Government of India's PM Vidyalaxmi Scheme (also known as the PM Vidyalakshmi Scheme or PM Vidya Lakshmi Yojana) allows students to apply for education loans from participating banks and financial institutions using a single online application, making the process quicker, easier, and more transparent.
PM Vidya Lakshmi Yojana is part of the broader Central Government Schemes supporting higher education and student financial assistance.
Through the PM Vidyalaxmi portal, students can apply for a PM Vidyalaxmi education loan, track their application status, and avail interest subsidy benefits online. This ensures that no deserving student is deprived of higher education due to financial constraints.
PM Vidyalaxmi Scheme Overview
| Particulars | Details |
| Scheme Name | PM Vidyalaxmi Scheme |
| Launched By | Government of India |
| Approval Date | 6 November 2024 |
| Portal Launch | 25 February 2025 |
| Objective | Provide education loans to students |
| Beneficiaries | Students pursuing higher education |
| Application Mode | Online |
| Official Portal | https://pmvidyalaxmi.co.in/ |
| Loan Type | Collateral-free Education Loan |
What is PM Vidyalaxmi Scheme?
The PM Vidyalaxmi Scheme is a Central Sector scheme designed to provide financial assistance to meritorious students. It ensures that students admitted to recognized institutions can continue their education without financial barriers.
Under this scheme:
https://pmvidyalaxmi.co.in/
It is a government scheme that provides education loans through a single online portal.
Q2. How to apply for PM Vidyalaxmi education loan?
Students can apply online through the official portal by registering and submitting the application form.
Q3. What is PM Vidyalaxmi portal login?
It is the login system that allows students to apply, track, and manage their education loan applications.
Q4. What is the interest rate under PM Vidyalaxmi scheme?
The interest rate varies by bank and generally ranges from 8% to 12%.
Q5. Who is eligible for PM Vidyalaxmi Yojana?
Students admitted to recognized institutions and meeting eligibility criteria can apply.
- Students admitted to top Quality Higher Educational Institutions (QHEIs) can apply
- Loans are collateral-free and guarantor-free
- The process is fully digital, transparent, and student-friendly
- The scheme benefits more than 22 lakh students every year
Latest Update 2026 on PM Vidya Laxmi Scheme
The scheme has delivered strong results since its launch:- Over 6.51 lakh applications received
- Around 3.31 lakh loans sanctioned
- More than ₹7,229 crore disbursed for first-year courses
- Loans worth ₹35,939 crore sanctioned for full duration
- Approval rate of about 50.8%
- Average loan approval time is less than 8 days
Which Expenses are Covered in PM Vidyalaxmi Education Loan
The PM Vidyalaxmi education loan (also known as PM Vidya Lakshmi education loan) helps students manage the cost of higher education.Expenses Covered
- Tuition fees
- Hostel charges
- Books and study materials
- Travel expenses for overseas education
Interest Rate & Subsidy under PM Vidya Lakshmi Scheme
The interest rate under the scheme depends on the bank and usually ranges between 8% to 12%.- Students with family income up to ₹8 lakh can get 3% interest subsidy
- Students with income up to ₹4.5 lakh may get full interest subsidy under CSIS
- Subsidy is applicable on loans up to ₹10 lakh
Eligibility for PM Vidyalaxmi Scheme
To apply for the PM Vidyalaxmi Scheme, students must:- Be an Indian citizen
- Have secured admission in a recognized institution
- Meet the eligibility criteria set by banks
- Fulfill income criteria for subsidy benefits
Documents Required for PM Vidya Lakshmi Scheme
Applicants need to submit the following documents:- Aadhaar Card
- Admission letter
- Academic records
- Income certificate
- Bank details
PM Vidyalaxmi Portal Login
The PM Vidyalaxmi portal allows students to apply for loans and manage their applications online.https://pmvidyalaxmi.co.in/
Steps for PM Vidyalaxmi Login
- Visit the official portal
- Click on Student Login
- Enter your User ID (Registered Email is User ID) and password
- Complete captcha verification
- Click "Submit"
- Access your dashboard
How to Apply for PM Vidyalaxmi Yojana Online
Follow these steps to apply:- Register on the portal using Aadhaar
- Log in to your account
- Fill out the application form
- Select preferred bank and loan scheme
- Submit the application
- Track status online
PM Vidyalaxmi Portal Education Loan System
The PM Vidyalaxmi portal education loan system provides a simplified process where students can:- Apply to multiple banks with one form
- Compare different loan options
- Receive faster approvals
- Experience a transparent system
Disbursement Process
- Subsidy amount is credited to the PM Vidyalaxmi Digital Rupee App (CBDC Wallet)
- After redemption, the amount is transferred directly to the loan account
PM Vidyalaxmi Digital Rupee App
The PM Vidyalaxmi Digital Rupee App is a CBDC-based mobile application used for receiving subsidy benefits.Key Features of App
- Aadhaar-based OTP authentication
- Available on Android and iOS devices
- Direct transfer of subsidy amount
- Supports both PM Vidyalaxmi and CSIS schemes
Related Schemes
Here are some related schemes to PM Vidya Lakshmi Yojana:
1) Central Sector Interest Subsidy Scheme (CSIS)
- Provides interest subsidy during the moratorium period
- Applicable for students with income up to ₹4.5 lakh
- Covers professional and technical courses
- Implemented through Canara Bank
- Offers collateral-free loans up to ₹7.5 lakh
- Provides 75% government guarantee
- Helps banks expand loan coverage
Helpline Number for PM Vidyalaxmi Yojana
For any queries or complaints related to the scheme:- Toll-Free Number: 1800 1031
- Phone: 080-22533876
- Email: hoel@canarabank.com
- Email: hogps@canarabank.com
- Email: moe-elis@gov.in
Conclusion
The PM Vidyalaxmi Scheme 2026 is a significant step towards making higher education accessible to all students. With features like collateral-free loans, interest subsidy, and a fully digital application system, the scheme ensures that financial challenges do not become a barrier to education.FAQs on PM Vidya Laxmi Yojana
Q1. What is PM Vidyalaxmi Scheme?It is a government scheme that provides education loans through a single online portal.
Q2. How to apply for PM Vidyalaxmi education loan?
Students can apply online through the official portal by registering and submitting the application form.
Q3. What is PM Vidyalaxmi portal login?
It is the login system that allows students to apply, track, and manage their education loan applications.
Q4. What is the interest rate under PM Vidyalaxmi scheme?
The interest rate varies by bank and generally ranges from 8% to 12%.
Q5. Who is eligible for PM Vidyalaxmi Yojana?
Students admitted to recognized institutions and meeting eligibility criteria can apply.
For more information refer to PM Vidyalaxmi Scheme Page from Ministry of Education
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