Dr. Amit Kulkarni
· 1 min read
The Government of India has launched the PM Vidyalaxmi Scheme, providing collateral-free and guarantor-free education loans to students admitted to quality higher education institutions (QHEIs) in India.
Key Benefits
- Loan amount up to ₹10 lakh — no collateral required
- Interest subsidy of 3% for loans up to ₹7.5 lakh during the moratorium period
- Applicable at all HEIs ranked in NIRF Top 100
- Disbursed directly to institutions via e-vouchers
Eligibility
- Indian nationals admitted to recognised QHEIs
- Annual family income up to ₹8 lakh for full interest subsidy
- No minimum marks criterion
How to Apply
Applications are processed through the PM Vidyalaxmi portal (pmvidyalaxmi.co.in) integrated with the National Scholarship Portal. Banks process loans within 15 days of application.