PM Vidyalaxmi Scheme 2024 – Eligibility Criteria and Documents List

PM-Vidyalaxmi-Scheme-Eligibility

PM Vidyalaxmi Scheme 2024 is a new plan by the government to help students. This scheme gives financial help to deserving students so that money won’t stop anyone from getting higher education. The Union Cabinet has approved this amazing initiative.

Under the PM Vidyalaxmi Scheme, there will be an easy online application process. Students can apply for school loans without needing to show any collateral or guarantors. This means you don’t have to show any property or get someone to back you up.

The main goal of the PM Vidyalaxmi Scheme 2024 is to ensure every student can go for higher studies without worrying about money. It is set up to make dreams come true for many students in India.

To know more about the PM Vidyalaxmi Scheme eligibility, needed documents, and other important details, keep reading this article.

About PM Vidyalaxmi Scheme

Any student who gets into a good higher education institute through the PM Vidyalaxmi scheme can get money from a bank or other places. This money does not need any collateral or guarantors. It helps to pay for their tuition and other course-related costs.

The Union Cabinet has approved the PM Vidyalaxmi plan. This scheme is meant to help bright students. It makes sure that every young person can afford high-quality education without worrying about money.

The PM Vidyalaxmi plan is a big step from the National Education Policy 2020. It aims to provide financial help to students who study in both public and private colleges. The goal is to make sure that money is not a problem for anyone wanting to study further.

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PM Vidyalaxmi Scheme Eligibility

  • Income Certificate:  A student’s eligibility for a loan subsidy will be determined by their income. For students with yearly family incomes up to Rs. 8 lakhs, the program would provide a 3% interest subsidy on loans up to Rs. 10 lakhs. Students with yearly household incomes up to Rs. 4.5 lakhs are already eligible for the full interest subsidy.
  • Quality Higher Education Institutions (QHEIs) : According to the NIRF rankings, the program will be applicable to the Quality Higher Education Institutions only in the country. State government HEIs rated between 101 and 200 in NIRF, all centrally managed institutions, and all HEIs, private and public, that are in the top 100 overall, category-specific, and domain-specific rankings.
  • Indian Student: The student should be a national citizen or resident of India. He should be eligible for admission in qhei’s as per the regulations of the government.
  • Education Qualifications: Students from government schools who have chosen technical or professional degrees will be given preference.

Also Check: Prime Minister Internship Scheme

Required Documents (Expected)

  • Aadhaar Card
  • College ID Card
  • Income Certificate
  • Education Certificates and Documents
  • Bonafide Certificate
  • Bank Account Number
  • Photograph
  • Mobile Number
  • Email ID

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Benefits of PM Vidyalaxmi Scheme

  • PM Vidyalaxmi’s plan for 2024 would provide financial aid to eligible students, preventing anybody from being discouraged from going to college due to financial constraints.
  • The PM Vidyalaxmi plan, one of the primary programs of the National Education Policy 2020, aims to provide financial help to worthy students enrolled in public and private higher education institutions.
  • With a straightforward digital application process, a special loan product will be launched under the PM Vidyalaxmi scheme to offer school loans without collateral or guarantors.

Union Cabinet has approved PM Vidyalaxmi, a new Central Sector scheme, that seeks to provide financial support to meritorious students who get admission in India’s top 860 quality Higher Education Institutions.

PM Vidyalaxmi is a key initiative stemming out of the National… pic.twitter.com/xD30q6e17O— Ministry of Information and Broadcasting (@MIB_India) November 6, 2024

No of Students

  • Over 22 lakh students can benefit from this scholarship.

Educational institutions Covered

  • The initial list consists of 860 qualifying institutions.
  • According to the NIRF rankings, the program will be applicable to the Quality Higher Education Institutions only in the country.

Loan Amount and Interest Subvention

  • For loans up to Rs 7.5 lakh, the Indian government would offer a 75% credit guarantee, helping banks increase their coverage and assistance for students.
  • Students with yearly family incomes up to Rs. 8 lakhs would be eligible for a 3% interest subsidy on loans up to Rs. 10 lakhs under the plan.
  • Students with yearly household incomes up to Rs. 4.5 lakhs are already eligible for the full interest subsidy.

Salient Features

  • A straightforward, open, and student-friendly system that is entirely digital will be used to run the program.
  • Loans up to 10 lakhs will receive a 3% interest subsidy under this program.
  • This will only be available to pupils whose family makes 8 lakh rupees a year.
  • The program is anticipated to assist 7 lakh new students and has an estimated budget of 3600 crores.
  • Students can apply for school loans and seek interest subsidy disbursements using the unified portal “PM-Vidyalaxmi.”
  • Under this policy, education loans will be given to students who are accepted into the top 860 reputable universities; around 22 lakh students would be covered annually.
  • The loan sums up to help banks increase coverage, the Indian government would offer 7.5 lakh a 75% loan guarantee.

Application Process

Students will be able to apply for education loans and interest subsidies through the Department of Higher Education’s unified portal, PM-Vidyalaxmi. We’ll provide you with the anticipated application process:

Step 1: To begin the application procedure, the candidate should first go to the scheme’s official website.

Step 2: You must click the “apply now” button on the official website’s home page.

Step 3: Following this, you will be sent to a new page where you will be required to provide your complete name, address, email address, cellphone number, and other details.

Step 4: At this stage, you must attach any pertinent papers.

Step 5: You must input the Captcha code in this step and then, to finish the application procedure, click the submit button.

Refrences

FAQs

What is the PM Vidyalaxmi Scheme?

PM Vidyalaxmi Scheme 2024, a new Central Sector initiative that provides financial help to worthy students so that no one is hindered from pursuing higher education by financial limits, has been authorized by the Union Cabinet.

What are the benefits of this scheme?

Under this scheme, students can apply for education loans. Get a subsidy on that loan too.

What are the eligibility criteria for applying under this program?

The applicant should be a permanent resident of the country of India.

What is QHEI?

According to the NIRF rankings, the program will be applicable to the Quality Higher Education Institutions only in the country.