PM – Vidyalaxmi scheme
PM – Vidyalaxmi scheme
| Sl No. | Parameters | Details | ||||||||||
| 1 | Eligible Students | ü Students admitted through open competitive examinations/ merit based admission shall get this loan.
ü Students admitted through management quota (or similar quota) will not be eligible. |
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| 2 | Eligibility | ü Meritorious students who get admission in the Quality Higher Educational Institutions (QHEIs) in India.
ü The student should be an Indian National. ü Students of all family income groups will be eligible to get this education loan. |
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| 3. | Quality Higher Education Institutions (QHEIS) | Following are the criteria of an Institute to be considered as quality HEI under PM – Vidyalaxmi;
ü Top 100 ranked HEIs in the overall/ category-specific and/or domain specific rankings in latest list of NIRF published by the Ministry of Education; plus ü Top 200 ranked HEIs under the governance of State/UT governments in the latest list of NIRF published by the Ministry of Education; plus; ü All remaining HEIs under the governance of Government of India. ü Indian campus of foreign education institutions, foreign campus of Indian education institutions and foreign education institutions will not be covered. ü Department of Higher Education (DHE) shall prepare a list of such Higher Education Institution (HEIs) in consultation with NBA (for NIRF ranked institutions) and AISHE (for remaining central government institutions). This list will be updated every year using the latest NIRF ranking and placement record of the institution for selection of QHEI in future. ü A list of 860 Institutes for the year 2024-25 is enclosed in (Annexure – B). This list will continue till updating new list by DHE for which a circular will be issued in Due course. |
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| 4 | Eligible Courses | Graduation/ Post Graduation degree and diploma courses offered by QHEIs. | ||||||||||
| 5 | Loan Amount | ü Need based finance depending upon course fee and other fees charged by the QHEI and other associated expenses (like mess, hostel fee, other refundable fees of the QHEI, cost of reasonable quality of laptop and reasonable amount of living cost required by the student during the course period.)
ü There is no maximum limit of education loan. |
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| 6 | Margin |
ü Scholarship/ assistantship to be included in margin. ü Margin may also be allowed on a pro-rata basis, as and when disbursements are made. |
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| 7 | Security / Guarantee | ü No Collateral security or guarantee is required
ü Assignment of the future income of student borrower. ü Parent(s)/ guardian(s)/ spouse, as applicable to be made joint/ co-borrowers. |
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| 8 | Repayment Period | The repayment period of the education loan would be up to 15 years excluding moratorium period (Course period + 1 year), which is same as IBA Model Education Loan Scheme guidelines. | ||||||||||
| 9 | Definition of family | “Family”, for the purpose of determining the family income criteria in this scheme shall be the student plus her/ his father & mother plus her/ his spouse, wherever applicable. | ||||||||||
( Last modified on Feb 19, 2025 at 06:02:43 PM )
