PM Vidyalakshmi Yojana: Up to Rs. 4 lakh without guarantee for children’s education

What is Pradhan Mantri Vidyalakshmi Yojana?

Under this scheme, students can avail 126 types of loans from 13 banks. For this, students have to fill only one form. Due to this, there will be no problem of money in studies. If there is any problem or any complaint about the education loan, then the student can also file a complaint on the portal of this scheme. Under this scheme, details of different banks linked to the portal are given, including their interest rates. There will be no need to travel to different banks for education loans through this portal.

How to get a loan?

Under this scheme up to Rs 4 lakh education loan will be available without any security and guarantee. These loan students will get jointly with their parents. At the same time, a third person will have to be a guarantor to take an education loan between 4 to 6.5 lakh rupees. If you are taking a loan of more than 6.5 lakh rupees then you will have to mortgage any property. To repay the money, you will get 5 to 7 years after completing the course. If the parents are unable to repay the loan, they will be declared as defaulters.

Application process

For an application under PM Vidyalakshmi scheme, one has to visit its official website (vidyalakshmi.co.in). Register here. After doing this, email ID and password will be found on the mobile number. Log in with the help of this ID and password. Now fill the Common Education Loan Form given on the website. Fill in the details of the information sought. Also, an ID proof (Aadhar card, voter ID card or PAN card), proof of residence (Aadhar card, voter ID card or electricity bill), passport size photo of the applicant, parent’s income certificate, 10th and 12th mark sheet Submit the copy of the letter and the letter of admission and the details of the expenses together. If the information is found correct, your loan will be approved by the bank.