In the era of rising inflation, everything is becoming expensive. In such a situation, it is not easy to give better education and health to your children. Keeping this need in mind, the central government has started a scheme, through which poor and needy children can easily get a loan of up to Rs 10 lakh. The name of this scheme is Pradhan Mantri Vidya Lakshmi Scheme. Under this scheme, money is provided for the education of children through scholarship schemes of more than 10 ministries and departments of the Center. According to the Indian Bank Association, under this scheme, students can also avail of 22 types of loans from 34 banks through the portal. At the same time, there is also a discount of up to 3% in interest on loans up to Rs 10 lakh.

Let's know what is this scheme. What are the conditions to take advantage of this scheme? How to get a loan of up to Rs 10 lakh and how can you apply for this scheme:-

What is Pradhan Mantri Vidya Lakshmi Scheme?

The Pradhan Mantri Vidya Lakshmi Scheme is an extension of the National Education Policy 2020. The Modi government started this scheme in the year 2024. Under this, financial help is to be given to needy students in higher education.

What is the loan limit?

No upper limit of loans has been fixed in this scheme. The upper limit of the loan is decided by adding course fees, hostel fees, expenses on equipment, food expenses, tuition fees, etc. This loan also includes books, travel, and other expenses. The loan taken for higher education has to be returned in a fixed period, in which interest is attached. But on this loan, you will also get a discount of 3% on interest.

Who can take advantage of this scheme?

Any Indian can apply for PM Vidyalakshmi Yojana. Students whose family's annual income is less than Rs 8 lakh and who are not already taking advantage of any government scholarship, are eligible to apply in this scheme. Children of families with an annual income of Rs 4.5 lakh are already getting full interest-free help. This scheme covers 860 higher education institutes and more than 22 lakh students in the country.

How different is Vidya Lakshmi from the education loans available in the market?

So far, students have to visit banks for education loans. The loan process is very complicated. A lot of paperwork has to be done. A guarantor is also required. However, the process of taking a loan from the Vidya Lakshmi scheme is online. Therefore, there is very little paper work in it. If a student faces any problem in applying for a loan from the portal, he can directly contact the bank. There is no discount in the interest rate on education loans from banks, but a discount of up to 3% can be availed on the interest of loans up to Rs 10 lakh taken under Vidya Lakshmi Yojana.

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