PM Vidya Lakshmi Education Loan Yojana 2024: PM Vidya Lakshmi Education Loan Yojana has been started by the Government of India for students struggling with financial crisis so that the students who do not have financial arrangements to continue education can get education loans by applying under this scheme and can continue further studies easily.
Let us tell you that this scheme provides loans up to Rs 6.5 lakh to the students at a low interest rate, which is given a maximum of 5 years to repay. Students who want to study abroad can also apply for this loan.
In this post further, we are going to tell you how you can apply for PM Vidya Lakshmi Education Loan Yojana, what are the terms and conditions for taking this loan, and which documents have to be submitted for verification for PM Vidya Lakshmi Education Loan Yojana.
What are the objectives of this scheme, what benefits are available, etc.? If you want to take full advantage of it, then you first have to know all the details related to the scheme so that you can apply for the scheme without any problem.
PM Vidya Lakshmi Education Loan Yojana 2024
Most of the female students get confused about Pradhan Mantri Vidya Lakshmi Yojana and Pradhan Mantri Vidya Lakshmi Education Loan Yojana, so let us tell you that both these schemes are the same. This is a special program which is committed to encourage students for higher education.
Under this scheme, students can easily make financial arrangements for further education. This is a loan scheme which provides a loan of up to Rs 6.5 lakh to the students as per their need, through which all the students can continue their further studies.
The interest rate of this loan starts from just 10.5% and can be a maximum of 12.75 percent. If you are forced to leave education midway due to lack of money, then we would advise you to continue your education by applying under this scheme so that you can make your future bright.
What is the purpose of PM Vidya Lakshmi Education Loan Yojana?
There are many talented students in our country who are leaving their education midway due to lack of money, due to which their future is going towards darkness. To encourage such students towards education and to provide support for education, a special program called Pradhan Mantri Vidya Lakshmi Education Loan Yojana is being run where eligible students will be provided loans for education at minimum interest rates so that they can continue their studies easily.
The application process for this program will be completed through banks. Under the scheme, about 38 different banks and financial institutions have been registered from where students can get 127 types of education loans. This scheme is targeted to provide loans ranging from Rs 50,000 to Rs 6.5 lakh as per the need, with a maximum repayment period of 5 years.
What are the benefits of Pradhan Mantri Vidya Lakshmi Education Loan Yojana?
Through PM Vidya Lakshmi Education Loan Yojana, students can take 127 types of education loans according to their needs. This scheme will be operated through banks for which the Government of India has registered 38 banks –
- You can apply for Pradhan Mantri Vidya Lakshmi Education Loan in any of these 38 banks.
- The specialty of this loan is that you get a loan of up to Rs 6.5 lakh at the minimum interest rate.
- The interest rate of this loan starts from 10.5% which can be a maximum of 12.75 percent.
- Now students facing financial challenges do not need to leave their studies due to lack of money.
- The central government is going to implement this scheme through a portal supported by 10 departments.
Eligibility for PM Vidya Lakshmi Education Loan Scheme
Before applying for the PM Vidya Lakshmi Yojana Education Loan, you have to check whether you have the following qualifications or not, if you do not fulfill the following eligibility then your application will be canceled –
- Permanent residents of India who are studying in a recognized institution can get a Vidya Lakshmi Education Loan.
- This loan will also be approved for obtaining a minimum of 50% marks in 10th and 12th class examinations.
- You will have to provide proof of loan repayment capacity.
- This benefit will be given to students from economically weaker families.
Documents for PM Vidya Lakshmi Education Loan Yojana 2024
You are eligible for Pradhan Mantri Vidya Lakshmi Education Loan Yojana, to prove this, you will have to submit some important documents, the list of which is made below –
- Aadhaar Card
- Residence Certificate
- Income Certificate
- Age Certificate
- Educational Qualification Certificate
- Caste Certificate
- Mobile Number
- Bank Passbook
- Passport Size Photo
- Duly Filled Application Form etc.
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How to apply for PM Vidya Lakshmi Education Loan Yojana 2024?
To apply under PM Vidya Lakshmi Education Loan Yojana, you have to apply by following the step-by-step process given below –
- To apply, first of all, you have to visit the official website of PM Vidya Lakshmi Education Loan Yojana.
- After going there, on the main page, you will find the option of “Register” on the right side, click on it.
- After clicking, the registration form will open, in which you have to enter the necessary details asked for registration.
- After entering the necessary information, click on the submit button and submit the registration form.
- After the registration form is submitted, you will receive a link to the registered email.
- This link has to be opened, keep in mind that this link will be valid for 24 hours.
- As soon as you click on this link, your account will be activated.
- Then you have to go to the portal again and log in through your email, password, and captcha.
- After the login process, in the next step, click on the option of “Loan Application Form”.
- Now, following the given instructions, enter the information of all the sections in the application form step by step.
- When the form is filled, save the form and upload the required documents.
- After that, accept the given Terms and Conditions and choose the loan scheme.
- Then on the new page, provide details like the name of the course, location, and loan amount, and select the bank from which you want to take the loan.
- After selecting the bank, click on the submit button to complete the application process.
- In this way, your application for a loan under Pradhan Mantri Vidya Lakshmi Loan Yojana will reach the concerned bank.
- Your application form will be reviewed by the bank officer and the required documents will be verified.
- After the verification work is done, if the correct information is found, the loan amount will be transferred to your bank account.
