The need for student loans for higher education is increasing (PM Vidya Lakshmi Yojana). Many students with good academic records turn to loans to pursue further studies. Additionally, a significant number of students across India are deprived of higher education due to financial constraints.
To support such students(PM Vidya Lakshmi Yojana), the government has taken a step forward by introducing beneficial schemes. These initiatives aim to help students pursue higher education.
In November 2024, the Union Cabinet approved the Pradhan Mantri Vidya Lakshmi Yojana, a scheme designed to assist students in their pursuit of higher education. This scheme is implemented to aid talented students financially. Through this initiative, financial support will be provided for admission to 860 prestigious educational institutions. Each year, more than 22 lakh students are expected to benefit from this scheme.
Features of PM Vidya Lakshmi Yojana:
- The scheme provides an online platform for students to apply for educational loans for higher studies in India and abroad.
- It offers loans ranging from ₹50,000 to ₹10 lakhs for studies in India and up to ₹20 lakhs for studies abroad
- Indian students who secure admission to recognized institutions for undergraduate, postgraduate, or doctoral courses are eligible to apply.
- The scheme may include interest subsidies for students from economically weaker sections.
- It connects students with various public and private sector banks offering educational loans.
- Loans up to ₹4 lakhs do not require collateral or a guarantor.
- The scheme covers expenses such as tuition fees, hostel fees, books, and other education-related costs.
Eligibility Criteria for PM Vidya Lakshmi Yojana:
- Only Indian students are eligible to apply.
- The applicant should generally be between 18 to 35 years of age at the time of application.
- The student must have secured admission to a recognized institution for higher education, including undergraduate, postgraduate, and doctoral courses (Ph.D.).
- The scheme primarily targets students from economically weaker sections. Financial need and repayment capability are considered during the application process.
- Students must be pursuing regular full-time courses in India or abroad.
How to Apply for PM Vidya Lakshmi Yojana:
- Visit the official Vidya Lakshmi portal: https://www.vidyalakshmi.co.in.
- If you do not have an account, click on “New User” to register.
- Provide details like your name, email, mobile number, and create a password.
- After registration, complete your profile by entering your personal, educational, and financial details.
- Specify the course, institution, and loan amount you wish to apply for
- Once your profile is complete, you can search for available loan schemes and select preferred banks.
- Fill in the required details and upload necessary documents such as proof of admission, academic records, and income certificates.
- Once the bank approves your application, the loan amount will be disbursed as per the specified terms and conditions.
- You can track the status of your loan application directly on the Vidya Lakshmi portal.
This scheme is a significant step in empowering students to achieve their educational aspirations without financial hurdles.
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