By Admin 
The central government has announced a major relief for millions of promising students of the country. Now due to financial constraints, students facing hindrance in studies will be able to take education loan of up to Rs 10 lakh under PM Vidya Laxmi Yojana. This decision is a golden opportunity for those youth who dream of higher education, but lack of money becomes a wall in their way.
The government has also fixed the budget for the operation of this scheme. Its aim is to give an opportunity to financially weak, but talented students to complete their studies. Under this scheme, students can study not only in prestigious colleges in India, but also in high ranked institutions of abroad.
The most important thing will not require any guarantor for the loan. Around 39 nationalized banks of the country are associated with this scheme. The central government will give a credit guarantee of up to 75% on loans up to Rs 7.5 lakh, which will give confidence in giving loans to banks and students will be able to take loans.
Who can take advantage of this scheme?
- The applicant should be a citizen of India.
- The 10th and 12th examinations should have at least 50% marks.
- The annual income of the family should not exceed Rs 8 lakh.
- Students should be admitted for higher education in a recognized institute.
- The student or his family should not be in serious financial crisis during the loan period.
- If the income of the family is up to Rs 8 lakh, then a loan of up to Rs 10 lakh can be received. This will be given a discount of 3% from the interest rate. At the same time, families who have income up to Rs 4.5 lakh, are already ongoing interest
- This scheme will get additional benefits with schemes.
Why is this plan special?
Earlier, many students were difficult to find guarantor for loan, due to which the dream of studies would remain incomplete. But now you will be able to get a loan without guarantor. Apart from this, this scheme is also opening doors for students wishing to study abroad.
What documents will be required?
- Income certificate
- Identity Card (Aadhaar Card, Passport, Voter ID etc.)
- Address proof
- Educational Qualification Certificate (10th, 12th, or others)
- Caste certificate (if applied)
- Economically weaker section (EWS) certificate
Application process
Interested students can apply by visiting Vidya Lakshmi Portal. Applications can be made for the loan by filling a form and uploading the necessary documents. After getting loan approval from the bank, the student can start his studies directly.
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