Facing Money Crunch For Education? Try PM Vidya Lakshmi Scheme

Outlook Money

Under the PM Vidya Lakshmi Scheme Vidya Lakshmi Portal, if a student wants to continue his/her studies while staying in the country, he/she can get an education loan of Rs 7.5 lakh from the banks. For studying abroad, they can get an education loan of up to Rs 15 lakh.

Centralized Platform

The scheme provides one single, centralized platform where students can apply for loans from multiple banks, by filling out one single form called Common Education Loan Application Form (CELAF), making the process less troublesome.

Eligibility

Applicants must be Indian citizens, has a completion certificate of 10+2, who have secured admission to recognized institutions in India or abroad for higher education.

Required Documents

Necessary documents include proof of identity an address, admission letters, fee structure, academic records, and income proof of parents/guardians

Steps

Register on the Vidya Lakshmi portal (www.vidyalakshmi.co.in) and fill out the CELAF after registering on the portal, submit the form and track the application status online while selecting from participating banks.

Support from Multiple Banks and Financial Institutions

37 registered banks and financial institutions participated in the scheme, providing a wide range of educational loan products. The scheme is supported by the Indian Banks' Association (IBA), the Ministry of Finance, and the Ministry of Human Resource Development, ensuring broad support and reliability.

Compiled by Priyanka Debnath