Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) Scheme
State: Central
Ministry: Ministry of Education
Department: Department Of Higher Education
Category: Banking,Financial Services and Insurance, Education & Learning
Beneficiary Type: Individual

The "Pradhan Mantri Vidyalaxmi (Pm-vidyalaxmi) Scheme" aims to provide financial support for higher education through education loans. Under this scheme, financial assistance of up to ₹10,00,000/- is provided to meritorious students seeking admission to domestic institutions.

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&#39;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.

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Eligibility:
**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._ 
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Application Process:
[Online]
REGISTRATION
Step 1: Visit the Official Website of the "Pradhan Mantri Vidyalaxmi (PM-vidyalaxmi) Scheme"
Step 2: In the top ribbon, click "Login" > "Student Login". On the next screen, click "Create an Account", you will be taken to the "Student Registration" page.
Step 3: Student to register through AADHAAR for availing benefits under the PM-Vidyalaxmi Scheme, which includes education loan, interest subvention, and credit guarantee coverage and can apply for Interest Subvention, if eligible.
Step 4: In the registration form, provide the following mandatory details - Applicant Name, Mobile Number, Email ID. Verify the Mobile Number and the Email ID via OTP. Create a password. It must contain at least 8 characters. A combination of uppercase and lowercase letters, numbers and special characters.
Step 5: Confirm the password, fill in the Captcha code, agree to the "Terms & Privacy", and click "Submit" to register. Upon registration, you will receive a confirmation message on SMS/Email/WhatsApp.
APPLICATION
Step 1: Visit the Official Website of the "Pradhan Mantri Vidyalaxmi (PM-vidyalaxmi) Scheme"
Step 2: In the top ribbon, click "Login" > "Student Login". On the next screen, provide your Login Details, i.e. the User ID and the Password. Your Registered Email will be your User ID.
Step 3: Fill in the Captcha code, agree to the "Terms & Privacy", and click "Login". Provide the OTP received on your Mobile Number / Email ID.
Step 4: In the "Student's Homepage", click "Apply for Education Loan", you will be taken to the online application form of the scheme.
Step 5: In the application form, fill in all the mandatory fields and upload all the mandatory documents in the specified format and size.
Step 6: Choose the preferred bank and branch from the dropdown. Carefully review all the information provided and the documents uploaded. Make any necessary corrections.
Step 7: Acknowledge and agree to the terms and conditions and privacy policy (if any). Click "Final Submit" to submit your application. You'll receive a confirmation message.
TRACK LOAN APPLICATION STATUS
Step 1: After logging into your PM-Vidyalaxmi account. In the "Student's Homepage", click on the "Track Loan Application" section from the menu.
Step 2: Select your Loan Application Number from the dropdown list.
Step 3: The current status of your application (e.g., "Under Review," "Approved," "Disbursed") will be displayed. To download a copy of your application, click "Download Application PDF".
APPLY FOR INTEREST SUBVENTION
Step 1: Once your education loan has been sanctioned and disbursed by the bank, log in to the "PM-vidyalaxmi" website.
Step 2: In the "Student's Homepage", select "Apply for Interest Subvention" from the menu.
Step 3: Click "Claim Interest Subvention" and fill in the required details.
Step 4: Upload the Income Certificate (issued by a public authority) or Annexure 6 (provided by your institute).
Step 5: Submit the form. You will receive confirmation via SMS/Email/WhatsApp.
RAISE A GRIEVANCE
Step 1: Navigate to the "Initiate Grievance" section from the menu. Click "Register New Complaint".
Step 2: Provide your Loan Application Number. Choose the Grievance Type and Subtype. Select the Bank involved.
Step 3: Describe the issue in detail and upload supporting documents (PDF/JPEG/PNG, max 200KB). Submit the grievance. 
A Grievance ID will be generated for tracking. Check the status under "View Reply" and re-raise the complaint if unresolved.
GRIEVANCE REDRESSAL
For grievances, one can write to the Canara Bank at - 
Toll-free No.: 1800 1031 and Tele: 080- 22533876
Email: hoel@canarabank.com, hogps@canarabank.com, support@pmvidyalaxmi.co.in.

Documents Required:
Aadhaar Card
PAN Card
Address Proof
Previous Qualifying Marksheets (Self-attested) 
Entrance Exam Result
Offer Letter (from the Institution, along with the fee structure)
Income Certificate (from the designated public authority of the state)
*If the QHEI has already accepted some of these documents at the time of admission, the student should submit a certificate from the QHEI regarding the same (proforma given in Annexure 6). Only the remaining documents will have to be submitted by the students to the bank/portal.