The government has launched Pradhan MantriVidyaLaxmiYojana. In this scheme, students will be able to avail various types of loans from 13 banks through the portal. Under this, money is given through the scholarship scheme of more than 10 ministries and departments of the centre for the education of the students. In this, scholarship schemes and loan schemes have been brought on a single platform.

Under this scheme, you will get a loan according to the need of your education course. If you apply for an education loan up to Rs 4 lakh, then you will get this loan jointly with your parents. And for this, no security deposit is required.

But if you take a loan between Rs 4 lakh to Rs 6.5 lakh, then you will have to give a third-person guarantee. And if the loan amount of a student is more than Rs.6.5 lakh, then the bank can ask for a mortgage of any property. Email facility is also available for students on this portal for queries and complaints related to education loans.

If you come from an economically weaker section then take a loan from a government bank only. In this, you can get the benefit of the government scheme of interest subsidy. Because if you do not repay the loan on time, your parents will also come on the list of defaulters of the bank.

The loan amount reaches your college or university directly at the beginning of every semester. You have to keep in mind that it covers all the college/university expenses.

You will need these documents with the application

  • ID Proof (Aadhaar, Voter ID, PAN Card).
  • Income certificate of parents.
  • Student passport size photograph.
  • Address Proof (Aadhaar, Voter ID or Electricity Bill)
  • Photocopy of mark sheet of High School and Intermediate.
  • The admission approval letter of the institute in which you are going to study and proof of the duration of the course along with the details of the expenses will have to be shown.

How to apply

1. To apply, you have to go to the portal and click on this link.

2. You have to register on this link, only then you will get a chance to apply for the loan.

3. After the completion of the registration, you will get an email id and password. Save this email id and password with you. Because you will be able to log in after entering your email id and password.

4. For an education loan, you fill out the common education loan form. To take an education loan, you have to apply for a loan according to your requirement.

5. After the loan is approved, you will automatically get its information on this portal.

6. You can also easily apply for the scholarship on this website.

7. You have to select your course for scholarship and accordingly you will get information on the portal.

In this way, you can apply for loans and scholarships on this portal.

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