For the PM Vidyalaxmi scheme, a budget of Rs 3,600 crore has been allocated for this scheme for the year 2024-25 to 2030-31

PM Vidyalaxmi Scheme: The application process for PM Vidyalaxmi Yojana has started. The portal will also be launched with new changes by January 2025. On the basis of the number of students' applications, it will be decided which one lakh students will get an interest concession. Let us tell you that there is no upper limit for education loans in Pradhan Mantri Vidya Lakshmi Yojana. Under this scheme, the government gives a loan of up to Rs 10 lakh. However, only one lakh students will get the benefit of interest discount.

Loan of more than 10 lakh can be available

According to the Ministry of Education, as per the recommendation of the National Education Policy, students will get education loan without guarantor. The student will not have to mortgage anything. Whether they take a loan of one lakh rupees, ten lakhs or even more than that.

Interest discount

Under this scheme, students will be given loans up to Rs 10 lakh. In particular, students whose family's annual income is up to Rs 4.5 lakh will get full interest subsidy. Apart from this, those whose annual income is up to Rs 8 lakh will also get a discount of three percent interest on loans up to Rs 10 lakh.

This is how it will be decided how much loan will be given

There is no upper limit of education loan in this scheme. Indian Bank Association has a model education loan scheme. It has been clarified in it how the loan is calculated? The upper limit of education loan is decided by looking at the course fees, hostel fees, expenses on laptop, food expenses and other expenses. From course fees to hostel fees, the institutes also vary. In such a situation, the need for loan will also be different.

This is how you apply for the scheme

The process of applying under PM Vidyalakshmi Yojana has been made simple and convenient. First of all, you have to visit the official website of PM Vidyalakshmi Yojana. This portal is available for all the necessary information and application process. On the home page, you will find the option of registration. Click on it and fill a small application form. This will include your personal information like name, address, email ID etc.