PM Vidyalaxmi Education Loan: No Collateral, 3% Interest Help
📌Quick Facts & Summary
Key Benefit
No collateral, no guarantor.
Who Can Apply
Students admitted to eligible Quality Higher Education Institutions (about 1,425 in the current list).
Status / Deadline
No issues found. Facts checked 15 Oct 2026.
Official Portal
Helpline
See contact on pmvidyalaxmi.co.in
Last Verified
15 October 2026
🔗 Important Action Links (Official Portals):
What is the Scheme?
Education loans without collateral or guarantor for students admitted to top higher education institutions, with interest help for lower-income families.
Also known as: Vidyalaxmi education loan
Who is it for?
Students admitted to eligible Quality Higher Education Institutions (about 1,425 in the current list).
Benefits and Financial Assistance
| # | Key Benefit / Entitlement Details | Category / Mode |
|---|---|---|
| 1 | No collateral, no guarantor. | Primary Benefit (DBT/Subsidy) |
| 2 | 75% credit guarantee on loans up to Rs 7.5 lakh (helps banks lend). | Direct Support |
| 3 | 3% interest subvention during the moratorium on loans up to Rs 10 lakh for families earning up to Rs 8 lakh a year (priority to government institutions and technical courses). | Direct Support |
Eligibility Criteria
Applicants must meet the following eligibility conditions:
- Admission in an eligible institution (top 100 NIRF overall/category/domain, State government HEIs ranked 101-200, and all central government institutions).
- Indian student; not getting other interest benefits for the same loan.
Documents Needed
Keep the following documents ready before submitting your application:
- ✓ Admission letter
- ✓ Fee structure
- ✓ Aadhaar, PAN
- ✓ Income certificate (for subvention)
- ✓ Marksheets
How to Apply Online (Step-by-Step)
- Register on pmvidyalaxmi.co.in.
- Fill the Common Education Loan Application Form.
- Pick up to three banks and apply. Track and apply for interest subvention there.
How to Apply Offline
- Visit a bank branch, but the portal application is the main route.
How to Check Application / Payment Status
- Log in on pmvidyalaxmi.co.in to see bank responses.
Official Website and Helpline Numbers
| Official Portal | https://pmvidyalaxmi.co.in ↗ |
|---|---|
| Helpline / Contact | See contact on pmvidyalaxmi.co.in |
| Nodal Ministry | Department of Higher Education, Ministry of Education |
Important Dates & Milestones
Approved 6 Nov 2024. Checked 15 Oct 2026.
Frequently Asked Questions (FAQs)
❓ Is any loan amount allowed?
The bank decides the amount. Guarantee covers up to Rs 7.5 lakh.
❓ Who gets the 3% interest help?
Families with income up to Rs 8 lakh, on loans up to Rs 10 lakh.
❓ How do I know if my college is eligible?
Check the institution list on the portal.
❓ Can I also take CSIS?
Families under Rs 4.5 lakh may get full interest subvention under PM-USP CSIS. Ask your bank.
Sources & Official References
All facts on this page were verified on 15 October 2026 from the following official government sources:
- PM-Vidyalaxmi portal: https://pmvidyalaxmi.co.in/AboutScheme.aspx [resolves (HTTP 200)] ↗
- Cabinet approval: https://www.pmindia.gov.in/en/news_updates/cabinet-approves-pm-vidyalaxmi-scheme-to-provide-financial-support-to-meritorious-students-so-that-financial-constraints-do-not-prevent-any-youth-of-india-from-pursuing-quality-higher-education/ [resolves (HTTP 200)] ↗
- PIB 2026 update (1,425 institutions): https://www.pib.gov.in/PressReleasePage.aspx?PRID=2290972&lang=1®=3 [resolves (HTTP 200)] ↗
Fact-Check Verification: This scheme entry was reviewed and fact-checked by Abhishek (govtschemes.net) using official PIB releases, ministry guidelines, and gazette records.
If you notice any outdated rule or change, please report a correction.
Related Central Government Schemes
Other central government schemes in the same sector and target audience:
Notice: govtschemes.net is not a government website. We are an independent information site. Always confirm eligibility and apply only on official government portals.