PM Vidya Lakshmi Education Loan Yojana form :-The PM Vidya Lakshmi Education Loan Yojana 2024 is a significant initiative by the Central Government, aimed at providing affordable education loans to students from economically weaker and middle-class families. Launched in 2015, this scheme facilitates higher education in India and abroad through a streamlined loan process via the Vidya Lakshmi Portal. With loans of up to ₹7.5 lakh for domestic education and ₹15 lakh for international studies, this scheme empowers students to pursue their educational aspirations without financial hurdles.
Let’s explore this scheme in detail, including its benefits, eligibility criteria, application process, and other essential details.
Table of Contents
Overview of PM Vidya Lakshmi Education Loan Yojana Form
| Feature | Details |
|---|---|
| Scheme Name | PM Vidya Lakshmi Education Loan Yojana |
| Portal Name | PM Vidya Lakshmi Portal |
| Launched By | Central Government |
| Launch Year | 2015 |
| Ministries Involved | Ministry of Finance and Ministry of Education |
| Purpose | To enable higher education for students without financial constraints |
| Loan Amount | Up to ₹7.5 lakh for domestic education, ₹15 lakh for overseas education |
| Premium | ₹50 per day |
| Beneficiaries | Students across India |
| Application Mode | Online |
| Official Website | vidyalakshmi.co.in |
| Helpline Number | 020-2567 8300 |
What is PM Vidya Lakshmi Yojana?
The PM Vidya Lakshmi Yojana is an education loan scheme designed to provide financial assistance for students’ higher education. Through this scheme, students can avail of loans for both domestic and international studies. Additionally, students can apply for scholarships offered by over 10 ministries and departments of the Central Government through this portal.
The scheme collaborates with 13 banks offering 126 types of education loans, allowing students to apply to a maximum of three banks. The process is centralized, efficient, and student-friendly, using the Common Education Loan Form (CELF) to apply for loans across participating banks.
Benefits of PM Vidya Lakshmi Education Loan Yojana
- High Loan Amount:
- Up to ₹7.5 lakh for studying in India.
- Up to ₹15 lakh for overseas education.
- No Financial Barriers: The scheme ensures that financial constraints do not hinder students from pursuing their dreams.
- Multiple Banks Participation: Students can apply to up to three banks, ensuring better chances of loan approval.
- Interest Subsidy: Loans up to ₹4 lakh do not require any collateral, and interest subsidies are available for eligible students.
- Flexible Repayment: Loan repayment periods typically range from 5 to 7 years, depending on the loan amount and bank terms.
- Comprehensive Access: Facilitates scholarships from over 10 Central Government ministries in addition to education loans.
- CELF Form: A single application form accepted by all participating banks for ease of use.
- Transparency: Students can compare loan options from multiple banks and apply online seamlessly.
Eligibility Criteria for PM Vidya Lakshmi Yojana
- The applicant must be an Indian citizen.
- Admission to a recognized institution for higher education is mandatory.
Documents Required for PM Vidya Lakshmi Yojana
- Aadhaar Card
- Address Proof (Voter ID or other valid documents)
- Parent/Guardian’s Income Certificate
- High School and Intermediate Mark Sheets
- Admission Confirmation Letter
- Details of Education Expenses
- Mobile Number
- Passport-sized Photograph
How to Apply for PM Vidya Lakshmi Education Loan Yojana?
Register on the Vidya Lakshmi Portal:
- Visit the Vidya Lakshmi Portal.
- Click on the “Registration” button in the Important Links section.
- Fill in basic details, agree to the terms, and submit.
Activate Your Account:
- An activation link will be sent to your registered email ID. Click on it to activate your account.
Login to the Portal:
- Use your credentials to log in and access the dashboard.
Fill the CELF Form:
- Navigate to the “Loan Application” section.
- Provide details like personal information, course details, bank details, and education expenses.
Upload Required Documents:
- Attach scanned copies of all mandatory documents.
Search and Apply for Loans:
- Search for suitable loan schemes and banks based on your needs.
- Submit your application to the preferred bank.
How to Login to Vidya Lakshmi Portal?
- Visit the Vidya Lakshmi Portal.
- Click on the “Login” button.
- Enter your registered email ID and password.
- Complete the CAPTCHA verification and click “Login”.
How to Check Loan Status on Vidya Lakshmi Portal?
- Log in to your account on the Vidya Lakshmi Portal.
- Navigate to the “Loan Status” section on the dashboard.
- View detailed information about your loan application.
