Which banks are included in this scheme, know how and where to apply? Read full details

PM Vidyalaxmi Scheme: Now no child in the country will be deprived of higher education due to lack of money. Recently the Union Cabinet has given its approval to PM Vidya Lakshmi Education Scheme. Actually, under this, a loan of up to Rs 10 lakh will be given under three percent interest subsidy to a child from a family with an annual income of less than Rs 8 lakh. Under this, the aim of the government is that no meritorious student should be deprived of higher education due to financial problems. Let us know how you can take advantage of this scheme, in which banks you can apply.

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The scheme will be applicable to higher institutions
This scheme will be applicable to the top quality higher educational institutions of the country. As decided by NIRF ranking. This list will be updated every year using the latest NIRF rankings. It will start with the first 860 eligible QHELs. In this, more than 22 lakh students will be able to take advantage of PM-Vidyalakshmi. To apply for PM Vidya Lakshmi Education Scheme, student’s Aadhar card, photo, identity card and all previous education documents will be required.

Know what the system is
For loan amount up to Rs 7.5 lakh, the student will also be eligible for credit guarantee of 75 percent of the outstanding default. This will help banks in providing education loans to students under the scheme. Additionally, students whose annual family income is up to Rs 8 lakh and who are not eligible for benefits under any other government scholarship or interest subvention schemes will be provided with three per cent interest subvention for loans up to Rs 10 lakh during the moratorium period. Will also be provided.

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This is how you will get education loan
The Higher Education Department will have an integrated portal ‘PM-Vidyalakshmi’ on which students will be able to apply for education loan along with interest subvention through the simplified application process used by all banks. Interest subvention will be paid through e-voucher and Central Bank Digital Currency (CBDC) wallet. PM Vidya Lakshmi will expand the scope of the series of initiatives taken over the last decade by the Government of India in the field of education and financial inclusion to ensure maximum access to quality higher education for India’s youth.

How and where to apply
Under PM Vidya Lakshmi Education Scheme, students will get education loan without guarantee through a simple and digital process. In this, loans will be given to low income families with the lowest interest subsidy. Under this scheme, loans will be available in less time and easily through digital application process by all banks. In this, all banks will provide a unified digital format for loan application. This will have to be applied on the banks’ app and website.

Potential banks joining the scheme
Under this scheme, applications can be made in various banks. However, those banks have been specifically identified which will be associated with this scheme. These banks will generally function as per the norms set by the Indian Banks Association. State Bank of India, Punjab National Bank, Bank of Baroda, Indian Overseas Bank, Union Bank of India, Canara Bank, Central Bank of India, Hindustan Aeronautics Limited banks can be included in this scheme. Students can apply in these banks as per their needs and facilities.

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Education Loan Information:
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