PM Vidyalaxmi Scheme

Who can apply for PM-Vidyalaxmi

• Students who got merit-based admission (through competitive exams) to one of the listed Quality Higher Education Institutions (1,425 as of July 2026), for any degree or diploma.
• Management quota, NRI quota and similar admissions are not covered.
• Loans are open to all income groups; the 3% interest subsidy is for family income up to ₹8 lakh a year (up to 1 lakh new students a year).
• No interest subsidy if the student already gets another government scholarship, interest subsidy or fee reimbursement.
• Benefits only once (UG, PG or integrated course); must stay enrolled and keep satisfactory marks.

PM-Vidyalaxmi benefits

• Collateral-free, guarantor-free education loan covering fees, hostel and mess, a laptop and reasonable living costs; no fixed upper limit.
• Interest capped at the bank's EBLR + 0.5%; repayment over up to 15 years after the course plus one year.
• 3% interest subsidy during the course plus one year on loans up to ₹10 lakh, for family income up to ₹8 lakh.
• Families with income up to ₹4.5 lakh in technical/professional courses can get full interest subsidy under the linked PM-USP CSIS scheme.
• 75% government credit guarantee to banks on loans up to ₹7.5 lakh.

How to apply for PM-Vidyalaxmi

1. 1Register on the PM-Vidyalaxmi portal (pmvidyalaxmi.co.in) using Aadhaar.
2. 2Fill the common education loan application and choose banks.
3. 3Track the application on the portal; banks sanction and disburse the loan.
4. 4After disbursement, apply for interest subsidy on the portal; it is credited to the PM Vidyalaxmi Digital Rupee (CBDC) wallet and then to the loan account.

Documents needed for PM-Vidyalaxmi

• Aadhaar (registration on the portal is Aadhaar-based)

Where it applies

Every state and union territory. See what else applies near you