PM Vidya Lakshmi Education Loan Scheme 2026: Benefits, Eligibility, Interest Rate, Loan Limit & Apply Online @ pmvidyalaxmi.co.in

The PM Vidya Lakshmi Education Loan Scheme 2026 is a flagship initiative by the Government of India to help students access education loans easily through a single digital platform. This scheme is especially beneficial for students who want to pursue higher education in India or abroad but face financial constraints.PM Vidya Lakshmi Education Loan Scheme 2026: Benefits, Eligibility, Interest Rate, Loan Limit & Apply Online @ pmvidyalaxmi.co.in

 PM Vidya Lakshmi Education Loan Scheme 2026 Scheme Overview

• The scheme "Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi)" by the Department of Higher Education, Ministry of Education, Government of India, aims to provide financial support to meritorious students so that financial constraints do not prevent any youth of India from pursuing quality higher education. The scheme provides collateral-free, guarantor-free education loans through a simple, transparent, student-friendly and entirely digital application process, with 3% interest subvention for students from families with annual income up to ₹8,00,000. To be eligible, the applicant must get admission on their own merit to one of the 860 designated Quality Higher Educational Institutions (QHEIs) in India. The scheme is implemented by the Department of Higher Education in coordination with Canara Bank as the nodal bank. The applications for this scheme are accepted Online.

What is PM Vidya Lakshmi Education Loan Scheme?

The Vidya Lakshmi Portal is a government-backed online platform that allows students to apply for education loans from more than 40+ public and private sector banks using a single common application form.

PM Vidya Lakshmi Education Loan Scheme Benefits 2026

• The PM Vidya Lakshmi Education Loan Scheme 2026 offers a special collateral-free and guarantor-free education loan for students admitted to Quality Higher Educational Institutions (QHEIs) in India. The scheme is designed to make higher education accessible and affordable for deserving students.
• Available for loans up to ₹7,50,000
• Provided by the Government of India
• Applicable irrespective of family income
• On loans up to ₹10,00,000
• For students with annual family income up to ₹8,00,000
• Applicable during the moratorium period (course duration + 1 year)

Eligibility Criteria – PM Vidya Lakshmi Scheme 2026

• Must secure merit-based admission to one of the 860 designated QHEIs in India
• Admission through management quota or similar quota is not allowed
• Annual family income must not exceed ₹8,00,000 to avail 3% interest subvention
• Must not be availing any other Central/State Government scholarship, fee reimbursement, or interest subvention scheme
• Must not discontinue the course midway or be expelled due to academic or disciplinary reasons
• Must maintain satisfactory academic performance to continue receiving interest subvention from the second year onwards
•  Interest subvention and credit guarantee benefits can be availed only once, for:

Education Loan Amount Under PM Vidya Lakshmi Scheme

• India Up to ₹10 Lakhs
• Abroad Up to ₹20–30 Lakhs (Bank dependent)

Interest Rate for Vidya Lakshmi Education Loan 2026

Interest rates start from 8.15% per annum
Rates vary depending on:

• Bank
• Course
• Institute
• Loan amount

Institutions Covered Under the Scheme

• Centrally Funded Technical Institutions (CFTIs)
• Institutions of National Importance
• Select State Universities and Deemed Universities
• Recognized institutions offering professional and technical courses

Courses Covered Under the Scheme

• Engineering & Technology
• Medical & Dental
• MBA / Management Courses
• Law Courses
• Chartered Accountancy (CA)
• Computer Science & IT
• Vocational & Skill Development Courses
• Study Abroad Programs

Documents Required for Vidya Lakshmi Loan

• Aadhaar Card
• PAN Card
• Admission Letter
• Fee Structure
• Academic Mark Sheets
• Income Certificate
• Bank Statements
• Passport (for abroad studies)

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Step-by-Step Registration Process

Follow these steps to create your student account:

Step 1:

• Visit the official website of the Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) Scheme.

Step 2:

• On the top menu, click “Login” → “Student Login”.
• On the next page, select “Create an Account” to open the Student Registration form.

Step 3:

• Register using Aadhaar authentication to avail benefits under the PM-Vidyalaxmi Scheme, including:
• Education Loan
• Interest Subvention
• Credit Guarantee Coverage
• (Eligible students can also apply for interest subvention at this stage.)

Step 4:

• Enter the mandatory details:
• Applicant Name
• Mobile Number
• Email ID

Verify both mobile number and email ID using OTP.
Create a strong password (minimum 8 characters, including:

• Uppercase letter
• Lowercase letter
• Number
• Special character)

Step 5:

• Confirm the password, enter the captcha code, accept the Terms & Privacy Policy, and click Submit.
• After successful registration, a confirmation message will be sent via SMS / Email / WhatsApp.

Step-by-Step Application Process

After registration, follow these steps to apply for the education loan:

Step 1:

• Visit the official PM-Vidyalaxmi Scheme website.

Step 2:

• Click “Login” → “Student Login” and enter your User ID (registered email) and password.

Step 3:

• Enter the captcha code, accept the Terms & Privacy, click Login, and verify using the OTP sent to your registered mobile number or email.

Step 4:

• On the Student Dashboard, click “Apply for Education Loan” to open the online application form.

Step 5:

• Fill in all mandatory details carefully and upload required documents in the prescribed format and file size.

Step 6:

• Select your preferred bank and branch from the dropdown list.
• Review all entered details and uploaded documents carefully and make corrections if required.

Step 7:
Agree to the terms & conditions and privacy policy, then click “Final Submit”.

FAQs – PM Vidya Lakshmi Education Loan

Q1. Is Vidya Lakshmi loan free?

• Yes, applying through the portal is completely free.

Q2. Can I apply for multiple banks?

• Yes, you can apply to multiple banks using one form.

Q3. Is collateral required?

• Collateral depends on loan amount and bank policy.

Q4. Can I apply for foreign education?

• Yes, the scheme supports studies abroad.