PM Vidya Lakshmi Scheme: Facing Money Crunch For Education? Try This Govt Scheme

The new academic session has begun. CBSE result has been declared. Other Board results are also going to come soon. After 12th, students who want to pursue further studies from good institutions and lack money can avail of this scheme. Banks are also giving education loans to them, but many times students do not know which bank they should go to for education loans and how to apply. Many students are very smart in their studies but due to lack of money, they are not able to fulfill their dream of studying further. But now to overcome the problems of such students, the Central Government is giving scholarships and education loans. Under Pradhan Mantri Vidya Lakshmi Yojana, all information related to scholarships and education loans is available on one platform. Common Application Form (CAF) for education loans is available on its portal, by filling which students can fulfil their dreams by getting scholarships and education loans. University Grant Commission (UGC) has also provided the link to Vidya Lakshmi Portal on its website. This portal has been prepared under the guidance of the Finance Ministry. Students can use this portal to learn the process of education loans from banks anytime, anywhere. If needed, they can also apply online. This portal also links to the National Scholarship Portal. 

You can take loans from 13 banks: The portal of Pradhan Mantri Vidya Laxmi Yojana has been linked with 13 banks. 22 education loan schemes have been registered on this portal, which means you can avail of any of the 22 loan schemes. These banks include SBI, IDBI Bank, Bank of India, and Canara Bank. Not only this, information about scholarships is also available on the portal. After this initiative of the government, students wishing to take loans are getting all the information on a single platform and now they do not have to wander anywhere.

To apply, follow the link given here - vidyalakshmi.co.in/Students/

Loan of Rs 7.5 lakh in India and Rs 15 lakh abroad:  Under this scheme, if a student wants to continue his studies in any institute within the country, he can get an education loan of Rs 7.5 lakh from the banks. If he wants to study abroad, he can get an education loan of up to Rs 15 lakh. 

Facility of payment after completion of studies:  After taking an education loan, the bank gives enough time to repay the loan. Students can repay the loan after one year of completing their studies. There is a time of five to seven years to repay the loan. Income tax exemption can also be taken on education loans. 

These documents are necessary to apply

1. Aadhar, Voter ID, PAN Card. 2. Passport size photo. 3. Address proof (Aadhaar, Voter ID or electricity bill) 4. Income certificate of parents. 5. Photocopy of high school and intermediate marksheet. 6. You will have to show the admission letter of the institute where you are going to study and proof of the duration of the course along with details of expenses.