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Objective
- PM-Vidyalaxmi, a special loan product of collateral-free and guarantor-free education loans, its major objective is to ensure that no student is denied the opportunity to pursue higher education due to financial constraints.
Eligibility
- Should be an Indian citizen (Including an NRI) who has got a merit based selection in top 860 High Quality Educational Insititutes of India only (HQEI)
Quantum of finance
- No limit
Margin
- Up to ₹7.50 Lacs: NIL
- Above ₹7.50 Lacs: 10%
Repayment
- 15 years excluding moratorium period.
Moratorium
- Course period + 1 Year
Processing Charges
- NIL
Security
- No security Parent(s)/Guardian(s) to be joint borrower(s)
- Education loans with quantum up to ₹7.50 Lakhs shall be covered by way of credit guarantee under Credit Guarantee Fund Scheme for Education Loan (CGFSEL) with cover equivalent to 75% of amount in default.
- Guarantee fee for obtaining cover under CGFSEL to be borne by bank.
Rate of interest
- RLLR +0.50% (Floating)
Subsidy
3% Interest Subvention under PM-Vidyalaxmi :-
- A student whose annual family income is up to ₹ 8 lakhs and who is pursuing any course from these quality HEIs shall be eligible to get 3% interest subvention for education loans up to ₹ 10 lakhs.
- If education loan amount is more than ₹ 10 lakhs, interest subvention shall be provided for disbursed total principal amount of loan up to ₹ 10 lakhs only.
- 3% Interest subvention shall be provided for interest accrued on outstanding education loan during moratorium period (course period plus one year).
- In a year, a maximum of One lakh such interest subventions shall be provided. In case number of fresh applicants exceeds One lakh, a sequential method will be used to select 1 lakh beneficiaries.
- It may be noted that as per the guidelines of the PM-USP CSIS scheme, students who are pursuing technical/professional courses from approved NAAC accredited HEIs/NBA accredited courses and whose annual family income is up to ₹ 4.5 lakhs, shall be eligible for interest subvention during moratorium period for education loan up to ₹ 10 lakhs.
- Thus, students whose annual family income is between ₹ 4.5 lakhs and ₹ 8 lakhs shall be eligible to apply for 3% interest subvention for all degree/diploma courses in the QHEIs. An indicative distribution regarding eligibility for interest subvention in PM-Vidyalaxmi and PM-USP CSIS in the QHEIs is tabulated below:
| Annual Income | Technical/ Professional Courses | Other Courses |
|---|---|---|
| Up to 4.5 Lacs | 100% interest subvention (PM-USP CSIS) | 3% interest subvention (PM-Vidyalaxmi) |
| 4.5 lakhs – 8 Lacs | 3% interest subvention (PM-Vidyalaxmi) | 3% interest subvention (PM-Vidyalaxmi) |
