Frequently Asked Question(FAQ)

What are the Features of PM-Vidyalaxmi Scheme?

PM-Vidyalaxmi is central sector scheme aims to provide financial support to meritorious students pursuing higher education in Top 860 Quality Higher Educational Institutes as identified by Ministry of Higher Education. The broad contours of the scheme are:

  1. A special loan product will enable collateral free, guarantor free education loans.
  2. Simple, transparent, student-friendly and entirely digital application process.
  3. 3% interest subvention during moratorium to One Lakh students with family income up to Rs 8 Lakh.
  4. Full interest subvention during moratorium for loans up to Rs. 10 Lakh for students with family income up to Rs 4.50 Lakh.
  5. Loan amounts up to ₹ 7.5 lakhs will be provided a 75% credit guarantee by the Government of India through NCGTC.
  6. Education Loans under Management Quota not Eligible
  7. The Scheme is applicable for all Scheduled Banks/Regional Rural Banks (RRBs)/Cooperative Banks
What is process for selection of students under 3 % Interest subvention scheme?
In a year, a maximum of One lakh student shall be eligible for 3 % interest subvention scheme during moratorium. If number of fresh applicants exceeds One lakh, a sequential method will be used as Below:

  1. Preference to candidate who got admission in a government HEI.
  2. Then preference given to technical/ professional courses.
  3. Then, preference to candidate who passed higher secondary (10+2) board examination from a government school.
  4. Next preference to candidate who passed secondary (10th standard) board examination from a government school.
  5. Next preference to candidate who passed higher secondary from a rural school.
  6. Next preference will be given to girl students.
What are the documents to be uploaded for PM-Vidyalaxmi scheme in portal?
Following Documents to be uploaded by the student in portal

  1. Marksheet for Class X
  2. Marksheet for Class XII /Last qualifying Examination
  3. Proof of admission to the course
  4. Schedule of Expenses for the course as given by institution.
  5. Proof of income issued by public authority/ College authority.
  6. Applicants /Parents photograph
What are the features of PM-Vidyalaxmi Portal?
PM-Vidyalaxmi portal is a unified portal that has the following features

  1. Information about PM-Vidyalaxmi and other Education loan Scheme of member Banks
  2. Facilitates students to apply for Education Loan from their preferred Bank.
  3. Option to students to select three Banks while applying Education Loan.
  4. Facility to students to apply for Interest subvention on PM-Vidyalaxmi portal.
  5. Facility for students to upload required documents for interest subvention.
  6. Status of the loan application available in Track Loan Application Tab.
  7. Online Grievances redressal mechanism.
How to apply for education loan on PM-Vidyalaxmi Portal?
  1. he Student shall register and login to Vidyalaxmi portal and fill-up the respective Education Loan Application Form by providing all the necessary details.
  2. After Completion of form and uploading of necessary documents student can select the Bank from where he/she wants to avail the loan facility as per his/her needs, eligibility and convenience.
What is Two-page Education loan application form?
Two-page Education loan application is Common loan application form used for applying loan under PM-Vidyalaxmi scheme.
What is Sign up/Registration process on Vidyalaxmi portal?
Students are required to access www.pmvidyalaxmi.co.in and complete sign-up process by providing the necessary details such as Mobile number and E mail ID. Students already completed "Sign up" / "Registration" process can log in with their credentials and apply for educational loan through Vidyalaxmi portal.
What if student forget his/her password?
  1. On PM- Vidyalaxmi portal student can click Forgot password on student login page
  2. Follow the instruction and reset the password.
How the student can track status of his/her Education Loan application?
  1. Student can view the updated status i.e., approved/rejected/disbursed by clicking "Track Loan Application" Tab provided in PM-Vidyalaxmi portal.
  2. In case of rejection of Education loan application student may contact the respective member Bank for further clarification.
How the educational loan is disbursed by member Banks?
  1. Education loan disbursement will be initiated by Banks based on the disbursement request of the student.
  2. Disbursement amount is directly remitted to the account of Educational Institution.
  3. The disbursement done by the member bank is outside of PM-Vidyalaxmi Portal.
Details of Banks where student can apply for educational loan through PM-Vidyalaxmi portal?
List of Member Banks integrated with PM- Vidyalaxmi portal is available at HOME Page of the portal.
How many applications for Educational Loan can be submitted by a student?
Student can apply to maximum three Banks for Education Loan.
How can student Modify/Re apply for Education Loan?
  1. For modification in successfully submitted Loan Application student have to approach respective Banks to closure of applications in Portal.
  2. Once all applications get Closed/Rejected, 'Reapply for New Loan Scheme' option would get enabled in Loan Application Form tab.
What is rate of interest rate charged on Educational loan ?
Individual Bank charge different Rate of interest. Hence students are advised to check the latest Rate of interest on Banks website.
In which format documents to be uploaded ?
Documents can be uploaded in PDF and JPEG format with a file size of max 200 kb