We all understand that education has an important role in our world & government is working every day to improve our education system & literacy across the country. From government’s many initiative one of the scheme is “Pradhan Mantri Vidya Lakshmi Educational Loan Scheme”. In this scheme, those students who are forced to leave their classes due to lack of funds will get a chance for further studies by using the funds received through this scheme. This program is designed for the financially weak and poor students who are unable to continue their studies due to lack of funds. Through this scheme, those girls and students will be able to study who, despite their ability, are not able to pursue their studies due to financial constraints. To fulfill the purpose of helping these students the government will provide financial assistance through Pradhan Mantri Vidya Lakshmi Educational Loan Scheme.
About Pradhan Mantri Vidya Lakshmi Education Loan Scheme
Pradhan Mantri Vidya Lakshmi Educational Loan Scheme is a great aid for the students who are unable to continue their studies due to their financial condition. Students who are in such a situation need not worry today. The central government has also launched an online portal under this scheme which will assist all the students in their studies. There is a lot of information about the scheme on this site. Through Pradhan Mantri Vidya Lakshmi Educational Loan Scheme, students can now know about educational loan and various other schemes. With this portal now students no longer need to seek for educational loan help from banks.
To help students government have taken care of every probability that’s why on this portal there are 127 types of loan schemes available on the Vidyalakshmi Portal. Pradhan Mantri Vidya Lakshmi Educational Loan Scheme, were launched through 38 banking institutions. Students can know about this scheme through the website anytime on the internet. It is possible to select the plan that suits your preferences. Scholarship information will also be made available to students who sign up on this website. The main advantage of this Pradhan Mantri Vidya Lakshmi Educational Loan Scheme portal is that the students do not need to move from one place to another in search of any information regarding the loan. Through this site complete information is available on one platform. Apart from this, but if any student face any problem regarding scholarship or loan, they can also register inquiry through this portal.
Pradhan Mantri Vidya Lakshmi Education Loan Scheme Important Point
Related Departments Department of Financial Services (Ministry of Finance), Department of Higher Education (Ministry of Human Development),
Supported By Indian Banks Association (IBA) It aims to provide loans to students who are financially weak for future studies. Financially weak students who can be financially advantageous.
Advantage and Features of Pradhan Mantri Vidya Lakshmi Educational Loan Scheme Portal
The portal created for the introduction of Pradhan Mantri Vidya Lakshmi Educational Loan Scheme can be very practical. It is the first portal to be developed for providing educational loan for the studies of the students. It has become very easy to get loan through this portal. We will be discussing the features of this website in more detail, so please read on to know more.
- This PM Vidya Lakshmi Education Loan website was created with the intention of facilitating the lives of the students.
- you can apply for registration in this scheme by taking the help of online portal.
- Through the dashboard you will be able to see the status of your application.
- E-mail facility is available for the respective banks to answer any queries or concerns regarding education loan to students.
- Loans, scholarships, as well as information about scholarships and loans. can be accessed through this platform.
- This portal provides details about all banks as well as schemes related to them which are now available on one portal. This means that you do not need to look for different banks.
- All banks submitting applications for loans or scholarships under the scheme will do so through this website.
- This website will act as a bridge between the students and the lending banks.
- The “National Scholarship Portal” will also be linked to this website to apply for government scholarships.
Some important facts about Pradhan Mantri Vidya Lakshmi Educational Loan Scheme
We all know that students who are financially weak will get the benefit of this scheme, PM Vidyalakshmi Yojana. Apart from financial assistance, students will also get scholarship through this scheme. So, in future, students need not deal with any educational financial problem. The government has created a possibility in this scheme to benefit everyone through the creation of a portal called PM Vidyalakshmi Yojana. Students can now avail this benefit by using this portal
- Firstly, the student has to sign up for this scheme. CELAF (General Educational Request for Loan) has to be filled. The form will be available directly from the portal.
- This portal was developed under the direction of “Department of Financial Services”, “Indian Bank Associations” and “Department of Higher Education”. It is called “NSDL(E) Governance Infrastructure Limited)”.
- The total number of banks have been added to this website so far. A student can be a customer of any of these banks
- You can take loan as per your choice. In addition there are 127 loan programs offered from these lenders. Their information through the portal.
- In future, more portals will be added for the convenience of the students in Pradhan Mantri Vidya Lakshmi Educational Loan Scheme to ensure that all additional information about them is located at one place.
- When you get a loan from a bank, you can avail it after 5 to 7 years of completing your studies. The time period during which you have to pay installments on your loan. So, when you take a loan, keep every aspect in mind and then decide what amount the loan will bring.
To request a loan offered in this program, only one application form needs to be completed, and it will be accepted by all banks. There will be certain conditions and conditions for availing the loan. These conditions must be kept in mind while taking a loan. Some of these conditions are as follows:
1. If you apply for educational loan up to 4 lakhs then you will get it without any assurance. This means you don’t have to keep any security. You can get this loan together with your parents.
2. If you are withdrawing an amount between Rs.4 to Rs.6.5 lakh, you will have to present an additional person to act as your guarantee.
3. If the loan you are taking is more than 6.5 lakhs, you will need to bring a guarantor along with pledging your property to the bank.
Tax deductions are earned on the fees you pay on the education loan. The interest rate on loan for education is low. Every bank has different interest rates.
Documents Required for Pradhan Mantri Vidya Lakshmi Educational Loan Scheme
Documents required to get loan from Pradhan Mantri Vidya Lakshmi Educational Loan Scheme. Below for your knowledge, we have provided document information related to avail this scheme.
