Pradhan Mantri Vidya Lakshmi Yojana: The Government of India has recently announced a new education loan scheme. Whose name is, “Pradhan Mantri Vidya Lakshmi Yojana”. The main objective of this scheme is to provide financial assistance to the youth of the country for higher education. Through this scheme, the student can get an education loan of up to Rs 10 lakh without any guarantee or security.
Pradhan Mantri Vidyalakshmi Yojana can prove to be a boon for these students. Who are unable to continue their studies due to financial reasons. The government believes that Pradhan Mantri Vidyalakshmi Yojana will increase the rate of higher education in the country and the youth will get excellent career opportunities.
What is Pradhan Mantri Vidyalakshmi Yojana?
Pradhan Mantri Vidyalakshmi Yojana provides financial assistance to the students for higher education run by the Central Government. Under this scheme, students can get education loans from banks and financial institutions without any guarantee or security. Pradhan Mantri Vidyalakshmi Yojana has been started under the National Education Policy.
The objective of this is that no student should be deprived of higher education due to financial conditions. Pradhan Mantri Vidya Lakshmi Yojana will help poor and middle-class students to access higher education. Educated youth will contribute to the economic development of the country.
Skills will be developed with higher education. Better education will increase employment opportunities. There will be holistic development of the educated society. There will be all-round development.
Interest rate under Pradhan Mantri Vidya Lakshmi Yojana
Under Pradhan Mantri Vidya Lakshmi Yojana, a subsidy of up to 3% is given on the loan as per the rules of the bank. The duration of the course is 1 year. The maximum loan repayment period is given up to 15 years.
Main features of Pradhan Mantri Vidya Lakshmi Yojana
- Under this scheme, the student can get an education loan of up to Rs 10 lakh without guarantee or security. The government also provides interest subsidy of up to 3%.
- Students with annual family income up to Rs 8 lakh can apply for this scheme.
- A 75% credit guarantee will be given for loans up to Rs 7.5 lakh.
- 860 higher education institutions selected based on NARF rating will be considered eligible under this scheme.
Benefits of Pradhan Mantri Vidya Lakshmi Yojana
- Pradhan Mantri Vidya Lakshmi Yojana will provide financial assistance to students for higher education.
- The student will get relief by getting a loan without any guarantee or security.
- A subsidy of up to 3% will be given on the loan amount. This will reduce the financial burden.
- The student will get a repayment period of up to 15 years, due to which he will be able to repay the loan easily.
- Banks will be able to give loans easily by getting credit guarantees.
Eligibility for Pradhan Mantri Vidya Lakshmi Yojana
- The student should be a citizen of India.
- The student must pass the 12th class.
- The student’s family annual income should be less than ₹800000.
- The student should have been admitted to a recognized higher education.
- The institute should be included in the NARF rating.
Documents required for Pradhan Mantri Vidya Lakshmi Yojana
- Aadhar Card
- PAN Card
- 10th 12th Marksheet
- Income Certificate
- Certificate of Admission in Institution
- Passport Size Photo
- Bank Account Details
- Mobile Number
Application Process for Pradhan Mantri Vidya Lakshmi Yojana
- First of all, go to Vidya Lakshmi https://www.vidyalakshmi.co.in/Students/ portal and register.
- After registration, log in with the registered account.
- After that, fill out the education loan application form.
- You have to upload some necessary documents in the application form.
- After this, you have to select any three preferred banks.
- After checking all the information, the applicant has to submit it.