Short Description : Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) Scheme : The
Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) Scheme is a special education loan initiative of the Government of India that provides
collateral-free and guarantor-free education loans to meritorious students admitted to designated
Quality Higher Education Institutions (QHEIs) in India. The scheme also offers
credit guarantee and interest subvention benefits to eligible students.
Pradhan Mantri Vidyalaxmi Scheme
Education Loan, Interest Subvention & Credit Guarantee
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Key Features & Benefits
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- Collateral-free and guarantor-free education loans for students admitted to QHEIs.
- Loan amount covers course fee and related expenses such as hostel, mess, laptop, living expenses, and refundable/non-refundable fees.
- No upper limit on loan amount (as per course requirement).
- Government of India provides 75% credit guarantee for loans up to ₹7,50,000, irrespective of family income.
- 3% interest subvention on loans up to ₹10,00,000 for students with annual family income up to ₹8,00,000 during the moratorium period.
- Students with annual family income up to ₹4,50,000 already receive full interest subvention under PM-USP CSIS for technical/professional courses.
- Interest rate capped at the respective bank’s EBLR + 0.5%.
- Up to 1% additional interest concession if interest is serviced during study and moratorium period.
- Repayment period up to 15 years, excluding moratorium period.
- Interest subvention amount is credited to the beneficiary’s PM-Vidyalaxmi Digital Rupee App (CBDC Wallet) and transferred to the loan account upon redemption.
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Eligibility Criteria – For Students
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- Applicant must be an Indian citizen.
- Admission must be on merit basis to one of the 860 designated QHEIs in India.
- Admission through management quota or similar quota is not eligible.
- Annual family income up to ₹8,00,000 to qualify for 3% interest subvention.
- Applicant must not be availing any other Central/State Government scholarship, fee reimbursement, or interest subvention scheme.
- Course must not be discontinued mid-stream or due to disciplinary/academic reasons.
- Satisfactory academic performance is required from the second year onwards to continue interest subvention.
- Interest subvention and credit guarantee benefits can be availed only once for UG, PG, or integrated course.
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Eligible Quality Higher Education Institutions (QHEIs)
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- Top 100 ranked HEIs (overall/category/domain) as per latest NIRF rankings.
- Top 200 ranked HEIs under State/UT Governments as per latest NIRF list.
- All remaining HEIs under the governance of the Government of India.
Not Covered: Indian campuses of foreign institutions, foreign campuses of Indian institutions, and foreign education institutions. |
Application Process (Online)
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Registration:
- Visit the official PM-Vidyalaxmi website.
- Click on Login → Student Login → Create an Account.
- Register using Aadhaar to avail education loan, interest subvention, and credit guarantee benefits.
- Provide applicant name, mobile number, email ID and verify via OTP.
- Create a secure password and complete registration.
Application:
- Login using registered email ID and password.
- Click on “Apply for Education Loan”.
- Fill the application form and upload mandatory documents.
- Select preferred bank and branch.
- Review details and submit the application.
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Track Loan Application Status
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- Login to PM-Vidyalaxmi account.
- Go to “Track Loan Application”.
- Select the Loan Application Number.
- View status such as Under Review, Approved, or Disbursed.
- Download application PDF if required.
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Apply for Interest Subvention
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- After loan sanction and disbursement, login to the portal.
- Select “Apply for Interest Subvention”.
- Upload Income Certificate or Annexure-6 from the institute.
- Submit the form and receive confirmation.
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Grievance Redressal
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- Register grievance through “Initiate Grievance” section.
- Provide Loan Application Number, grievance type and bank details.
- Upload supporting documents and submit.
- Track grievance status using generated Grievance ID.
Contact (Canara Bank):
Toll-free: 1800 1031 | Phone: 080-22533876
Email: hoel@canarabank.com, hogps@canarabank.com, support@pmvidyalaxmi.co.in |
Documents Required
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- Aadhaar Card
- PAN Card
- Address Proof
- Previous qualifying marksheets (self-attested)
- Entrance exam result
- Offer letter with fee structure from institution
- Income Certificate from designated public authority
If documents are already submitted to the QHEI, a certificate as per Annexure-6 must be provided. |
Pradhan Mantri Vidyalaxmi Scheme – FAQs
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Q1. What is Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) Scheme?
PM-Vidyalaxmi is a Government of India education loan scheme that provides collateral-free and guarantor-free loans to meritorious students admitted to Quality Higher Education Institutions (QHEIs). |
Q2. Is there any upper limit on the education loan amount?
No, there is no fixed upper limit. The loan amount depends on the course fee and associated expenses such as hostel, mess, laptop, and living expenses. |
Q3. Who is eligible for interest subvention under PM-Vidyalaxmi?
Students with annual family income up to ₹8,00,000 are eligible for 3% interest subvention on loans up to ₹10,00,000 during the moratorium period. |
Q4. Can students admitted through management quota apply?
No, students admitted through management quota or similar quota are not eligible for benefits under the PM-Vidyalaxmi Scheme. |
Q5. How can a student track the PM-Vidyalaxmi loan application?
Students can log in to their PM-Vidyalaxmi account and use the “Track Loan Application” option to check the current status of their application. |
