Pradhan Mantri Vidyalaxmi Scheme

Meritorious students who get admission in the top 953 quality Higher Educational Institutions (QHEIs) of the nation.

Courses Eligible

• All the Graduation/ Post Graduation degree and diploma courses offered by 953 QHEIs listed under the scheme.

Student Eligibility

• Should be an Indian national
• Students of all family income groups will be eligible to get this education loan.
• Get admission in the Quality Higher Educational Institutions (QHEIs) in India for All the Graduation/ Post Graduation degree and diploma programmes can avail this benefit

• List of PM Vidyalaxmi Institutes Please Click Here
  494 KB

• KYC Details (Student) – Aadhaar, PAN ID and Address Proof.
• Previous Qualifying self-attested copy of Mark sheets.
• Entrance Exam Result.
• Offer letter from Institution along with Fee Structure.
• Proof of annual family income from designated public authority of the state

Target group

Meritorious students who get admission in the top 953 quality Higher Educational Institutions (QHEIs) of the nation,

Quantum of finance

100 % Finance

Repayment Holiday/ Moratorium Period

Course period + 1 year

Repayment Period

The loan is repayable in maximum 15 years after the completion of the moratorium period as mentioned below.

Unified Processing charges

Nil

Security:

Nil

Financing Branch

Branch in the vicinity of the institute or Branch which is in close proximity to the permanent residence of parent/at the place of posting/service of the parent branch.

Insurance

Group credit Life Insurance Cover will be mandatory if Loan amount exceeds Rs.7.50 Lakh. The Cost of Insurance Premium may be financed by Bank by adding the same in the project cost and shall be recovered along with EMIs of the loan. Alternatively, student can provide any term insurance plan obtained from any IRDA approved insurance Company.