Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) Scheme
Category: Banking,Financial Services and Insurance, Education & Learning
Level: Central | State: All
Ministry: Ministry of Education

Details:
The scheme "Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi)" by the Department of Higher Education, Ministry of Education, Government of India, aims to provide financial support to meritorious students so that financial constraints do not prevent any youth of India from pursuing quality higher education. The scheme provides collateral-free, guarantor-free education loans through a simple, transparent, student-friendly and entirely digital application process, with 3% interest subvention for students from families with annual income up to ₹8,00,000. To be eligible, the applicant must get admission on their own merit to one of the 860 designated Quality Higher Educational Institutions (QHEIs) in India. The scheme is implemented by the Department of Higher Education in coordination with Canara Bank as the nodal bank. The applications for this scheme are accepted Online.

Benefits:
A special loan product of collateral-free and guarantor-free education loans for students admitted to QHEIs.
The loan amount depends on the course fee and other associated expenses (mess, hostel fee, refundable and non-refundable fees, laptop, living expenses) with no upper limit.
75% credit guarantee by the Government of India for loan amounts up to ₹7,50,000, irrespective of family income.
3% interest subvention on loans up to ₹10,00,000 for students with annual family income up to ₹8,00,000 during the moratorium period (course period plus one year).
Full interest subvention is already offered to students with up to ₹4,50,000 annual family income under PM-USP CSIS for technical/professional courses.
Interest rate capped at individual bank's Externally Benchmarked Lending Rate (EBLR) + 0.5%.
Up to 1% additional interest concession if interest is serviced during the study period and the moratorium period.
Repayment period up to 15 years, excluding moratorium period.
The interest subvention amount will be credited to PM-VIDYALAXMI DIGITAL RUPEE APP (CBDC WALLET) of the beneficiary and on redemption on the app by the beneficiary, the amount will be transferred to the beneficiary loan account.


Eligibility Criteria:
**For Students**

- The applicant must be an Indian citizen.
- The applicant must get merit-based admission to one of the 860 designated Quality Higher Educational Institutions (QHEIs) in India.
- The applicant must not be admitted through the management quota or a similar quota.
- The applicant must have an annual family income of up to ₹8,00,000 to qualify for 3% interest subvention.
- The applicant must not be receiving any other Central/State Government Scholarship or interest subvention scheme or fee reimbursement.
- The applicant must not discontinue the course midstream or be expelled from the institution on disciplinary or academic grounds.
- The applicant must maintain satisfactory academic performance to receive interest subvention from the 2nd year onwards.
- The applicant can avail interest subvention and credit guarantee benefits only once, either for an undergraduate or postgraduate or integrated course.

**For Quality Higher Education Institutions (QHEIs)**
The following institutions are eligible - 

- Top 100 ranked HEIs in the overall/category-specific and/or domainspecific rankings in latest list of NIRF published by the Ministry of Education.
- Top 200 ranked HEIs under the governance of state/UT governments in the latest list of NIRF published by the Ministry of Education. 
- All remaining HEIs under the governance of the Government of India. 

_*Indian campuses of foreign education institutions, foreign campuses of Indian education institutions and foreign education institutions will not be covered._