What you get
- A special loan product of collateral-free and guarantor-free education loans for students admitted to QHEIs. | - The loan amount depends on the course fee and other associated expenses (mess, hostel fee, refundable and non-refundable fees, laptop, living expenses) with no upper limit. | - 75% credit guarantee by the Government of India for loan amounts up to ₹7,50,000, irrespective of family income. | - 3% interest subvention on loans up to ₹10,00,000 for students with annual family income up to ₹8,00,000 during the moratorium period (course period plus one year). | - Full interest subvention is already offered to students with up to ₹4,50,000 annual family income under PM-USP CSIS for technical/professional courses. | - Interest rate capped at individual bank's Externally Benchmarked Lending Rate (EBLR) + 0.5%. | - Up to 1% additional interest concession if interest is serviced during the study period and the moratorium period. | - Repayment period up to 15 years, excluding moratorium period. | - The interest subvention amount will be credited to PM-VIDYALAXMI DIGITAL RUPEE APP (CBDC WALLET) of the beneficiary and on redemption on the app by the beneficiary, the amount will be transferred to the beneficiary loan account.
Who can apply
Required Paperwork
- Aadhaar Card
- PAN Card
- Income Certificate
- Residence Proof (Domicile)
Common Questions
Can students admitted through management quota apply for this loan scheme?
No, applicants admitted through management quota or similar quotas are not eligible for this loan.
Are there any specific course requirements to qualify for this financial support?
Students enrolled in any Course of Quality Higher Education Institutions (QHEIs).
What educational qualifications must the applicant have to apply for this loan?
Students admitted through open competitive examinations/merit based admissions can apply for loan under PM-Vidyalaxmi Scheme.
What is the maximum annual family income to qualify for the 3% interest subvention?
The applicant’s annual family income must not exceed ₹8,00,000 to be eligible for the 3% interest subvention.
Can a student avail this loan if they are already receiving another government scholarship?
No, applicants receiving any other Central or State Government scholarship, interest subvention, or fee reimbursement are not eligible.
Is there an age limit for students applying for this financial assistance program?
All students who get merit-based admission in Quality Higher Education Institutions (QHEIs) are eligible under PM-Vidyalaxmi Scheme.
What kind of admission is required to be eligible for this education loan?
The applicant must secure merit-based admission to one of the 860 designated Quality Higher Educational Institutions (QHEIs) in India.
What types of institutions are considered eligible under this scheme?
Eligible institutions include top 100 ranked HEIs in NIRF rankings, top 200 state/UT government HEIs in NIRF rankings, and all HEIs under the Government of India.
Are foreign education institutions or their Indian campuses eligible under this scheme?
No, Indian campuses of foreign institutions, foreign campuses of Indian institutions, and foreign institutions are not covered.
What are the password requirements for creating an account on the portal?
The password must be at least 8 characters long, with a mix of uppercase and lowercase letters, numbers, and special characters.
Can applicants select their preferred bank for loan processing?
Yes, applicants can choose their preferred bank and branch from the dropdown menu during the application process.
Is there an option to download the submitted loan application?
Yes, applicants can download a PDF copy of their application from the "Track Loan Application" section.
How is the interest subvention amount credited to the student?
The subsidy amount will be credited to PM VIDYALAXMI DIGITAL RUPEE APP (CBDC WALLET) of the beneficiary and on redemption on the app by the beneficiary, the amount will be transferred to the beneficiary loan account.
What is the maximum loan amount eligible for a 75% credit guarantee?
The Government of India provides a 75% credit guarantee for loans up to ₹7,50,000, irrespective of family income.
What is the interest rate cap for loans under this scheme?
The interest rate is capped at the bank’s Externally Benchmarked Lending Rate (EBLR) plus 0.5%.
Is there any additional interest concession available for timely repayments?
Yes, up to 1% additional interest concession is provided if interest is serviced during the study and moratorium period.
What is the maximum repayment period allowed for this education loan?
The repayment period can extend up to 15 years, excluding the moratorium period (course duration plus one year).
What is PM VIDYALAXMI DIGITAL RUPEE APP?
- PM VIDYALAXMI DIGITAL RUPEE App is a Central Bank Digital Currency (CBDC) based dedicated mobile application for receiving education loan interest subvention benefits from Dept. Of Higher Education Ministry of Education GoI. | - The application is available for download at Play store for android based mobiles and App store for i-phones | - Mobile number of beneficiaries updated in PM-Vidyalaxmi portal by the financing Bank, against beneficiary claim should be used for downloading the application. | - Beneficiaries can activate their PM VIDYALAXMI DIGITAL Rupee App through AADHAAR based authentication process via OTP received in their AADHAAR registered Mobile number. | - PM VIDYALAXMI DIGITAL Rupee App is applicable for both PM VIDYALAXMI and CSIS interest subvention schemes of Dept. Of Higher Education, Ministry of Education, GoI.