The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved the PM Vidyalaxmi Scheme. There are many such students in our India, who want to live a better life by getting education and brightening their future, but are not able to do so, the main reason for which is the financial condition. It is very important to have a good financial condition to get higher education. There is good news for all the students who want to study because PM Vidyalaxmi Scheme 2024 has been started by Shri Narendra Modi.

Under PM Vidyalaxmi Scheme, students will be given loans. In which they will also be provided many facilities. So under this article, we will tell you in detail about PM Vidyalaxmi Scheme 2024 like- what is the scheme, the objective of the scheme, benefits and features, eligibility criteria, required documents and the process of applying.

Name of the scheme	PM Vidyalaxmi Scheme
Launched by	The Government of India!
Launch date	6 November 2024
Objective	Provide education loan
Benefit	Provide loans for further studies
Beneficiaries	Citizen of India
Number of targeted beneficiaries	22 lakh per year
Financial Commitment	INR 3600 crore
Application Process	Online
official website	Will be launch soon

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PM Vidyalakshmi Scheme has been launched by the Honorable Prime Minister Narendra Modi, which has been approved by the Union Cabinet. Through this scheme, the meritorious students of the country whose financial condition is not good and they wish to pursue higher education. All of them can easily apply for a loan of up to 10 lakhs. As you all know, the National Education Policy, 2020, which suggested that financial assistance should be made available to deserving students in various ways in both public and private HEIs.

The government will cover around 22 lakh students every year under the scheme. Any student of the country accepted in a Quality Higher Education Institution (QHEI) under PM Vidyalaxmi Scheme 2024 is eligible to get a loan from a bank or other financial institution.

Through PM Vidyalakshmi Scheme the students of the country who want to pursue higher education. They can easily get a loan for education to complete their higher education without any financial hindrance. Let us tell you that through this program, 75% credit guarantee will be provided by the Government of India on loan amount up to Rs 7.5 lakh. Students whose family’s annual income will be ₹ 8 lakh. All of them will be given a 3% interest discount on taking a loan of up to Rs 10 lakh.

The most important benefit of this scheme is that all children will be able to brighten their future by getting a good education. Along with this, this scheme will also bring a big change in the field of education. Which will greatly benefit the needy students of our country. It is very easy to apply to avail the benefits of PM Vidyalaxmi Scheme. The process of which is given below.

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• Under PM Vidyalakshmi scheme, beneficiaries will be able to pursue higher education as per their wish.
• Beneficiaries should not face any problem in getting the benefits of the scheme. For this, the government has kept the application process online so that people can avail the benefits of this scheme while sitting at home.
• Under this scheme, the Government of India will provide a discount of 3% interest on loans up to Rs 10 lakh. This will be especially for those students whose annual family income is Rs 8 lakh.
• A budget of ₹3600 crore has been set by the government for this scheme and 7 lakh new students are expected to benefit from this scheme. Let us tell you that 75% credit guarantee will be provided by the Government of India on loan amount up to Rs 7.5 lakh.
• Under the PM Vidyalaxmi Scheme, students getting admission in top 860 quality higher education institutions(QHEI) will get education loan. Under which about 22 lakh students will be beneficiaries every year.

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

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According to the information given by the government, The number of students taking benefit under this scheme will be around 22 lakh per year.

• All the meritorious students of India who want to pursuing a better education after 12th. All of them will be able to easily climb the first step of their success.
• Under the PM Vidyalaxmi Scheme, the central government will easily provide loans to the students on applying for education loan up to Rs 10 lakh.
• Applicants whose family annual income is Rs 8 lakh will be provided 3% interest subsidy under this scheme.
• With the help of PM Vidyalaxmi Scheme, students will no longer have to give up education due to their financial condition.

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• Some eligibility criteria have been set by the government for the PM Vidyalakshmi Scheme which are as follows.
• Only those students who are permanent residents of India can avail the benefits of this scheme.
• It is necessary for all applicants to have passed the 12th class examination.
• All students who take admission in quality higher education institutions and want to get education loan to pursue higher education are eligible to take advantage of the scheme.

• Admit Card
• Aadhar Card
• Email ID
• Mobile Number
• Residential Certificate
• Bank Account Details
• Passport Size Photograph
• Class XI & XII Marksheet

Step 1. First of all you have to go to the official website of PM Vidyalakshmi Scheme. After this the home page will open on your screen.

Step 2. After this, on the home page of the website, you will see the option “Apply Now” Click on it.

Step 3. After this a new page will open on your screen. Where you have to enter your name, address, email ID.

Step 4. Fill all the information carefully and read it once thoroughly. Only then attach all the documents.

Step 5. After this step you have to enter the captcha code and finally click on the “Submit” button. After this your application process will be completed. In this way you can apply for PM Vidyalakshmi Scheme online.

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