PM Vidyalaxmi Education Loan Scheme 2025 – Eligibility & Application Process

Pradhan Mantri Vidyalaxmi Yojana 2025 offers collateral-free education loans with interest subsidy for students admitted to top institutions in India. Know eligibility, benefits, documents, and online application process here.

PM Vidyalaxmi Education Loan Scheme

The Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) Scheme 2025 is a new Central Government initiative to make higher education affordable for Indian students. Many bright students are forced to compromise on their dreams due to lack of money, but this scheme ensures that no meritorious student is left behind due to financial constraints.

Launched by the Department of Higher Education, Ministry of Education, Government of India, this scheme provides collateral-free, guarantor-free education loans with attractive interest subsidies. With a fully digital application process, students can easily apply online and get financial help for pursuing undergraduate, postgraduate, or integrated courses in India’s top institutions.

Key Highlights of PM Vidyalaxmi Scheme 2025

✅ Collateral-free & guarantor-free education loans for students in Quality Higher Educational Institutions (QHEIs).

✅ Coverage of more than 22 lakh students every year in over 860 top Indian institutions.

✅ Loan up to ₹7.5 lakh with 75% credit guarantee from the Government of India.

✅ 3% interest subsidy (subvention) on loans up to ₹10 lakh for families with annual income up to ₹8 lakh.

✅ Full interest subsidy already available for students with annual family income up to ₹4.5 lakh.

✅ Repayment period up to 15 years, excluding the study + moratorium period.

✅ Interest concession of up to 1% for paying interest during the course period.

✅ Digital Rupee Wallet system – subsidy amount will be credited to the student’s PM-Vidyalaxmi App wallet and then transferred to the loan account.

Benefits of Pradhan Mantri Vidyalaxmi Yojana

1. Easy Loan Access – Students can get loans for tuition fees, hostel charges, books, laptops, and other study-related expenses.
2. Flexible Loan Amount – No upper cap; amount depends on actual course fee and requirements.
3. Government Support – 75% credit guarantee by the Government for loans up to ₹7.5 lakh.
4. Affordable Interest Rates – Interest capped at bank’s EBLR + 0.5%.
5. Long Repayment Tenure – Up to 15 years, reducing financial burden after studies.
6. Special Subsidies – 3% subsidy for middle-income families and full subsidy for low-income families.

Eligibility Criteria

For Students

• Must be an Indian citizen.
• Admission should be on merit basis (not management quota).
• Must have secured admission in one of the 860 designated QHEIs.
• Annual family income should be up to ₹8 lakh to get 3% interest subvention.
• Should not be receiving any other government loan/subsidy scheme.
• Must continue studies with satisfactory academic performance.
• Interest subsidy and credit guarantee benefits can be availed only once (UG/PG/Integrated course).

For Institutions (QHEIs)

• Top 100 institutions under NIRF ranking (overall or category-wise).
• Top 200 State/UT Government institutions under NIRF.
• All institutions run by the Government of India.
  (Foreign institutions or their campuses are not included.)

Step-by-Step Application Process

1. Registration

• Visit the official PM Vidyalaxmi Portal at https://pmvidyalaxmi.co.in/
• Click on Student Login → Create an Account.
• Register using Aadhaar Number.
• Provide details like name, mobile number, email ID, and set a password.
• Verify via OTP and complete registration.

2. Loan Application

• Log in with registered details.
• Select Apply for Education Loan.
• Fill the online form with required details.
• Upload necessary documents.
• Select bank & branch from dropdown.
• Review and click Final Submit.
• Receive confirmation via SMS/Email/WhatsApp.

3. Track Loan Application

• Log in to portal → Track Loan Application.
• Enter Loan Application Number to check status (Under Review/Approved/Disbursed).
• Option to download application PDF.

4. Apply for Interest Subvention

• After loan sanction, log in again.
• Click Claim Interest Subvention.
• Upload Income Certificate/Annexure 6.
• Submit and get confirmation.

5. Raise a Grievance

• Go to Initiate Grievance → Register New Complaint.
• Provide Loan Application Number & grievance details.
• Upload supporting documents.
• Track status using Grievance ID.

Helpline:

• Toll-free: 1800 1031
• Email: support@pmvidyalaxmi.co.in

Documents Required

• Aadhaar Card
• PAN Card
• Address Proof
• Marksheets of qualifying exams
• Entrance exam result (if applicable)
• Admission offer letter & fee structure
• Income Certificate (by state authority)
• Annexure 6 certificate (if institute already collected documents)

Important Web-Links for PM Vidyalaxmi Scheme

FAQs on PM Vidyalaxmi Scheme 2025

Who can apply for Pradhan Mantri Vidyalaxmi Scheme?
Any Indian student who has secured admission in one of the designated QHEIs on merit basis can apply.

How much loan can I get under PM Vidyalaxmi?
Loan amount depends on course fees. For loans up to ₹7.5 lakh, Govt provides 75% credit guarantee. Students can apply for higher amounts too.

Do I need collateral or guarantor?
No. All loans under this scheme are collateral-free and guarantor-free.

What is the interest rate?
Banks will charge a maximum of EBLR + 0.5%, with additional concessions if you pay interest during your study period.

What if I discontinue my course?
Students who drop out or are expelled will lose subsidy benefits, and repayment rules of the bank will apply.

Dibya Jyoti

DibyaJyoti Nath, founder of assamtopper.com, holds a B.Ed and a Master’s degree from Gauhati University. He works in the Education Department, Government of Assam, and has over 5 years of blogging experience, sharing helpful information with students.