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PM-Vidyalaxmi — Collateral-free Education Loan with Interest Subvention
This is an education LOAN scheme, not a grant. Any student admitted to a notified Quality Higher Education Institution (about 860 top institutions) can get a collateral-free, guarantor-free loan from participating banks through one common online form. Students with family income up to ₹8 lakh who get no other scholarship or interest subsidy also get 3% interest subvention on loans up to ₹10 lakh during the moratorium (for one lakh students a year). Under PM-USP CSIS, family income up to ₹4.5 lakh gets full interest subvention. For loans up to ₹7.5 lakh the government gives a 75% credit guarantee to the bank, whatever the family income. Check that your institution is on the notified list.
Amount / benefit: Loan + 3% interest subvention
Source: Department of Higher Education, Ministry of Education
What you get
Loan for full tuition fee and course expenses without collateral or guarantor; 3% interest subvention (income up to ₹8 lakh) or full subvention during moratorium (income up to ₹4.5 lakh, CSIS); 75% credit guarantee for loans up to ₹7.5 lakh.
Who is eligible
- Open to students from any state in India
- Education level: Class 12, Bachelor's degree (UG), Master's degree (PG)
Final eligibility is decided by the official authority. Read the official notification before you apply.
Documents required
- Admission / offer letter and fee structure of a notified institution
- Marksheets (Class 10, 12 and qualifying exam)
- Aadhaar and PAN of student and co-applicant
- Co-applicant income proof and address proof
- Income certificate (for interest subvention)
- Caste / disability certificate if claimed
How to apply, step by step
- First check that your institution is on the notified Quality Higher Education Institution list and that you have an admission or offer letter.
- Go to the official PM-Vidyalaxmi portal (pmvidyalaxmi.co.in). Use only this government portal. It charges no fee.
- Create a student account with your name, email and mobile number and verify with the OTP.
- Fill the one Common Education Loan Application Form (student and co-applicant details, course, institution, loan amount) and choose up to three banks.
- Upload the documents listed on this card, submit, and note your application / loan ID. Use 'Track Loan Application' to follow the banks' replies.
- After the bank sanctions and pays out the loan, log in again to apply for interest subvention if your family income qualifies. The portal only passes your form to banks; the bank decides and pays the loan.
हिंदी में आवेदन कैसे करें
- पहले देखें कि आपका संस्थान अधिसूचित Quality Higher Education Institution की सूची में है और आपके पास एडमिशन/ऑफ़र लेटर है।
- आधिकारिक PM-Vidyalaxmi पोर्टल (pmvidyalaxmi.co.in) पर जाएँ। सिर्फ़ यही सरकारी पोर्टल इस्तेमाल करें। इसमें कोई शुल्क नहीं लगता।
- अपने नाम, ईमेल और मोबाइल नंबर से स्टूडेंट अकाउंट बनाएँ और OTP से वेरिफ़ाई करें।
- एक ही Common Education Loan Application Form भरें (छात्र और सह-आवेदक की जानकारी, कोर्स, संस्थान, लोन राशि) और अधिकतम तीन बैंक चुनें।
- इस कार्ड पर बताए दस्तावेज़ अपलोड करें, सबमिट करें और आवेदन/लोन आईडी लिख लें। बैंकों के जवाब के लिए 'Track Loan Application' देखें।
- बैंक से लोन मंज़ूर होकर मिल जाने के बाद, अगर परिवार की आय पात्र है तो ब्याज सब्सिडी के लिए दोबारा लॉगिन करके आवेदन करें। पोर्टल सिर्फ़ फ़ॉर्म बैंकों तक पहुँचाता है; लोन बैंक तय करता है और देता है।
Last date
The last date is announced on the official website and can change each year. Please check the official portal before you apply.
Official website
https://pmvidyalaxmi.co.in (Department of Higher Education, Ministry of Education)
Details are compiled from official sources. Always confirm on the official website before applying. Found a mistake? Tell us.
Frequently asked questions
Who is eligible for PM-Vidyalaxmi — Collateral-free Education Loan with Interest Subvention?
Open to students from any state in India; Education level: Class 12, Bachelor's degree (UG), Master's degree (PG). Final eligibility is decided by the official authority.
What does PM-Vidyalaxmi — Collateral-free Education Loan with Interest Subvention give?
Loan for full tuition fee and course expenses without collateral or guarantor; 3% interest subvention (income up to ₹8 lakh) or full subvention during moratorium (income up to ₹4.5 lakh, CSIS); 75% credit guarantee for loans up to ₹7.5 lakh. Amount: Loan + 3% interest subvention.
Which documents are needed for PM-Vidyalaxmi — Collateral-free Education Loan with Interest Subvention?
Admission / offer letter and fee structure of a notified institution, Marksheets (Class 10, 12 and qualifying exam), Aadhaar and PAN of student and co-applicant, Co-applicant income proof and address proof, Income certificate (for interest subvention), Caste / disability certificate if claimed.
What is the official website for PM-Vidyalaxmi — Collateral-free Education Loan with Interest Subvention?
The official website is https://pmvidyalaxmi.co.in (source: Department of Higher Education, Ministry of Education).