PM Vidyalaxmi Scheme 2026: Eligibility Criteria, Benefits & How to Apply

A Complete Guide to the PM Vidyalaxmi Scheme

Candidates applying for PM Vidyalaxmi scheme should check the eligibility criteria before applying. They should visit the PM Vidyalaxmi Portal to apply for the scheme.

Education loans under PM Vidyalaxmi are collateral-free and guarantor free. Aspirants can check below to know more about the PM Vidyalaxmi scholarship scheme.

Key Features of the PM Vidyalaxmi Scheme

• Collateral-Free & Guarantor-Free: Students do not need to provide any assets or properties as a security for loans sanctioned under this scheme.

• Credit Guarantee: The Government of India provides a 75% credit guarantee for loan amounts up to Rs. 7.5 Lakh.

• No Upper Limit: There is generally no fixed age limit on the total loan amount, which is determined by the course fee of the specific institution.

Interest Subvention (Subsidy) Benefits

The government provides significant relief on interest rates to reduce the repayment burden:

• 3% Interest Subvention: Available for students with an annual family income up to Rs. 8 Lakh for loans up to Rs. 10 Lakh during the moratorium period.

• Full Interest Subvention: Students with a family income up to Rs. 4.5 Lakh pursuing technical or professional courses are eligible for 100% interest subsidy under the existing CSIS scheme.

PM Vidyalaxmi scheme Eligibility Criteria

To qualify for the PM-Vidyalaxmi scheme, a student must meet the following eligibility requirements:

• Nationality: Candidates should be an Indian citizen.

• Merit-Based Admission: They get admission to one of the 860+ Quality Higher Educational Institutions identified by the government.

• Income Certificate: A valid income certificate issued by a state government authority is required to claim interest subvention.

PM Vidyalaxmi Application Process

The application process is hosted at PM Vidyalaxmi Portal. Candidates can follow the below steps to apply for the PM Vidyalaxmi scheme.

How to apply for PM Vidyalaxmi Scheme

Step 1: Visit the portal of PM Vidyalaxmi.

Step 2: Registration: Students who wish to apply must register on the PM Vidyalaxmi portal. Provide essential details as mentioned in the registration form.

Step 3: Fill the Common Education Loan Application Form: Enter all required information. After filling the PM Vidyalaxmi form, you can search for educational loan options and apply as per your eligibility and preference.

Step 4: Submit Application to Banks: The PM Vidyalaxmi applications can be submitted to the bank’s of your choice.

Step 5: Apply to up to Three Banks: Students can apply to a maximum of three banks for an PM Vidyalaxmi education loan.

Documents to be Uploaded on the PM Vidyalaxmi Portal

Students are required to upload the following documents on the PM Vidyalaxmi portal in a specific size. The document size should be 200 KB in either PDF or JPEG format.

• Class X Marksheet

• Class XII / Last Qualifying Examination Marksheet

• Proof of Admission to the Course

• Schedule of Expenses provided by the Institution

• Proof of Income (issued by public or college authority)

• Applicant’s / Parents’ Photograph

Note: After completing the form and uploading the necessary documents, the student can select the preferred bank based on their needs, eligibility, and convenience.

Disbursement of PM Vidyalaxmi Loan via Digital Rupee

The PM Vidyalaxmi loan amount is credited to the beneficiary's CBDC (Central Bank Digital Currency) Wallet through the PM-Vidyalaxmi Digital Rupee App. From there, it is transferred directly to the student's loan account.

How to Track PM Vidyalaxmi Application Status:

1. The student can check the loan status by clicking the "Track Loan Application" tab on the PM Vidyalaxmi portal.

2. In case of rejection, students may contact the respective member bank for clarification.

How to Modify or Reapply for PM Vidyalaxmi Education Loan

1. To modify a submitted PM Vidyalaxmi loan application, the student must approach the respective bank to close the application in the portal.

2. Once all applications are closed or rejected, the 'Reapply for New Loan Scheme' option will be enabled in the Loan Application Form tab.

Top 10 Popular QHEIs under PM-Vidyalaxmi Scheme

The PM Vidyalaxmi scheme is a central sector scheme to provide education loans to students admitted to the top 860 QHEIs in India. Below are 10 of the most popular and top ranked colleges from the official list identified for the PM Vidyalaxmi scheme: