Day by day Education is getting costlier than ever. Nowadays expenses for higher studies have increased rapidly. This inflation has impacted the education of economically weaker sections. Many students are unable to follow their favorite course due to lack of money. But worry no more, Government of India has launched a new Scheme called ‘Pradhan Mantri Vidya Lakshmi Yojana’, which will help to get education loans easily.
PM Vidya lakshmi Yojana
Recently passed in the cabinet meeting this scheme will help students get an Education loan of up to Rs 10 Lakh without any guarantee. It can change the lives of many meritorious students. Total 1 lakh students will be benefited
Government Subsidy on Education Loan
Usually a guarantee is needed while taking an educational loan. However, loans with this scheme will not need any guarantee. Not only this but the government will provide a 3% subsidy on loan interest. This will help students repay the loan once their education is repaid more easily.
Eligibility for PM Vidya Lakshmi Yojana
1. If you are planning to apply for PM Vidya Lakshmi Yojana then you should check the eligibility criteria before applying. Here is the list of eligibility you need to fulfill,
2. Students have to be admitted in the top 100 institutes in the NIRF All India Ranking or the Top 200 at the State Level ranking.
3. The student’s family income must be under Rs 8 lakhs per year
4. A maximum of Rs 10 Lakh loan can be availed. Out of which the government will be taking a guarantee for 7.5 Lakhs or 75%
Application Process
1. The application process for Pradhan Mantri Vidya Lakshmi Yojana is a bit different. It will require applicants to verify details via the DigiLocker app. Let’s check out the application process.
2. First, you need to visit the official website of Vidya Lakshmi Yojana.
3. Then Register as a new user giving some credentials or log in with your User ID and Password.
4. After logging in to the dashboard click on ‘Apply for Loan’ to start the application and fill out all the necessary fields with correct information. Then upload the documents required.
5. Once form fillup and document uploading is done recheck the application an click on submit it for verification.
6. After submitting the application you can check the status of your loan approval, Once approved you will be notified and you can get an education loan.
