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  2. Prepare
  3. Government Schemes
  4. Pradhan Mantri Vidya Lakshmi Yojana

Pradhan Mantri Vidya Lakshmi Yojana

Ministry of EducationactiveeducationLaunched: 2015-08-15

About the Scheme

Educational loan scheme providing single window clearance for students seeking educational loans and scholarship information from banks and government.

Target Beneficiaries: 10000000

Official Website →

✦Key Features

  • Single portal for educational loans and scholarships
  • Common application form for multiple banks
  • Email alerts for loan status updates
  • Integration with scholarship schemes
  • Simplified documentation process
Pradhan Mantri Vidya Lakshmi Yojana — Govt Scheme for UPSC | Vaidra

✓Eligibility Criteria

  • Students seeking higher education in India or abroad
  • Courses recognized by UGC/AICTE/NCERT
  • Students with confirmed admission in recognized institutions
  • Annual family income limits as per bank norms

★Benefits

  • Easy access to education loans
  • Comparison of loan schemes from different banks
  • Reduced paperwork and processing time
  • Integration with scholarship information
  • Email notifications for application updates

▶Application Process

  • Register on Vidya Lakshmi portal
  • Fill common application form
  • Apply to multiple banks simultaneously
  • Track application status online
  • Complete bank-specific requirements

₹ Budget Allocation

1500

Funding Ratio (Centre:State): Not applicable (It is a portal/platform facilitator; loans are funded by individual banks)

UPSC Relevance

Prelims Relevance5%
Mains Relevance6%

Historical Context

Launched in 2015, the portal was developed under the guidance of the Department of Financial Services (Ministry of Finance), Department of Higher Education (Ministry of Education), and Indian Banks' Association (IBA).