PM Vidya Lakshmi Yojana: Know how students can apply for loans up to 10 lakh without a guarantor

PM Vidya Lakshmi Yojana: Now students can get an education loan of up to 10 lakh without a guarantor. Know how -

PM Vidya Lakshmi Yojana: In India, while all children can receive free primary education, many students are deprived of higher education due to financial constraints. Many students are unable to fulfil their dreams due to a lack of funds. But now, this will not be the case. Now, students can get an education loan of up to 10 lakh without a guarantor. The Union Cabinet has approved this scheme in a meeting.

This scheme has been launched to provide education loans of up to 10 lakh without a guarantor, called the 'Prime Minister Vidya Lakshmi Scheme'. The Cabinet, chaired by Prime Minister Narendra Modi, has approved this scheme. More than 22 lakh students from 860 higher education institutions will benefit from this scheme.

PM Vidya Lakshmi Yojana: Important Facts

• Students from families with an annual income of less than 8 lakh will be eligible for a loan of up to 10 lakh.
• The government will provide a 3% interest subsidy on this loan.
• Only students who have been admitted to higher education institutions will be eligible for this scheme.
• Now, students will not need a guarantor to take a loan. This scheme is an extension of the National Education Policy.

Eligibility Criteria

• The family income of the student should be less than 8 lakh per annum.
• Every year, one lakh students will benefit from the Prime Minister Vidya Lakshmi Scheme.
• The Government of India will provide a 75% credit guarantee for loans up to 7.5 lakh.
• The institution where the student has taken admission should have an All India ranking of 100 or less, or a state ranking of 200 or less in the NIRF ranking. The institution should be a government institution.

How to Apply

Applications for the Prime Minister Vidya Lakshmi Scheme can be submitted online. To apply, visit the Vidya Lakshmi portal https://www.vidyalakshmi.co.in/. Under this scheme, one lakh students will be able to take advantage of this loan every year.