Empowering Students with Education Loans up to ₹10 Lakh Without a Guarantor
In India, financial constraints often hinder students from pursuing higher education. To address this challenge, the government has launched the PM Vidya Lakshmi Yojana, offering education loans of up to ₹10 lakh without requiring a guarantor. Approved by the Union Cabinet under the leadership of Prime Minister Narendra Modi, this scheme aims to provide financial support to millions of students, enabling them to achieve their academic aspirations.
Key Highlights of PM Vidya Lakshmi Yojana
Students can avail of loans up to ₹10 lakh without the need for a guarantor. Families with an annual income of less than ₹8 lakh are eligible. A 3% interest subsidy will be provided on the education loan. Only students admitted to recognized higher education institutions are eligible. The scheme is in alignment with the National Education Policy.
Eligibility Criteria for the Scheme
The family income of the applicant should be less than ₹8 lakh per annum. The government provides a 75% credit guarantee for loans up to ₹7.5 lakh. The institution must rank within the top 100 in the NIRF All India rankings or within the top 200 at the state level. The institution must be a government-recognized entity. One lakh students will be supported annually under this scheme.
How to Apply for PM Vidya Lakshmi Yojana
Visit the official Vidya Lakshmi Portal at www.vidyalakshmi.co.in. Complete the online application process. Provide all necessary admission and eligibility details. Submit the application and await approval. This initiative is expected to benefit over 22 lakh students from 860 higher education institutions, opening doors to brighter futures.
