As we all know the Indian government runs various types of schemes for the economically weaker people of their country, which aim to help these people and improve their lifestyle, one such scheme has been started for the youth who are not able to get higher education due to financial constraints, Pradhan Mantri Vidya Lakshmi Yojana, the Government of India has started this initiative to help financially weak students by providing education loan. The objective of this scheme is to help eligible students to continue their studies without the hindrance of insufficient funds. Let's know full details about it-

Loan amount and eligibility:

Under this scheme, the Government of India provides education loans up to Rs 10 lakh to the students. This loan is available to those students whose family's annual income is Rs 8 lakh or less.

Subsidy on interest rates:

To further reduce the financial burden, the government provides subsidies on interest rates for these loans. For loans up to Rs 10 lakh, the government provides a 3% subsidy on the interest rate.

Priority to technical and vocational education:

This scheme gives priority to students pursuing technical and vocational courses in government institutions. It aims to encourage skill development and promote career-oriented education that can lead to better employment opportunities for students.

The objective of the scheme:

The main goal of the Pradhan Mantri Vidya Lakshmi Yojana is to reduce the financial burden on students from low-income families and ensure that they get access to quality higher education.

How to apply for Pradhan Mantri Vidya Lakshmi Yojana

Visit the official portal: Visit the Vidya Lakshmi online portal at https://www.vidyalakshmi.co.in/Students/.

Fill out the Common Education Loan Application Form (CELAF): Students need to fill the CELAF to apply for the loan.

Submit your application: After filling the application, submit it to apply for a loan based on your requirements.