Prime Minister Vidyalaxmi Scheme

About this scheme

The PM-Vidyalaxmi scheme is a central sector initiative by the Government of India designed to ensure that no meritorious student is denied higher education due to financial constraints. It provides a completely digital, transparent, and seamless ecosystem for accessing collateral-free and guarantor-free education loans to pursue higher studies in the nation's premier institutions. The scheme covers 860 Qualified Higher Education Institutions (QHEIs) across India and provides a 75% government credit guarantee on loans up to ₹7.5 lakh, making quality higher education accessible to deserving students.

Eligibility

• Nationality: Must be an Indian national
• Institution: Must have secured admission on merit (excluding management quota) to any of the designated top 860 QHEIs in India
• Education level: Applicable for both undergraduate and postgraduate degree/diploma programmes

Benefits

• 75% Government credit guarantee on education loans up to ₹7.5 lakh
• Collateral-free and guarantor-free education loans
• Completely digital application and tracking process
• Ability to compare offers from multiple banks on a single platform
• Interest subvention available for eligible students

Required documents

• Aadhaar Card
• PAN Card
• Passport-sized photographs
• Class 10 marksheet
• Class 12 marksheet
• Entrance exam scorecard
• Official admission letter
• Official schedule of fees from the institution

Optional

• Graduation marksheets (for postgraduate courses)