PM Vidyalaxmi scheme: Check loan amount, interest rate and eligibility criteria
Prime Minister Narendra Modi, approved PM Vidyalaxmi last month. The scheme is applicable to all scheduled banks, regional rural banks (RRBs) and cooperative banks.
What is PM Vidyalaxmi scheme?
Under the PM Vidyalaxmi scheme, any student who gets admission in a Quality Higher Education Institution (QHEIs) 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.
Education loan under PM Vidyalaxmi scheme
Who is eligible for education loan under PM Vidyalaxmi?
The scheme will be available to students who enrol in the top 860 Quality Higher Education Institutions (QHEIs) in India, as per the National Institutional Ranking Framework (NIRF).
Students of all family income groups will be eligible to get an education loan, if they so desire.
Who is not eligible to avail benefits of credit subvention and credit guarantee under PM Vidyalaxmi?
Students who receive any other Central/State Government Scholarship, interest subvention plan, or fee reimbursement are not eligible for benefits under the PM Vidyalakshmi scheme. Students who stop their studies in between or are dismissed from the institution on disciplinary or academic grounds are not eligible for interest subvention or credit guarantee under this scheme. However, interest subvention and credit guarantee are only possible if the discontinuance is due to medical reasons, for which the relevant documents to the satisfaction of the head of
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