Interest Rates for Education Loans
The interest rates for loans under this scheme range from 8.40% to 18%, depending on the bank and loan amount. The final rate will be communicated during the application process.
Vidya Lakshmi Portal
The Vidya Lakshmi Portal is a unified online platform launched by the Government of India to provide students with hassle-free access to education loans. It offers a single-window system where students can apply for multiple education loans through a single application form. The portal is managed by the Ministry of Finance in collaboration with the Ministry of Education and provides essential resources, including information on loan schemes, scholarships, and application tracking. This platform empowers students to pursue their academic dreams without financial constraints.
Vidya Lakshmi Portal College List
The Vidya Lakshmi Portal College List provides a comprehensive directory of institutions that are recognized under this scheme. These institutions are accredited and meet the eligibility criteria for students seeking education loans through the portal. The college list ensures transparency and helps students verify whether their institution qualifies for government-backed financial aid.
Vidya Lakshmi Portal Login
The Vidya Lakshmi Portal Login process is straightforward, designed for both students and educational institutions. After registering on the portal, students can log in using their credentials to access their dashboard. Here, they can apply for loans, track application status, and connect with banks. Institutions can also use the login feature to manage student-related data efficiently.
Vidya Lakshmi Education Loan
The Vidya Lakshmi Education Loan scheme aims to make quality education accessible to all. Students can avail themselves of loans up to ₹7.5 lakh for studies within India and up to ₹15 lakh for studies abroad. The scheme covers a wide range of courses, from technical to professional, ensuring that students have the financial support they need to achieve their goals. It also includes a subsidy for economically weaker sections.
Vidya Lakshmi Portal Application Form
The Vidya Lakshmi Portal Application Form is known as the Common Education Loan Form (CELF). It allows students to apply to multiple banks for education loans without the need to fill out separate forms. This user-friendly feature ensures that students save time and effort while applying for loans, making the entire process seamless.
Vidya Lakshmi Portal College List PDF
The Vidya Lakshmi Portal College List PDF is a downloadable document that provides detailed information about the recognized institutions under this scheme. Students can access this list to confirm if their chosen college is eligible for loans via the portal. This feature promotes clarity and helps students make informed decisions about their education financing.
Education Loan by Government
The Education Loan by Government initiative under the Vidya Lakshmi Portal is a game-changer for students seeking financial assistance. It ensures that deserving students, especially those from economically weaker sections, can access affordable loans with flexible repayment terms. This government-backed scheme is a step towards empowering youth with education, paving the way for a brighter future.
Education Loan Scheme by Narendra Modi
The Education Loan Scheme by Narendra Modi, introduced through the Vidya Lakshmi Portal, underscores the government’s commitment to education for all. This initiative simplifies the loan application process, provides interest subsidies for the needy, and ensures that no student is deprived of education due to financial limitations. It is a visionary scheme aligned with the government’s goal of fostering a knowledge-driven society.
Key Takeaways
The PM Vidya Lakshmi Education Loan Yojana 2024 is a transformative scheme, making quality education accessible to every student in India. From affordable loans to interest subsidies and scholarships, this scheme addresses the financial needs of students comprehensively.
For detailed information, application, and guidance, visit the official Vidya Lakshmi Portal or contact the helpline at 020-2567 8300.
FAQs about Vidya Lakshmi Portal
1. What is the Vidya Lakshmi Portal?
The Vidya Lakshmi Portal is an online platform developed by the Government of India to help students access education loans easily. It serves as a single-window system for applying to multiple banks and managing loan-related information.
2. How can I check if my college is eligible for a loan through this portal?
Students can refer to the Vidya Lakshmi Portal College List or download the College List PDF available on the portal to verify if their institution qualifies for loans under this scheme.
3. How do I log in to the Vidya Lakshmi Portal?
After registering on the Vidya Lakshmi Portal, you can log in using your registered email ID and password. The login provides access to your dashboard, where you can apply for loans, track their status, and manage applications.
4. What are the key benefits of the Vidya Lakshmi Education Loan?
The Vidya Lakshmi Education Loan covers a wide range of courses, offers loans up to ₹7.5 lakh for studies in India, and up to ₹15 lakh for studies abroad. Economically weaker sections can also avail of an interest subsidy under this scheme.
5. Can I apply to multiple banks using the Vidya Lakshmi Portal?
Yes, the Common Education Loan Form (CELF) on the Vidya Lakshmi Portal allows students to apply to multiple banks for education loans using a single form, simplifying the application process.
