Table Of Contents
- 1 PM Vidyalaxmi Scheme 2026 – Overview
- 1.1 What Is PM Vidyalaxmi Scheme 2026?
- 1.2 PM Vidyalaxmi Scheme 2026 – Key Benefits
- 1.3 Eligibility Criteria for PM Vidyalaxmi Scheme 2026
- 1.4 Interest Subsidy & Credit Guarantee Details
- 1.5 Documents Required for PM Vidyalaxmi Scheme 2026
- 1.6 How to Apply Online for PM Vidyalaxmi Scheme 2026
- 1.7 Track PM Vidyalaxmi Loan Application Status
- 1.8 Apply for 3% Interest Subvention
- 1.9 Important Link
- 1.10 Conclusion
PM Vidyalaxmi Scheme 2026: Students from economically weaker and middle-income families who wish to pursue higher education in India now have strong financial support from the Government. Under the PM Vidyalaxmi Scheme 2026, eligible students can avail an education loan of up to ₹7.5 lakh without any collateral or guarantor, making quality education more accessible and affordable.
In this article, you will find complete, clear, and updated information about the PM Vidyalaxmi Scheme 2026, including benefits, eligibility, interest subsidy, required documents, and the step-by-step online application process, so that you can apply confidently without confusion.
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PM Vidyalaxmi Scheme 2026 – Overview
| Particular | Details |
|---|---|
| Scheme Name | PM Vidyalaxmi Scheme 2026 |
| Launched By | Government of India |
| Objective | Provide collateral-free education loans for higher studies in India |
| Loan Amount | Up to ₹7.5 lakh (No collateral, Govt credit guarantee) |
| Interest Subsidy | 3% subsidy for family income up to ₹8 lakh |
| Full Interest Subsidy | For income up to ₹4.5 lakh (PM-USP CSIS) |
| Application Mode | Online |
| Eligible Applicants | Students across India |
What Is PM Vidyalaxmi Scheme 2026?
The PM Vidyalaxmi Scheme 2026 is a student-friendly, fully digital education loan initiative designed to remove financial barriers to higher education. Under this scheme:
- Students can get up to ₹7.5 lakh education loan without collateral
- No guarantor or property mortgage is required
- The process is transparent, online, and bank-linked
- Interest subsidy support is available for eligible income groups
The Cabinet approved this scheme on 06 November 2024, with an allocated budget of ₹3,600 crore (2024–25 to 2030–31), benefiting nearly 7 lakh students nationwide.
PM Vidyalaxmi Scheme 2026 – Key Benefits
- Available to eligible students across India
- Admission must be secured in one of the 860 Quality Higher Education Institutions (QHEIs)
- Collateral-free education loan up to ₹7.5 lakh
- 3% interest subsidy on loans up to ₹10 lakh for families earning up to ₹8 lakh annually
- Fully digital application and tracking system
- Helps students focus on education without financial stress
Eligibility Criteria for PM Vidyalaxmi Scheme 2026
To apply under this scheme, students must meet the following conditions:
Basic Eligibility
- Applicant must be an Indian citizen
- Student should be a permanent resident of India
Income Criteria
- Family income up to ₹8 lakh → eligible for 3% interest subsidy
- Income certificate must be issued by a State Government authority
Institution Criteria
- Admission must be in one of the 860 approved QHEIs
- These include IITs, IIMs, NITs, Central Universities, and other top institutions selected as per NIRF rankings
Admission Type
- Admission must be merit-based or through competitive exams
- Management quota admissions are not eligible
Scholarship Restriction
- Student should not be availing any other Central/State scholarship or interest subsidy
- Self-declaration is mandatory during application
Interest Subsidy & Credit Guarantee Details
1. Interest Subsidy
| Income Limit | Benefit |
|---|---|
| Up to ₹4.5 lakh | Full interest subsidy during moratorium (PM-USP CSIS) |
| Up to ₹8 lakh | 3% interest subsidy on loans up to ₹10 lakh |
| Subsidy Period | Course duration + 1 year (Moratorium) |
2. Credit Guarantee (Up to ₹7.5 Lakh)
- Covered under Credit Guarantee Fund Scheme for Education Loans (CGFSEL)
- No collateral or guarantor required
- Government provides up to 75% credit guarantee to banks
- Ensures deserving students are not denied education due to lack of security
3. Eligible Courses
- Loans applicable for technical and professional courses
- Courses must be approved under IBA Model Education Loan Scheme
- Institution must be among the 860 notified QHEIs
Documents Required for PM Vidyalaxmi Scheme 2026
Keep the following documents ready before applying online:
- Aadhaar Card
- PAN Card
- Bank Passbook
- College/Institute ID Card
- Income Certificate (State Govt. issued)
- Domicile Certificate
- Caste Certificate (if applicable)
- Previous exam mark sheets & certificates
- Entrance exam result (if applicable)
- Admission letter & fee structure
- Active mobile number
- Passport-size photograph
How to Apply Online for PM Vidyalaxmi Scheme 2026
Registration Process
- Visit the official PM Vidyalaxmi Portal
- Select Login → Student Login → Create Account
- Register using Aadhaar-based verification
- Enter name, mobile number, and email ID
- Verify OTP and create a strong password
- Accept Terms & Privacy Policy and submit
Online Loan Application Steps
- Log in using registered email and password
- Verify login through OTP
- Go to Student Dashboard → Apply for Education Loan
- Fill in academic, personal, and course details
- Upload required documents
- Select preferred bank and branch
- Review details carefully
- Accept terms and submit the application
Track PM Vidyalaxmi Loan Application Status
- Log in to the PM Vidyalaxmi portal
- Click on Track Loan Application
- Select your Loan Application Number
Status may show as:
- Under Review
- Approved
- Disbursed
You can also download the application PDF for records.
Apply for 3% Interest Subvention
Interest subsidy can be claimed only after loan approval and disbursement.
- Login to the portal
- Click on Apply for Interest Subvention
- Select Claim Interest Subvention
- Upload Income Certificate or Institute-issued Annexure-6
- Submit the form
- Confirmation will be sent via SMS/Email/WhatsApp
Important Link
| Direct Link To Apply Online | Click Here |
| Official Website | Click Here |
| Home Page | Click Here |
Conclusion
The PM Vidyalaxmi Scheme 2026 is a powerful initiative for students who want to pursue higher education without the burden of collateral or high interest costs. With government-backed credit guarantee and interest support, this scheme significantly reduces financial pressure on families.
👉 Expert Tip: Before applying, ensure your admission letter clearly mentions merit-based selection and your income certificate is valid and updated, as these two documents play a key role in loan approval and interest subsidy eligibility.
