| Scheme Name | PM Vidyalaxmi |
| Loan Type | Collateral-free and guarantor-free Education Loan |
| Objective | To provide education loans to students admitted on their own merit to Quality Higher Education Institutions (QHEIs) in India |
| Eligible Applicants | Students who secure admission on merit in eligible QHEIs |
| Nationality | Indian Nationals, NRIs and OCIs are eligible |
| Course/Institution | Study in eligible Quality Higher Education Institutions (QHEIs) in India |
| Loan Amount | Need-based finance to meet eligible education expenses |
| Collateral Security | Not required |
| Third-Party Guarantee | Not required |
| Parent/Guardian | Parents/guardians are to be made joint borrowers |
| Margin – AAA/AA Institutes | Nil |
| Margin – Other Eligible Institutes | Up to ₹4 lakh: Nil |
| Margin – Other Eligible Institutes | Above ₹4 lakh: 5% |
| Repayment Period | 15 years, excluding the moratorium period |
| Moratorium Period | Course period + 1 year |
| Repayment | In equated monthly instalments (EMIs) after the moratorium period |
| Security / Repayment Arrangement | Future income of the student is assigned to the bank for repayment of the loan |
| Interest Rate | PNB’s current Digital Education Loan page shows interest rates starting from 6.85% p.a. for the PNB Vidyalaxmi Scheme. (pnb.bank.in) |
| Processing Charges | Nil |
| Documentation Charges | Nil |
| Interest Subvention – Technical/Professional Courses | Family annual income up to ₹4.5 lakh: 100% interest subvention under PM-USP CSIS |
| Interest Subvention – Technical/Professional Courses | Family annual income ₹4.5 lakh–₹8 lakh: 3% interest subvention under PM-Vidyalaxmi |
| Interest Subvention – Other Courses | Family annual income up to ₹4.5 lakh: 3% interest subvention under PM-Vidyalaxmi |
| Interest Subvention – Other Courses | Family annual income ₹4.5 lakh–₹8 lakh: 3% interest subvention under PM-Vidyalaxmi |
| KYC Documents | Student’s Aadhaar, PAN and Address Proof |
| Academic Documents | Self-attested copies of previous qualifying examination marksheets |
| Entrance Examination | Entrance exam result required |
| Admission Documents | Offer letter from institution along with fee structure |
| Photographs | Passport-size photographs |
| Existing Loans | Details/documentary evidence of previous or existing loans, if any |
| Family Income Proof | Proof of family income from the designated public authority of the state |
| Eligible Institute List | PNB provides an Annexure/List of eligible institutions under the scheme |
| Application | Application can be made through the PM Vidyalaxmi Portal |
| Digital Facility | PNB also provides a digital end-to-end journey for the PNB Vidyalaxmi Scheme |
| Key Benefit | No collateral and no guarantor, with need-based finance and repayment up to 15 years after the moratorium |
| Last Updated on PNB Page | 03 June 2026 |
