The PM Vidya Lakshmi Education Loan Yojana was an initiative by the government of India to provide financial aid to students in India who belonged to economically weaker sections to pursue higher education. This move also filled the gap and encouraged a student to continue higher studies, as the economic constraint does not weigh upon them. This encouraged students belonging to economically deprived families for a bright academic future, which could be possible with the loans of Rs 50,000 to Rs 6.5 lakh.
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Overview – PM Vidya Lakshmi Education Loan Yojana
The PM Vidya Lakshmi Education Loan Yojana was designed to enable students from less economically capable sections to seek education loans without complications. The educational endeavor of most children is dropped to foreign or professional levels due to a lack of adequate finance. Loans in the above concern are accessible from various government and private banks at an interest rate between 10% to 12% on education and, thereby increases higher education affordability.
| Scheme Detail | Description |
|---|---|
| Loan Range | Rs 50,000 to Rs 6.5 lakh |
| Interest Rate | 10% to 12% |
| Loan Duration | Up to 5 years |
| Beneficiaries | Students from economically weaker backgrounds |
| No.of Beneficiaries | Approximately 22 lacks students every year |
| Participating Banks | Government and private banks |
Key Benefits of Vidya Lakshmi Yojana
The Vidya Lakshmi Yojana offers a number of facilities aimed at the advancement of merit holders. Monetary assistance includes providing Rs 50,000 and Rs 6.5 lakh as loan amount, which meets various education-related expenditures.
- Scholarship: Scholars who are eligible for scholarships do not have any additional burden on them. Higher Reach : The poor section may also continue higher education without any disturbance caused by this scholarship scheme.
- Better Quality of Life: Higher education can allow the students to find better jobs, thus improving their quality of life.
- Self-Employment: It imparts self-employment benefits to students through skills and education.
Eligibility Criteria – PM Vidya Lakshmi Education Loan Yojana
These are the eligibility criteria for PM Vidya Lakshmi Education Loan Yojana:
| Eligibility Criteria | Description |
|---|---|
| Citizenship | Applicant must be an Indian citizen |
| Economic Background | Only students from lower-income families are eligible |
| Academic Requirement | Minimum 55% marks in 10th and 12th standard |
| Credit History | Good credit score is required |
| Loan-Free Status | Applicant should not have any existing loans |
| Bank Account | Active bank account in the applicant’s name |
Required Documents
Applicant needs to prepare the following documents before applying for PM Vidya Lakshmi Education Loan Yojana.
- Aadhar Card:- This serves as an identity.
- Income Certificate:- It clarifies the economic status of the applicant.
- Caste Certificate:- For those who are belonging to the reserved categories.
- Address Proof:- To prove that the applicant is the resident in his place of residence.
- Bank Account Details:- Whether it is a bank passbook or statement is alright as it is a reference to the bank account details.
- 10th & 12th Certificates:- These are the proof of educational qualification.
- Passport-sized Photograph :- To identify as well as for the purpose of records.
Application Process
- Step 1: Website Open
- Visit the Vidya Lakshmi Portal.
- Step 2: Register at the portal
- Click on the registration button on the home page and fill in a form with basic information and click proceed.
- Step 3: Activation using Email link
- Activate your account after you do that registration process by opening up the link they sent in an email.
- Step 4: Sign In to Your Account
- Enter your e-mail and your password to sign in to your account on the Vidya Lakshmi portal.
- Step 5: Fill in Application Form:
- Input all correct information on the application form
- Step 6: Upload Attachments:
- Scan and upload copies of all relevant documents.
- Step 7: Finalize the Application:
- Having compiled the application form and uploading any supporting documents, click the “Submit” button to complete your application.
Frequently Asked Questions
Q1. What is PM Vidya Lakshmi Education Loan Yojana?
A: PM Vidya Lakshmi Education Loan Yojana is a government scheme which grants loans to the economically weaker section of students for the purpose of higher education.
Q2. How much amount a student can get loan under this scheme?
A: Students can avail loans amounting from Rs. 50,000 to Rs. 6.5 lakhs as per the requirements and criteria of their eligibility.
Q3. Vidya Lakshmi Yojana loan interest rates:
A: The interest rate of this scheme varies from 10% to 12% depending on the respective lending banks or financial institutions.
Q4. Repayment period under the scheme:
A: The maximum repayment period of loans under the scheme is of 5 years.
Q5. Who all can apply for the Vidya Lakshmi Education Loan?
A: Economically weaker section students of India can apply if they have secured 55% at their 10th and 12th levels and have no previous loan(s).
Q6. What documents are required to apply?
A: Applicant should furnish an Aadhar card, income certificate, address proof, caste certificate, if any, and bank account details. He/She needs to attach 10th & 12th certificates and a passport-size photo also.
Q7. Can all students from any stream apply for this loan?
A: Yes, all students irrespective of their academic background are eligible to apply for the loan for higher education under the scheme’s eligibility criteria.
Q8. How do I apply for this loan?
A: Students can apply directly by registering on the Vidya Lakshmi Portal official website by filling up the application form and online uploading all the required documents.
Conclusion
In fact, it’s one of the landmark steps towards democratizing access to higher education among economically weaker sections students. To put it simply, the PM Vidya Lakshmi Education Loan Yojana provides flexible loan amounts and reasonable repayment terms to all eligible students to enable everyone to pursue their academic ambitions.
For more information and to register online with an intent to take the first step toward walking into a bright academic future, visit the Vidya Lakshmi Portal at.
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