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HomeScholarshipsPM Vidyalaxmi Scheme — Collateral-Free Education Loan with Interest Subvention
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PM Vidyalaxmi Scheme — Collateral-Free Education Loan with Interest Subvention

Ministry of Education, Government of India — Department of Higher Education

Amount
3% interest subvention on loans up to ₹10 lakh (family annual income ≤ ₹8 lakh) + 75% credit guarantee from the Government of India for loans up to ₹7.5 lakh. Collateral-free and guarantor-free.
Deadline
Rolling applications — apply anytime after admission via pmvidyalaxmi.co.in
States
All India
Apply on Official Portal Get Help
OverviewEligibilityHow to ApplyDocumentsFAQ

About This Scholarship

PM Vidyalaxmi (Pradhan Mantri Vidyalaxmi) is a flagship central scheme launched on 6 November 2024 to provide collateral-free, guarantor-free education loans to meritorious students admitted to top Quality Higher Educational Institutions (QHEIs) in India. The scheme combines two support components: (a) a 3% interest subvention on loans up to ₹10 lakh for students from families with annual income ≤ ₹8 lakh, and (b) a 75% Government of India credit guarantee on loans up to ₹7.5 lakh — meaning banks can lend without demanding collateral or third-party guarantee. As of February 24, 2026, PM Vidyalaxmi had received 1+ lakh applications with a ~60% approval rate — confirming the scheme is live and well-utilised. For students admitted to Maharashtra pharmacy, nursing, engineering or MBA colleges included in the QHEI list, PM Vidyalaxmi can be stacked with state MahaDBT scholarships for maximum fee coverage. Central scheme — independent of the Maharashtra MahaDBT-CAP integration.

This is a government scholarship classified as need-based. It provides financial support of 3% interest subvention on loans up to ₹10 lakh (family annual income ≤ ₹8 lakh) + 75% credit guarantee from the Government of India for loans up to ₹7.5 lakh. Collateral-free and guarantor-free. to eligible students. The scheme is offered by Ministry of Education, Government of India — Department of Higher Education and is applicable in All India.

Provider
Ministry of Education
Amount
3% interest subvention on loans up to ₹10 lakh
Deadline
Rolling applications — apply anytime after admission via pmvidyalaxmi.co.in
Coverage
All India
Courses
1 eligible
Type
Government · Need-Based

Eligibility Criteria

Who Can Apply

  • Indian student with merit-based admission to a recognised Quality Higher Educational Institution (QHEI) — 955 institutions notified in NIRF rankings (engineering, medicine, pharmacy, management, law, arts, science, research)
  • Any UG, PG or doctoral course at an eligible QHEI
  • Interest subvention component additionally requires family annual income ≤ ₹8 lakh and loan amount ≤ ₹10 lakh
  • Credit guarantee component covers loans up to ₹7.5 lakh without the income cap
  • No minimum merit threshold beyond QHEI admission itself

Eligible Courses

All professional and general UG / PG courses at the 955 QHEIs — engineering, medicine, pharmacy, nursing, management, law, arts, science

Applicable States

All India

How to Apply — Step by Step

1

Register on the PM Vidyalaxmi unified portal at pmvidyalaxmi.co.in using your email and mobile number

2

Complete your application with personal, academic and family-income details

3

Upload documents — admission letter, fee structure, identity proof, income certificate (for subsidy), and 10th / 12th / UG marksheets as applicable

4

Select up to 3 preferred banks from the participating list

5

Banks evaluate the application and respond digitally through the portal

6

Sign the loan agreement with the selected bank; disbursement follows

Official Application Portal

Apply directly on the official scholarship website:

pmvidyalaxmi.co.in

Documents Required

Admission Letter from a notified QHEI (institution list on pmvidyalaxmi.co.in)
Fee structure issued by the institution
Identity proof — Aadhaar card mandatory
Family Income Certificate (for 3% interest subvention component)
Previous academic marksheets (10th, 12th, UG if PG applicant)
Bank account details + PAN card of student and parent / guarantor
Passport-size photographs

Important

Keep all original documents and 2 sets of photocopies ready. Ensure income and caste certificates are recent (issued within last 6 months). Bank account must be in student's name and linked with Aadhaar for DBT.

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Frequently Asked Questions

How do I apply for scholarships?
Visit the National Scholarship Portal (NSP) at scholarships.gov.in and create an account. Most central and state scholarships are available through NSP.
What documents are needed for scholarship applications?
Common documents include Aadhar card, income certificate, caste certificate (if applicable), bank passbook, previous year marksheets, and domicile certificate.
When is the best time to apply for scholarships?
Most scholarship portals open between July-October for the academic year. Apply as early as possible — many scholarships are first-come-first-served.
Can I apply for multiple scholarships?
Yes, you can apply for multiple scholarships as long as you meet the eligibility criteria for each. However, some scholarships may not allow clubbing with other government scholarships.

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