Pradhan Mantri Vidyalaxmi Scheme 2025: Eligibility, Benefits & Application Process

The Pradhan Mantri Vidyalaxmi scheme, initiated by the Ministry of Education, Government of India, offers easy, collateral-free education loans to students for higher education through a straightforward, digital application process. Students from families with an annual income of up to INR 8 lakhs are eligible for a 3% interest subsidy.

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First, let's understand the eligibility criteria for the Pradhan Mantri Vidyalaxmi Scheme.

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Pradhan Mantri Vidyalaxmi Scheme Eligibility Criteria

Before applying for an education loan under the Pradhan Mantri Vidyalaxmi Scheme, it's important to know the eligibility criteria. Here's a quick overview:

• Indian Nationality: The applicant must be a citizen of India.
• Age Limit: Applicants must be between 18 and 35 years of age.
• Admission to a Recognised Institution: The applicant should have secured admission in a recognised educational institution for a full-time degree or diploma course.
• Academic Qualifications: Students must meet the minimum academic qualifications required for the course to which they are applying.
• Co-applicant: A co-applicant (typically a parent or guardian) is mandatory for the loan.

If you meet these basic requirements, you are eligible to apply for an education loan scheme by Narendra Modi.

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Now that you know if you qualify, let's look at the next step: how you can apply for the scheme.

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Pradhan Mantri Vidyalaxmi Scheme Application Process

Applying for the Pradhan Mantri Vidyalaxmi Scheme is a simple and straightforward process. Students can apply online through the official Vidya Lakshmi portal. Here's how you can do it:

Registration

1. Visit the official Pradhan Mantri Vidyalaxmi Scheme website.
2. Click on the "Login" button at the top and then select "Student Login". Next, click on "Create an Account" to go to the registration page.
3. Register using your Aadhaar to avail benefits, including education loans, interest subsidies, and credit guarantees.
4. Fill in your Name, Mobile Number, and Email ID. You will receive OTPs on your mobile and email to verify. Set a strong password (at least 8 characters with a mix of letters, numbers, and symbols).
5. Confirm your password, fill in the CAPTCHA code, agree to the "Terms & Privacy", and hit "Submit". You'll get a confirmation message via SMS/Email/WhatsApp.

Application

1. Go to the official Pradhan Mantri Vidyalaxmi Scheme website.
2. Click "Login" > "Student Login", and enter your User ID (your registered email) and password.
3. Complete the CAPTCHA, agree to the "Terms & Privacy", and click "Login". Enter the OTP sent to your phone or email.
4. On your Student Homepage, click "Apply for Education Loan" to open the application form.
5. Fill in the required fields and upload the necessary documents (check the size and format requirements).
6. Select your preferred bank and branch. Double-check your details and uploaded documents, and make any necessary corrections.
7. Agree to the terms and conditions and click "Final Submit". You'll get a confirmation message once your application is submitted.

Track Your Loan Application Status

1. Log in to your PM-Vidyalaxmi account.
2. On your Student Homepage, click "Track Loan Application".
3. Choose your Loan Application Number from the dropdown. The current status (e.g., "Under Review," "Approved," "Disbursed") will be shown. You can also download the application PDF.

Apply for Interest Subvention

1. Once your loan is approved and disbursed, log in to the PM-Vidyalaxmi website.
2. On your Student Homepage, click "Apply for Interest Subvention".
3. Select "Claim Interest Subvention" and enter the required details.
4. Upload your Income Certificate (issued by a public authority) or Annexure 6 (provided by your institute).
5. Submit the form. You'll receive confirmation via SMS/Email/WhatsApp.

Raise a Grievance

1. Go to the "Initiate Grievance" section and click "Register New Complaint".
2. Please provide your Loan Application Number, select the grievance type and subtype, and choose the bank involved.
3. Describe the issue clearly and upload any supporting documents (PDF/JPEG/PNG, max 200KB). Submit the complaint.
4. A Grievance ID will be generated. You can track the status under "View Reply" and resubmit the grievance if unresolved.

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Let's explore the documents you'll need to submit to complete your application.

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Documents Required for the Pradhan Mantri Vidyalaxmi Scheme

To complete your application for an education loan under the Pradhan Mantri Vidyalaxmi Scheme, you will need to submit the following documents:

1. Aadhaar Card
2. PAN Card
3. Address Proof
4. Self-attested Marksheets of your previous qualifying exams
5. Entrance Exam Results (if applicable)
6. Offer Letter from the institution, along with the fee structure
7. Income Certificate from the designated public authority of your state

Note: If your educational institution has already collected some of these documents during the admission process, you only need to submit a certificate from the institution confirming this.

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No Collateral Needed. Get Approved Based on Your Academic Potential – Check Your Eligibility

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Pradhan Mantri Vidyalaxmi Scheme Amount: How Much Financial Support Can You Get?

