Higher education For students dreaming, PM Vidyalakshmi Education Loan Scheme is like Sanjeevani. The central government has started this scheme keeping in mind the millions of children of the country. In this, children are being easily given loans for higher education. Bank of Baroda is giving PM Vidyalakshmi Education Loan at 7.10% interest rate. At the same time, Punjab Nation Bank is providing loans at an interest rate of 7.50%. Let us know how you can take advantage of this loan scheme.
What is special in PM Vidyalakshmi Education Loan?
- Education loan will be available without guarantee and collanels: Under this scheme, students will not need any guarantee to take education loan.
- Online application facility: Students can easily apply online by visiting PM Vidyalakshmi portal for education loan under this scheme.
- Loan available up to ₹ 7.5 lakh: Students will be given education loan of up to ₹ 7.5 lakh, in which the government will give a credit guarantee of up to 75% to the bank.
- 3% interest subsidy benefits: Students whose family has annual income up to ₹ 8 lakh, will get 3% interest subsidy on loans up to ₹ 10 lakh.
- Benefits of full interest subsidy: Students whose annual income is ₹ 4.5 lakh or less, will be given full interest subsidy on education loans.
What is the eligibility for loan?
- Students who get admission on merit basis: Those students who take admission on the basis of merit or competitive examination are eligible for education loan under this scheme.
- Students of all income groups can apply: Family income in this scheme is not an obstacle. All class students can apply for this loan.
- Loan amount according to course and fees: The loan amount is fixed according to the fees of the course selected by the student.
- Admission to degree or diploma course required: Loan will be available only for degree or diploma program.
How to apply for loan?
- First go to Vidyalakshmi Portal and register.
- Now login and go to the loan application section.
- Fill information about course and institute
- Choose the bank
- Fill the application form and submit
- After submitting the form, you can track your application status (Status) on the portal itself.
- Loan approval information will be available on the portal
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