branch manager K Chittibabu said that Union Bank of India has given orders to provide loans on the plots of the capital farmers.
Time of India
08-07-2025
- Business
- Time of India
Student loans: Government orders faster approvals for education loans in 15 days; PSBs told to clear all backlogs till May
This is an AI-generated image, used for representational purposes only. The finance ministry has asked public sector banks to fast-track education loan applications, directing them to process requests within 15 days of submission. Banks have also been told to set up a centralised credit processing system with clear internal procedures to ensure timely approvals, according to people familiar with the matter. If a loan application is rejected or returned, the decision must now be approved by a higher authority and the student must be clearly informed of the reasons, the sources said, according to ET. "A series of meetings have been held with banks over the last two months to discuss delays in the processing of education loan applications," an anonymous government official said, as quoted by ET. The source further added that it would be ensured by the lenders that decisions are made within three to five working days. While most banks currently take up to a month to process education loans, the ministry wants this timeline shortened. Sanctions will continue to depend on proper documentation, the presence of a co-applicant or guarantor, and other eligibility factors. Disbursements will be made in instalments, directly to the educational institution. Banks have also been instructed to clear all pending applications up to May and submit a detailed status report. The push comes after the government received several complaints about delays. 'There were some cases where loans were sanctioned, but disbursals were on hold due to unsatisfactory documentation. Those cases have also been put on the fast track,' the official added. To streamline the process, banks have been told to stick only to documents listed under the Indian Banks' Association 's Model Education Loan Scheme. A senior bank executive said lenders are now working to align their internal systems with the Vidya Lakshmi portal to speed up operations. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join 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.
