PM-Vidyalaxmi । Vidya Lakshmi Portal. PM Vidya Lakshmi Yojana: What is PM Vidya Lakshmi Yojana, this is how you can get education loan up to 10 lakhs without guarantor.
PM-Vidyalaxmi Scheme to make higher education more accessible.
Collateral-free loans, easy digital applications and interest support.
Vidya Lakshmi Portal:
The Vidya Lakshmi portal was launched to help students in India access education loans and scholarships with ease. In his 2015-16 budget speech, Finance Minister Arun Jaitley highlighted the need for a platform to support young people in pursuing higher education, emphasizing that financial constraints should not stop students from reaching their educational goals.
The portal offers a single, online platform for students to apply for loans, track their applications, and access scholarship opportunities.
It is a key initiative under the Pradhan Mantri Vidya Lakshmi Karyakram, aimed at ensuring financial support for students, especially from poor and middle-class backgrounds.
About Protean eGov Technologies:
Protean eGov Technologies Limited (formerly NSDL eGovernance Infrastructure) is a leading company specializing in e-Governance solutions.
Established in 1995, Protean eGov uses technology to improve government services, enhance transparency, and reduce service delivery costs.
They have developed and managed several major projects, including the Tax Information Network (TIN), the National Pension System, and the National Judicial Reference System.
Protean eGov is also involved in implementing solutions for various government departments and has established service centers across India to provide citizens with easier access to public services.
PM-Vidyalaxmi Scheme
- Cabinet approves PM Vidyalaxmi, a new Central Sector scheme that seeks to provide financial support to meritorious students so that financial constraints do not prevent anyone from pursuing higher studies
- Any student who gets admission in Quality Higher Education Institution will be eligible to get collateral free, guarantor free loan from banks and financial institutions to cover full amount of tuition fees and other expenses related to the course
Salient features
- Extension of education loans to meritorious students who get admission in the top 860 quality higher educational institutions of the nation, translating to covering more than 22 lakh students every year
- Loan amounts up to Rs.7.5 lakhs will be provided a 75% credit guarantee by the Government of India, to support banks to expand coverage
PM-Vidyalaxmi
Salient features
- Administered through a simple, transparent and student-friendly system that will be inter-operable and entirely digital
- 3% interest subvention for loan up to Rs.10 lakhs during moratorium period, for students with annual family income of up to Rs.8 lakhs, and not eligible for benefits under any other government scholarship or interest subvention schemes
- Outlay of Rs.3,600 crore has been made during 2024-25 to 2030-31. expected to benefit 7 lakh fresh students
- Students can apply on unified portal “PM-Vidyalaxmi” for education loan as well as submit request for disbursement of interest subvention
Cabinet Decision: 06th November, 2024
For more details, visit www.proteantech.in.