PM-Vidyalaxmi Education Loan Scheme
Collateral-free, guarantor-free loans for students at top institutes, 75% credit guarantee and 3% interest subvention.
Updated 27 September 2026 · 8 lenders trackedWhat you need to know
PM-Vidyalaxmi was approved by the Union Cabinet on 6 November 2024 so that financial constraints do not stop meritorious students from quality higher education. It covers students admitted to Quality Higher Education Institutions (QHEIs) — 860 initially — and runs with an outlay of ₹3,600 crore from 2024-25 to 2030-31.
Key features
| Feature | Detail |
|---|---|
| Eligible institutions | Top 100 in NIRF (overall, category-specific or domain-specific), state government HEIs ranked 101–200, and all central government institutions |
| Collateral / guarantor | None needed |
| Credit guarantee | 75% of outstanding default for loans up to ₹7.5 lakh |
| Interest subvention | 3% during the moratorium for family income up to ₹8 lakh, on loans up to ₹10 lakh (1 lakh students a year; preference to government institutions and technical/professional courses) |
| Income up to ₹4.5 lakh | Full moratorium interest already covered under CSIS (PM-USP) |
| How to apply | Unified PM-Vidyalaxmi portal: pmvidyalaxmi.co.in |
Bank rates for PM-Vidyalaxmi institutes
| Bank | Rate |
|---|---|
| SBI | Utkarsh 6.90%, Uttam 7.20%, Uday 8.40% |
| Union Bank | 6.85% for Tier I institutes |
| Canara Bank Vidya Turant | 6.85%, applied via the portal |
| PNB Vidyalaxmi | 6.85% – 8.60% (as listed by BankBazaar) |
Steps
- Check your instituteConfirm it is a listed QHEI on the portal.
- RegisterCreate an account on pmvidyalaxmi.co.in.
- ApplyFill the common application and choose participating banks.
- TrackFollow status on the portal; the bank sanctions and disburses.
- Claim subventionApply for interest subvention through the portal if your family income qualifies.
Frequently asked questions
Is there a maximum loan under PM-Vidyalaxmi?
The scheme does not set a single ceiling; banks lend as per course cost and their schemes. The credit guarantee covers loans up to ₹7.5 lakh and subvention applies to loans up to ₹10 lakh.
Can I get both CSIS and PM-Vidyalaxmi subvention?
No. Families up to ₹4.5 lakh income get full interest under CSIS; PM-Vidyalaxmi’s 3% subvention is for income above that and up to ₹8 lakh.
For information and comparison only. Loan terms, rates and rules change — confirm with the lender and read the Key Facts Statement before borrowing.