About the Scheme
PM Vidyalaxmi provides collateral-free, guarantor-free education loans up to ₹10 lakh for meritorious students in top 860 Quality Higher Educational Institutions (QHEIs). Cabinet approved Nov 6, 2024; portal launched Feb 2025. Budget: ₹3,600 crore. 3% interest subvention for income up to ₹8 lakh. Addresses the missing middle — too rich for full subsidy, needing financial support.
Target Beneficiaries: 7 lakh students (direct); 22 lakh students/year eligible; family income up to ₹8 lakh; top 860 institutions
Key Features
- Collateral-free loans up to ₹10 lakh at 860 QHEIs: IITs, NITs, central universities, NAAC A-grade
- 3% interest subvention for family income up to ₹8 lakh during moratorium period
- 75% credit guarantee by Government of India for loans up to ₹7.5 lakh
- Full interest subvention for income up to ₹4.5 lakh under existing PM-USP CSIS
- Digital portal: pmvidyalaxmi.co.in; operational from February 2025
- Budget: ₹3,600 crore to benefit 7 lakh students; 22 lakh eligible per year
- Covers 860 QHEIs: IITs, NITs, central universities, NAAC A+ and A grade institutions