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PM Vidyalaxmi Scheme: The application process for PM Vidyalakshmi Yojana has started. The portal will also be launched with new changes by January 2025. Based on the number of applications from students, it will be decided which one lakh students will get interest concession. Let us tell you that there is no upper limit for education loan under Pradhan Mantri Vidya Lakshmi Yojana. Under this scheme, the government gives loans up to Rs 10 lakh. However, only one lakh students will get the benefit of interest subvention.
You can get a loan of more than Rs 10 lakh
According to the Ministry of Education, as per the recommendation of the National Education Policy, students will get education loan without guarantor. The student will not have to pledge anything. Whether he takes a loan of Rs 1 lakh, Rs 10 lakh or the amount is even more.
interest rebate
Under this scheme, students will be given loans up to Rs 10 lakh. Notably, students whose annual family income is up to Rs 4.5 lakh will get full interest subsidy. Apart from this, those whose annual income is up to Rs 8 lakh will also get three percent interest rebate on loans up to Rs 10 lakh.
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This is how it will be decided how much loan will be given
There is no upper limit for education loan in this scheme. Indian Bank Association has a model education loan scheme. It is explained in it how the loan is calculated? The upper limit of education loan is decided after considering the course fees, hostel fees, expenditure on laptop, expenditure on food and other expenses. Course fees and hostel fees also vary in institutes. In such a situation, the requirement of loan will also be different.
This is how to apply for the scheme
The process of applying under PM Vidyalakshmi Yojana has been made simple and convenient. First of all, you have to go to the official website of PM Vidyalakshmi Yojana. This portal is available for all necessary information and application process. On the home page you will get the option of registration. Click on it and fill a small application form. This will include your personal information like name, address, email ID etc.
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