- ID Documents (Voter ID Aadhar Card Pan Card)
- photo size passport
- Photocopy of intermediate and high school note sheets
- Income proof of parents
- Address Proof (Voter ID Aadhar Card or Electricity Bill)
- Complete list of tuition costs along with the admission form at the college you wish to pursue your studies in.
How do I apply for Pradhan Mantri Vidya Lakshmi Educational Loan Scheme?
To take advantage of the Pradhan Mantri Vidya Lakshmi Educational Loan Scheme, you must first register on the website linked to the scheme. To do this, follow the instructions in the article below:
- First of all visit the official website of Pradhan Mantri Vidya Lakshmi Educational Loan Scheme. You can copy this link to visit the official site www.vidyalakshmi.co.in
- Then website homepage will appear in front of you, on this you to click on “Register” to sign up on the right side of the homepage.
- Then a new page will open in front of you. You will notice that you were asked for some information to complete your registration. In this case, your email address, password name, mobile number captcha code and your consent will be required.
- Now, click on Agree.
- Once clicked, click on “Submit”.
- After that, the activation code will be sent to your email address which will be valid for 24 hours.
- Now you will reach your registered email address. Then click on that link. Your account will be activated.
- The process of registration is done under PM Vidya Lakshmi Education Loan Scheme.
How do I log in to Pradhan Mantri Vidya Lakshmi Educational Loan Scheme Portal?
When you register under the Pradhan Mantri Vidya Lakshmi Educational Loan Scheme you have to complete login process first. After that only, you can start the process of getting loan.
- After that, you will be able to revisit your portal to login as student.
- To sign up, you need to enter your email address and your password and captcha number in the boxes provided, then click “Login”.
- After that “Dashboard” will appear in front of you. You will be able to see the option of “Loan Request Form” select that option
- Once you click on the button, the instructions to fill the form will be displayed in front of you. After reading these, select “Next”.
- Fill in all the information on the next screen and select “Save” After that click on Next.
- Personal information to be filled on the next page. It is also necessary to fill your name, the name of your husband or parent or wife, their contact details such as our home address, PAN card number etc.
- After that, click on “Save” & “Next” option.
- Now you have to complete the “Current Bankers Information”. In this section, you have to fill all the required information and then submit. When you click on Next the next page will appear.
- You have to provide information about your course institute, syllabus etc. Click Save, then click Next.
- Then on the next page, you have to fill the fee details for the course. Thereafter, you will be provided with information for “Repayment”. This means in how many installments you will be able to repay the loan. Then click submit and follow next.
- Then on the next page you need the option to upload your file. once you Once you have uploaded your documents, you have to accept all the conditions and click on Next.
- A dialog box will open in front of you asking if you want to apply and search for the loan program. then click on Yes option.
- Then search for loan scheme in the dash box and click on Apply.
- After entering your course name, address etc. After filling all the details, you can search how much loan you want.
- Please refer to your specific information and needs
- List of banks that are able to provide you loan from Bank will be displayed in front of you. You can choose Bank as per your preferences & their offers.
- To do so, select Apply under the heading Bank, and then fill in the rest of the requested information.
In this way the application process for loan under Pradhan Mantri Vidya Lakshmi Educational Loan Scheme is completed by you.
What is Pradhan Mantri Vidya Lakshmi Educational Loan Scheme?
PM Vidya Laxmi Yojana has been started by the Government of India keeping in mind the weak students as well as those who are not able to pursue further studies due to financial constraints. Through this program all the needy students can get loan from different banks at different interest rates. Through this loan, students will be able to pursue their studies.
How to avail scholarship under Pradhan Mantri Vidya Lakshmi Educational Loan Scheme?
The first step is to sign up for this program. After that you have to fill the form. It is necessary to fill in all the required information on the form, and then make an application to the bank that best suits your needs and interest.
How to register for Pradhan Mantri Vidya Lakshmi Educational Loan Scheme?
You can sign up for this plan over the internet. To do so, you need to visit the portal that is linked to the scheme. There, you can sign up yourself. Check out our full article to understand the process of registration. If you follow the steps mentioned in the article, you will complete your registration in a breeze.
What are the documents required to be submitted while registering for Pradhan Mantri Vidya Lakshmi Educational Loan Scheme?
Documents required to register for this scheme:-
- ID Documents (Voter ID Aadhar Card Pan Card)
- Photocopy of intermediate and high school marks
- Admission letter and cost details of the institute you wish to learn from.
- Address Document (Voter ID Aadhar Card and Electricity Bill)
- Income certificate of parents
- passport size photo
Can i apply for Pradhan Mantri Vidya Lakshmi Educational Loan Scheme?
To be eligible for this scheme, Please read above details for more clarity
What are the benefits of Pradhan Mantri Vidya Lakshmi Educational Loan Scheme website?
Students will get the first benefit of this scheme. Students who were unable to complete their studies due to lack of funds or leaving their studies are now provided loans by the government through this scheme.
A portal has been created under this scheme, where you can apply for the loan.
After registration, you are able to choose from 38 institutions and 127 schemes, which you can take credit for on this site as per your requirements.
What is the maximum amount of loan available as part of Pradhan Mantri Vidya Lakshmi Educational Loan Scheme?
In this program you are able to get loans from banks as per your study requirements. You must provide specific details of the costs associated with your study and send a copy. The loan tenure is between 5 to 7 years after the completion of your studies. Within that time, you have to repay that amount. Thus, weigh these elements to determine the amount of your loan.
In this article, we have tried to provide you all the information you need about Pradhan Mantri Vidya Lakshmi Education Loan Scheme. We hope you find this information helpful. If you want to inquire about anything or have any query, you are able to contact us. You can contact us through the comment box given below. We will try to solve any of your questions.