PM Vidyalaxmi Scheme: PM-Vidyalakshmi Yojana is a very beneficial and accessible education loan scheme for students, this scheme has been started by the government with the aim of encouraging higher education. Now PNB has reduced the interest rates of education loans by 0.2% under this scheme, which will further reduce the financial burden on the students.

PM Vidyalaxmi Scheme: The government of the country is running many education schemes etc. for the students. One such best scheme is PM Vidyalakshmi Yojana. Now PNB has reduced the interest rates on education loan under PM Vidyalakshmi Yojana. Actually now PNB has reduced about 0.2 percent on this special scheme.

What is PM-Vidyalakshmi Yojana?

By the way, PM-Vidyalakshmi Yojana is a very special and beneficial education loan scheme. Through this special scheme, students easily get loans for higher education without any guarantee or mortgage of property. This scheme is especially for those meritorious students who want admission in famous higher education institutions of India. So now the government will help financially weak students in higher education through this scheme.

You can take this loan from anywhere

PM Vidyalakshmi Yojana is applicable to all regional rural banks, scheduled banks and cooperative banks of our country. Through this, students are to be freed from the financial problems faced in higher education. At the same time, a budget of about Rs 3,600 crore has been set for this scheme from 2024-25 to 2030-31. Those students will get loan from this scheme who have taken admission in 860 selected Quality Higher Education Institutes (QHEI) of the country on the basis of their merit.

Who can avail the scheme

Let us tell you that to avail the benefits of this scheme, the student should be an Indian citizen including Non-Resident Indian (NRI) and Overseas Citizen of India (OCI).

Which will be the institutes

Quality Higher Education Institutes (QHEI) have been divided into three categories by PNB, AAA, AA and A group, which include a total of 860 institutes. By the way, let us tell you that these are the institutes which are in the top 100 in the NIRF ranking or in the 101-200 rank under the state government. In this, QHEI is included in the top 100 in the NIRF ranking.

Will get a lot of benefits

Through the government's PM-Vidyalakshmi Yojana, financially weak students get a lot of relief on this loan. So students whose family income is up to Rs 8 lakh annually, can get 3% interest subsidy on education loan up to Rs 10 lakh during the moratorium period. Along with this, credit guarantee cover of up to 75% of the outstanding default amount can also be provided for loans up to Rs 7.5 lakh.

Documents required for PM Vidyalakshmi Yojana

Aadhaar card, bank account details, details of admission in the institute, identity proof documents etc. will be required for PM Vidyalakshmi Yojana.