PM Vidyalaxmi
Objective
PM-Vidyalaxmi is a special education loan product offering collateral-free and guarantor-free education loans. The loan is available to students who secure admission on their own merit to Quality Higher Education Institutions (QHEIs) in India.
Eligibility
The student should be:
- An Indian National, including Non-Resident Indians (NRIs).
- An Overseas Citizen of India (OCI).
Quantum of Finance
Need-based finance is provided to meet the required expenses.
Margin
For institutes under AAA and AA Category:
- Nil
For other institutes:
- Up to Rs. 4 lakh – Nil
- Above Rs. 4 lakh – 5%
Indicative List of Documents Required from Student-Applicant
The following documents are required:
- KYC details of student – Aadhaar, PAN ID and Address Proof.
- Previous qualifying examination self-attested mark sheets.
- Entrance examination result.
- Offer letter from the institution along with fee structure.
- Passport-size photographs.
- Details/documents relating to any previous or existing loan from banks/lenders, wherever applicable.
- Proof of family income issued by the designated public authority of the State.
Security
- Parents/guardians are to be taken as joint borrowers.
- The future income of the student is to be assigned to the bank towards repayment of the education loan.
Repayment Period
The repayment period is 15 years, excluding the moratorium period.
The moratorium period is course period + 1 year.
Subsidy/Subvention
| Annual Family Income | Technical/Professional Courses | Other Courses |
|---|---|---|
| Up to Rs. 4.5 lakh | 100% interest subvention under PM-USP CSIS | 3% interest subvention under PM-Vidyalaxmi |
| Rs. 4.5 lakh – Rs. 8.00 lakh | 3% interest subvention under PM-Vidyalaxmi | 3% interest subvention under PM-Vidyalaxmi |