Pradhan Mantri Vidya Lakshmi Yojana (PMVLY) 2024

In India, so many Indian students can’t get access to higher education due to financial issues and constraints. It is believed that education is not only a fundamental right but also a transformative tool that can transform lives easily. However, sometimes deserving students lack the chance to get a higher and better quality education due to financial challenges.

The Indian government has taken many initiatives and started numerous schemes to support students’ educational journey. Pradhan Mantri Vidya Lakshmi Yojana 2024 is one of those schemes launched for easy and manageable access to student education loans nationwide.

Today, we’ll help you understand this scheme and aware you of various aspects of the same through this article. Keep reading to learn more about the eligibility criteria, benefits, purpose, application process, required documents, and much more. 

Major Highlights

Here are some of the major highlights of the PM Vidya Lakshmi Education Loan Scheme:

Criteria	Requirement
Post Title	PM Vidya Lakshmi Education Loan Scheme
State	Uttar Pradesh / Other States
Beneficiaries	Meritorious Children studying in 10th and 12th
Objective	Bright and prosperous future
Year	2024
Application Process	Online And Offline
Website Link	www.vidyalakshmi.co.in

What Is Pradhan Mantri Vidya Lakshmi Yojana?

The Pradhan Mantri Vidya Lakshmi Yojana (PMVLY) is an ambitious government initiative aimed at providing financial support to students seeking higher education. Launched by the Government of India, this scheme offers a platform where students can apply for education loans from multiple banks through a single window. 

The scheme is managed by the Ministry of Finance, Department of Financial Services, and is implemented through the Vidya Lakshmi Portal. The Vidya Lakshmi Portal is a centralized platform that allows students to explore and apply for various education loan schemes offered by different banks. 

It also provides information on government scholarships, making it a one-stop solution for students looking for financial assistance. The primary goal of the PMVLY is to ensure that no deserving student is deprived of higher education due to financial constraints.

Purpose Of This Scheme

The Pradhan Mantri Vidya Lakshmi Yojana was launched with the following key objectives:

• Simplify the Loan Application Process: The scheme aims to streamline the education loan application process by providing a single platform where students can apply for loans from multiple banks. This reduces the complexity and time involved in securing a loan.
• Ensure Financial Inclusion: The scheme is designed to promote financial inclusion by making education loans accessible to students from all sections of society, including those from economically weaker sections (EWS) and marginalized communities.
• Promote Higher Education: By providing easy access to education loans, the scheme encourages students to pursue higher education without worrying about the financial burden. This, in turn, contributes to the overall development of the nation.
• Transparency and Accountability: The Vidya Lakshmi Portal ensures transparency in the loan application process by providing students with real-time updates on their application status. It also holds banks accountable for timely processing and disbursement of loans.
• Support Skill Development: The scheme supports not only traditional academic courses but also vocational and skill development programs, thereby aligning with the government’s Skill India initiative.

Eligibility Criteria of this Scheme 

To be eligible for the Pradhan Mantri Vidya Lakshmi Yojana, students must meet the following criteria:

• The applicant must be an Indian citizen.
• The student must have secured admission to a recognized institution in India for higher education, which includes undergraduate, postgraduate, or diploma courses.
• Some banks may also extend loans for vocational and skill development courses.
• While there is no specific age limit, students must fulfill the age criteria set by the lending bank.
• A co-applicant, usually a parent or guardian, is required for the loan application. The co-applicant’s creditworthiness is also considered by the banks.
• Banks may assess the creditworthiness of the co-applicant and the student’s academic performance to determine eligibility for the loan.
• Some banks may have a minimum marks requirement for certain courses. However, this criterion varies across banks and loan schemes.

Documents Required

If you want to apply for a loan under the Pradhan Mantri Vidya Lakshmi Yojana, you’ll need to submit the following documents:

• Loan Application Form
• Identity Proof
• Address Proof 
• Academic Records 
• Admission Proof 
• Income Proof
• Photographs 
• Collateral (if applicable)
• Email ID
• Mobile Number 

RELATED:

• Pradhan Mantri Jan Dhan Yojana (PMJDY)
• Mukhyamantri Ayushman Arogya Yojana (MAA) Scheme
• 7 Best Free Saving Schemes by the Government of India in 2024
• Top 5 Unified Pension Scheme Benefits

What Are The Benefits of PM Vidya Lakshmi Yojana?

The Pradhan Mantri Vidya Lakshmi Yojana offers several benefits to students seeking financial assistance for higher education: Here are some of them:

• The Vidya Lakshmi Portal serves as a centralized platform where students can access information on various education loan schemes offered by different banks. This eliminates the need to visit multiple banks individually.
• Students can choose from a variety of loan schemes based on their specific needs, including loans for academic courses, vocational training, and skill development programs.
• The online application process is simple and user-friendly, allowing students to apply for loans from the comfort of their homes. The portal also guides in the process of filling out the application form.
• The portal offers real-time updates on the status of the loan application, ensuring transparency in the process. Students can track their applications and communicate with the banks directly through the portal.
• In addition to loans, the portal provides information on various government scholarships that students can apply for, further easing the financial burden.
• Eligible students from economically weaker sections may benefit from interest subsidies provided by the government under certain conditions.
• The loan repayment period is generally flexible, with options to start repayment after the completion of the course. This allows students to focus on their studies without worrying about immediate repayment.
• The scheme also supports loans for skill development courses, helping students acquire vocational skills that enhance their employability.

List of Bank Names Included in PM Vidya Lakshmi Yojana 

If you’re also thinking of applying for the PM Vidya Lakshmi Loan, you may choose among the following 38 banks as approved by the Union Government:

Abhyudya Co-operative Bank	Syndicate Bank	Kotak Mahindra Bank
Karnataka Bank	HDFC Bank	Axis Bank
Central Bank of India	United Bank of India	Bank of Maharashtra
Indian Bank	Indian Overseas Bank	Oriental Bank of Commerce
Canara Bank	IDBI Bank	Kerala Gramin Bank
Andhra Corporation Bank	Vijay Bank	Punjab National Bank
Bank of Baroda	UCO Bank	Union Bank of India
DNS Bank	State Bank of India (SBI)	Bank of India
RBL Bank	ICICI Bank	Punjab and Sind Bank
Federal Bank	Pragati Krishna Gramin Bank	J&K Bank
Dena Bank	Karur Vaisy Bank (KVB)	JP Parsik Bank
Tamil Nadu Marketile Bank Limited	Andhra Pragati Gramin Bank	New-India Cooperative Bank
New India Bank	Andhra Pradesh Gramin Bank

What Will The Application Process?

You can apply for multiple loan schemes provided by different bank authorities. All you have to do is follow these simple steps and get your application done:

• Foremost, you’ve to visit the official portal by clicking on www.vidyalakshmi.co.in. 
• As soon as the screen opens, you’ll find the option for “Register”. Simply click on it. 
• Click the registration button and fill out the form with the necessary details. After submission, you’ll receive a link via email, valid for 24 hours. 
• Click the link to activate your account.
• Log in to the portal with your email, password, and captcha, then select the “Loan Application Form.” 
• Complete the form stepwise, save it, and upload the required documents.
• Accept the Terms and Conditions, choose a loan scheme, and provide details like course name, location, and loan amount. 
• Select your preferred bank and submit your application form.
• Your application will be reviewed and verified by the bank, and upon approval, the loan amount will be transferred to your account.

RELATED :

• Benefits of NPS Vatsalya Scheme For Minors Eligibility
• PMEGP Loan Apply Online: Scheme Interest Rate

FAQs