PM Vidya Lakshmi

What is PM Vidya Lakshmi?

PM Vidya Lakshmi Scheme, approved by Cabinet in November 2024, provides collateral-free education loans of up to ₹10 lakh to meritorious students admitted to Quality Higher Education Institutions (QHEIs). Students from families with annual income up to ₹8 lakh get a 75% credit guarantee, removing the need for collateral or guarantor. For families with income up to ₹4.5 lakh, the government pays the full interest during the moratorium (study period + 1 year). Students can apply to up to 3 banks simultaneously through a single Common Education Loan Application Form (CELAF) at pmvidyalakshmi.co.in.

Who is Eligible for PM Vidya Lakshmi?

• ✓Admitted to a recognised Quality Higher Education Institution (QHEI) — check the list at pmvidyalakshmi.co.in
• ✓Indian citizen
• ✓For 75% credit guarantee: family annual income below ₹8 lakh
• ✓For full interest subvention during moratorium: family income below ₹4.5 lakh
• ✓Merit-based or entrance exam-based admission
• ✓Applicable for domestic courses (international study has separate terms)

Documents Required for PM Vidya Lakshmi

How to Apply for PM Vidya Lakshmi Online?

1. 1Check if your admitted institution is on the QHEI list published at pmvidyalakshmi.co.in
2. 2Register on pmvidyalakshmi.co.in and fill the single Common Education Loan Application Form (CELAF)
3. 3Upload the QHEI admission letter, fee structure document, and previous year mark sheets
4. 4Submit an income certificate from the tehsildar/revenue authority to fix your credit-guarantee/interest-subvention slab
5. 5Your one CELAF is forwarded to up to 3 banks simultaneously for competing loan offers
6. 6Give Aadhaar, bank account details, and a photograph to the bank you select to finalise the loan
7. 7Loan is sanctioned against the fee structure; 75% credit guarantee (income ≤₹8L) removes the need for collateral or a guarantor

Frequently Asked Questions — PM Vidya Lakshmi