The loan amount under the Vidya Lakshmi education loan scheme varies depending on the level of education, institution, and the bank's policies. Here's a general breakdown:

• Up to INR 10 Lakhs for studying in India
• Up to INR 20 Lakhs for studying abroad

The interest rates are competitive, and students can enjoy an extended repayment period, typically 15-20 years, making it easier to repay the loan.

Learn more about Vidya Lakshmi education loan interest rates, available discounts, and how to choose the best option for your future!

Now that you have an idea of the loan amount, let's explore the many advantages this scheme offers.

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Advantages of the Pradhan Mantri Vidyalaxmi Scheme

The Pradhan Mantri Vidyalaxmi Scheme brings several benefits for students, which include:

• Easy Accessibility: The online application process through the Vidya Lakshmi portal simplifies the process.
• Low-Interest Rates: The scheme offers loans at lower interest rates compared to conventional loans.
• Flexible Repayment: Students can begin repaying the loan after completing their course, allowing them time to secure employment.
• No Processing Fee: Loans of up to INR 7.5 lakhs are exempt from processing fees, making them an affordable option for many.

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Next, let's review the Vidya Lakshmi Portal College List to verify that your institution is eligible for the loan.

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Vidya Lakshmi Portal College List: Your Guide to Recognised Institutions

Before applying for the loan, students must ensure that the institution they wish to attend is recognised by the government. The Vidya Lakshmi portal college list includes institutions that are eligible for education loans under the scheme. 

Below is a curated list of some of the top institutes:

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The Pradhan Mantri Vidyalaxmi Scheme is an excellent initiative by the Indian government to make higher education more accessible. With its easy online application process, eligibility criteria, and attractive loan amounts, students can now pursue their academic dreams without the burden of financial stress. 

If you're ready to take the next step in your educational journey, head over to the PM Vidyalakshmi portal and start your application today.

You can also get an education loan with Propelld today and achieve your dream by enrolling in your dream college! 

Propelld provides education loans for students. With easy paperwork, flexible eligibility criteria, and convenient repayment schedules, Propelld helps students achieve their dreams quickly!  There are many more benefits to getting an education loan with Propelld. Take a look at them! 

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FAQs About Pradhan Mantri Vidyalaxmi Scheme

1. Who can apply for the Pradhan Mantri Vidyalaxmi Scheme?

Anyone pursuing higher education in India or abroad can apply, provided they meet the basic eligibility criteria like age (18-35 years), Indian nationality, and admission to a recognised institution.

2. Can I apply for this scheme if I have already taken an education loan from another bank?

Yes, you can still apply, as the Pradhan Mantri Vidyalaxmi Scheme does not require you to close existing loans. However, the bank will assess your financial situation during the application process.

3. How is the interest subvention calculated under the scheme?

Students from families with an annual income of INR 8 lakhs or less are eligible for a 3% interest subsidy. For example, if your loan's interest rate is 10%, you only pay 7% while studying.

4. Can I apply for the loan before securing admission?

No, you must have secured admission in a recognised institution. Only students with confirmed enrollment are eligible to apply under the Pradhan Mantri Vidyalaxmi Scheme.

5. What if I don't have a PAN card?

A PAN card is required for the application. If you don't have one, you must apply for it as soon as possible. It's a mandatory document for processing your education loan.

6. Can I get a loan for undergraduate courses under this scheme?

Yes, loans are available for both undergraduate and postgraduate courses. Whether it's a bachelor's degree or a master's, the scheme covers all recognised higher education programs.

7. How much loan can I get under the scheme for studying abroad?

For overseas education, you can receive up to INR 20 lakhs, covering tuition fees, living expenses, and other related costs. This can help ease the financial burden of international study.

8. Are there any processing fees for the loan?

No, under the Pradhan Mantri Vidyalaxmi Scheme, there are no processing fees for loans up to INR 7.5 lakhs. This reduces the initial financial strain on students applying for loans.

9. How long do I have to repay the loan?

Repayment typically starts 12 months after completing your course or securing a job, whichever comes first. The loan tenure can be extended up to 15 years, providing you with flexibility in repayment.

10. Can I apply for the loan if I am pursuing a diploma course?

Yes, diploma courses that are recognised and have good career prospects are eligible for a loan under this scheme, provided they meet the criteria set by the bank.

11. How do I know if my chosen college is eligible for the loan?

The Vidya Lakshmi Portal provides a list of recognised colleges. If your institution is listed, it qualifies for loans under the Pradhan Mantri Vidyalaxmi Scheme.

12. What happens if my loan application gets rejected?

If your loan application is rejected, you can contact the bank for clarification. You can also reapply after addressing any concerns or providing additional documents if necessary.