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PM Vidya Lakshmi Education Loan Yojana 2024: The government is giving loan up to Rs 6.5 lakh to the student, without any security!
PM Vidya Lakshmi Education Loan Yojana 2024: Education is really very important nowadays. The government works hard every day to help more and more people go to school and learn. To encourage this, the government has started another scheme named “Pradhan Mantri Vidya Lakshmi Education Loan Yojana”. This scheme helps those students who are unable to continue their studies due to lack of sufficient funds. Pradhan Mantri Vidya Lakshmi Education Loan Yojana provides them loans so that they can afford to go to school.
Vidya Lakshmi Portal is especially for those students who are poor and do not have much money. The government started this scheme to help these students. Even though the students have talent, they will not be able to study because they do not have enough money. That is why the government is providing financial assistance through PM Vidhya Lakshmi Education Loan Yojana 2024 to support these students and encourage them to continue their studies.
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What is PM Vidya Lakshmi Education Loan Yojana 2024?
The Pradhan Mantri Vidya Lakshmi Education Loan Yojana 2024 is a major initiative of the government to help students across the country pursue higher education. It provides financial assistance to financially poor students, helping them borrow up to Rs 6.5 lakh for their studies at recognized institutions in India or abroad at minimal interest rates.
The PM Vidya Lakshmi Education Loan Yojana 2024 offers loans ranging from ₹50,000 to ₹6.5 lakh from several banks and financial institutions. The loan repayment is flexible, with a tenure of 5 years. Interest rates for these loans generally range between 10.5% to 12.75% per annum, making them attractive to students seeking financial assistance. This scheme aims to ensure that financial barriers do not become a hindrance for students to pursue higher education, thereby promoting equal opportunities for all.
Pradhan Mantri Vidya Lakshmi Education Loan Yojana 2024 Eligibility Criteria
- To qualify for a loan through PM Vidya Lakshmi Education Loan Yojana 2024, students must meet certain requirements
- You must be a citizen of India.
- You must have secured a minimum of 50% marks in class 10th and 12th examinations.
- You must get admission in a recognized institute for higher education.
- Once students apply on the Vidya Lakshmi portal, their application is reviewed by the bank.
- If the application meets the criteria and is approved, the bank disburses the loan amount to the student.
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Pradhan Mantri Vidya Lakshmi Education Loan Yojana 2024 Required Documents
To apply for PM Vidya Lakshmi Education Loan Yojana 2024, you will need some documents. Here is the list of documents that may be required while filling the Pradhan Mantri Vidya Lakshmi Education Loan Yojana form online:
- Application form
- Income certificate to verify your family’s financial status
- Caste certificate (if applicable)
- Educational certificate (such as 10th and 12th class mark sheets)
What are the benefits of Pradhan Mantri Vidya Lakshmi Education Loan Yojana 2024?
- The PM Vidya Lakshmi Education Loan Yojana 2024 portal is an initiative to promote education.
- It has made it very easy for students to get education loans, preventing many from quitting their studies due to financial constraints.
- There are 38 banks registered under this scheme, offering loan options.
- The primary goal is to assist students facing financial difficulties.
- There are around 127 loan schemes available on this scheme portal.
- All the portals are managed by NSDL e-Governance, which are efficient and reliability.
- Scholarships are facilitated through the portal supported by 10 departments of the central government.
- It serves as a one-stop platform for students to apply for scholarships and loans.
- Multiple schemes can be accessed by filling just one form.
- An email facility is provided for queries and complaints, providing easy communication with officials.
- All loan schemes of registered banks are visible on the portal, making the selection process simpler.
- Subsidies are offered to students from weaker and backward classes by government banks and PM Vidya Lakshmi Shiksha Loan Yojana.
Loan amount of Pradhan Mantri Vidya Lakshmi Education Loan Yojana 2024
Under the PM Vidya Lakshmi Education Loan Yojana, you can get a loan that suits your needs with below-provided information:
- You can get a loan of up to Rs 4 lakh through this portal for your education.
- If you borrow Rs 4 lakh or less, you will not need any collateral or security for the loan.
- For loans from Rs 4 lakh to Rs 6.5 lakh, you will need a third-party guarantee.
- If your loan is more than Rs 6.5 lakh, you may need to pledge your property as collateral.
How to apply for Pradhan Mantri Vidya Lakshmi Education Loan Yojana 2024?
- Visit the official website (www.vidyalakshmi.co.in) to start your enrollment in PM Vidya Lakshmi Education Loan Yojana 2024.
- Find the “Register” option on the right side of the homepage and click on it.
- Follow the prompts on the new page to provide the required registration information and consent. Once done, submit the form.
- An activation link will be sent to your registered email, which will be valid for 24 hours.
- Open your email, and click on the link to activate your account by completing the registration process.
- Return to the portal and log in as a student using your email, password and captcha.
- Access the dashboard, find and click on “Loan Application Form”.
- Follow the instructions provided, fill in each section accurately and save your progress.
- On the next pages provide your current banker details, course, institute information and course fee.
- Determine your repayment plan and submit the form.
- Upload the required documents, agree to the terms and proceed.
- Choose the option to search and apply for a loan scheme, then provide details such as course name, location, and loan amount and start the search.
- A list of banks matching your criteria will be displayed.
- Choose a bank, fill in the required information and complete the application process, thus finishing your application for a loan under PM Vidya Lakshmi Yojana.
Pradhan Mantri Vidya Lakshmi Education Loan Yojana 2024 Bank List
- Abhyudaya Sahakari Bank
- Karnataka Bank
- Central Bank of India
- Allahabad Bank
- New-India Co-operative Bank
- Canara Bank
- Andhra Corporation Bank
- DNS Bank
- Bank of Baroda
- RBL Bank
- Federal Bank
- Dena Bank
- Tamilnad Mercantile Bank Limited
- Indian Bank
- HDFC Bank
- United Bank of India
- Indian Overseas Bank [IOB]
- IDBI Bank
- Vijaya Bank
- UCO Bank
- State Bank of India [SBI]
- ICICI Bank
- Pragati Krishna Gramin Bank
- Karur Vysya Bank [KVB]
- Kotak Mahindra Bank
- Axis Bank
- Bank of Maharashtra
- Oriental Bank of Commerce
- Kerala Gramin Bank
- Punjab National Bank [PNB]
- Union Bank
- Andhra Pragati Gramin Bank
- Punjab & Sind Bank [PSB]
- Bank of India [BOI]
- J&K Bank
- GP Parsik Bank
- Syndicate Bank
- New India Banks
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FAQs (PM Vidya Lakshmi Education Loan Yojana)
How much loan can be taken under Pradhan Mantri Vidya Lakshmi Education Loan Yojana?
Under PM Vidya Lakshmi Education Loan Yojana 2024, individuals can get a loan of Rs 4 lakh to Rs 6.5 lakh. You can borrow up to Rs 4 lakh without any collateral or guarantee. However, loans above this amount may require security.
Who is eligible for Pradhan Mantri Vidya Lakshmi Education Loan Yojana?
Any Indian citizen between the age of 18 to 35 years can easily apply for a bank loan to finance their higher education.
Conclusion
In this article, we have shared details about PM Vidya Lakshmi Education Loan Yojana 2024 in Hindi. It is a government-run initiative that provides education loans to financially poor students. Many students are benefiting from this scheme. If you want to avail this opportunity then read carefully. If you found it useful, please share it with friends and on social media so others can benefit as well. If you face any problems applying for a loan or have any questions, please comment, and we will do our best to help you.
