PM Vidya Lakshmi Education Loan Yojana has been started by the central government. Through this scheme, the government wants to help the students financially. So that the students can continue their studies, the government provides a loan of up to 6 lakh 50 thousand rupees to the students, which will be given up to five years to repay. Students who can study abroad can also apply. How do you apply for this scheme, what are the terms and conditions for taking a loan on it, what documents will have to be submitted for this. You will get all the information related to this scheme.
What is PM Vidya Lakshmi Education Loan
This scheme is meant for those students to encourage higher education. With the help of this scheme, students can make financial arrangements for further studies. This is a loan scheme which provides assistance to the students in the form of loan. Through which students can pursue their further studies. The interest rate of this loan starts from just 10.5% and can be a maximum of 12.75 percent. You can make your future bright through this scheme.
Objective of the scheme
The objective of PM Vidya Lakshmi Education Loan Yojana is to help girl students across the country to pursue higher education. Under this scheme, students from economically weaker sections get education loan up to Rs 6.5 lakh. With which they can pursue education in India or abroad.
Benefits and advantages of the scheme
- Through this scheme, students can avail loans for 127 types of education.
- This scheme will be operated through banks, for which the Government of India has registered 38 banks. You can apply for PM Vidya Lakshmi Education Loan in these banks.
- On this loan, one can get a loan of up to Rs 6.5 lakh at minimum interest.
- The interest rate of this loan starts from just 10.5% and can go up to a maximum of 12.75 percent.
Who is eligible for education loan
- To apply for the loan, the student must be an Indian citizen.
- You must have secured a minimum of 50% marks in both class 10th and 12th examinations.
- You will need to provide proof of your ability to challenge the loan.
- You must demonstrate your ability to repay the loan.
Documents required to get a loan
- Aadhar card
- Address proof
- Income Certificate
- Age Certificate
- Educational Qualification Certificate
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- Caste Certificate
- Mobile Number
- Bank passbook
- Passport size photo
- Duly filled application form etc.
How to apply for a loan
- To apply, first of all you have to visit the official website of PM Vidya Lakshmi Education Loan Scheme www.vidyalakshmi.co.in .
- After this you will have to go to the homepage. After this you will have to click on an apply option. After clicking, a new page will open.
- All your information will be asked in that form. After giving the information, fill the captcha and click on the submit option. After this, you will have to go to the home page again.
- After reaching the home page, you will have to click on the option of “Login” . After this, after selecting the option of student logging, a new page will open. On this page, you will have to log in by entering your ID and password.
- After logging in, a new page will open in front of you. On that page, you will have to click on the option of “Loan Application Form” .
- After this the form of PM Vidya Lakshmi Education Loan Scheme will open.
- Read that form carefully and fill in all the information asked for and upload the required documents. After filling the form, finally you have to submit your application form by clicking on the submit button option.
FAQs on PM Vidya Lakshmi Education Loan Scheme
What is the interest rate of Vidya Lakshmi Education Loan?
Vidya Lakshmi Education Loan interest rates start from 8.40% onwards. It allows students to secure funds up to Rs 4 lakh without any collateral, with a repayment tenure of up to 15 years.
Who is eligible for Pradhan Mantri Education Loan?
This scheme will be applicable for students from economically weaker sections whose parents/family total income from all sources is up to Rs 4.5 lakh per annum.
What is the amount of Vidya Lakshmi Education Loan Subsidy?
Under this scheme, interest free study loan up to Rs 7.5 lakh can be availed.
How many days does it take to get Vidya Lakshmi Education Loan?
The processing of this loan takes 30 days after applying through Vidya Lakshmi portal. If you do not receive a call from the bank after applying, contact the nearest branch and lodge a complaint on the portal.