Pradhan Mantri Vidya Lakshmi Karyakram – Towards a Bright Future
Through the ‘Pradhan Mantri Vidya Lakshmi Karyakram’ a fully IT based Student Financial Aid Authority has been proposed which will manage and monitor scholarship as well as educational loan schemes so that all poor and middle class students can pursue higher education of their choice without any financial constraints.
Features of PM Vidya Lakshmi Yojana 2025
Simple and transparent process: This scheme will be operated through a digital portal, making it easy to apply.
Loan without guarantee: Students will get an education loan up to ₹ 10 lakh without any guarantee.
Interest discount: Students whose family’s annual income is less than ₹ 8 lakh and who are not benefiting from other government scholarship schemes will be provided 3% interest subsidy.
Long Term Scheme: The government has set a budget of ₹3,600 crore for this scheme, which will be applicable from 2024-25 to 2030-31. This will benefit more than 7 lakh students.
Students can apply through the Portals
Vidya Lakshmi Portal is the first of its kind portal for students seeking education loan. It provides a single window electronic platform for students to access information and prepare applications for educational loan and government scholarship.
It provides information about:
• Educational loan schemes of various banks
• Common educational loan application form for students
• Apply for an education loan in multiple banks
• Facility for banks to download student loan application
• Facility for banks to upload loan processing status
• Facility for students to email educational loan related complaints/queries to banks
• Linkage to National Scholarship Portal for information and application for government scholarships
• This initiative aims to bring together all the banks providing educational loans.
It is expected that students across the country will benefit from this initiative of the government, as a single window has been provided to access various educational loan schemes of all banks. The portal is being developed and maintained by NSDL e-Governance Infrastructure Limited.
39 banks have registered 70 educational loan schemes on Vidya Lakshmi portal and integrated their systems with the portal to provide loan processing status to students.
Public Sector Banks
State Bank of India (SBI) – Student Loan Scheme, Global Ed-Vantage Scheme, Scholar Loan Scheme, Skill Loan Scheme.
Bank of Baroda – Baroda Gyan, Baroda Scholar, Baroda Education Loan, Skill Loan Scheme, Loans for Executive Development Programmes.
Punjab National Bank (PNB) – PNB Kaushal, PNB Saraswati, PNB Pratibha, PNB Flight.
Union Bank of India – Union Education Loan.
Bank of India – Bank of India Education Loan.
Canara Bank – IBA Model Education Loan Scheme.
Indian Bank – Revised IBA Educational Loan Scheme, IB Skill Development Loan.
2. Private Sector Banks
Axis Bank – Education Loan.
HDFC Bank – HDFC Fed Scholar Loan.
ICICI Bank – Vidya Siddhi Loan.
Kotak Mahindra Bank – Kotak Education Loan.
Yes Bank – Yes Education Loan.
3. Cooperative Banks
Abhyudaya Cooperative Bank – Gyanvardhini Education Loan.
Dombivli Nagari Sahakari Bank – Vidyavardhini Education Loan.
New India Cooperative Bank – Vidya Vikas Loan Scheme.
4. Other Banks and Financial Institutions
Federal Bank – Suvidya Education Loan.
IDBI Bank – Vocational Course Education Loan, Education Loan for Management Quota Students, Loan for Physically Challenged Students.
Central Bank of India – Cent Vidyarthi Education Loan.
Syndicate Bank – Syndvidya, Syndsupervidya, Skill Loan Scheme.
Vijaya Bank – Education Loan for Management Quota Students, Skill Loan Scheme.
How to apply for the loan
The applicant has to register and log in on Vidya Lakshmi portal and then fill the Common Education Loan Application Form (CELAF) by providing all the required details.
CELAF is a single form that students can fill to apply for an educational loan in multiple banks/schemes.
This form is prescribed by Indian Banks Association (IBA) and is accepted by all banks.
It is available on Vidya Lakshmi portal. After filling the form, the applicant can search and apply for educational loan as per his/her needs, eligibility and convenience.
Alternatively, the applicant can also search for an educational loan after login and apply for the appropriate educational loan by filling the CELAF.
A student can apply to a maximum of three banks through Vidya Lakshmi Portal using CELAF.
Guidelines for Registration on Vidya Lakshmi Portal
Name – Please enter the name of the student as mentioned on the 10th class mark sheet or the mark sheet attached with your loan application.
Mobile Number – Enter a valid mobile number. Students can provide the mobile number of the parent/guardian.
Email ID – Enter a valid email ID. Email ID is not allowed to be changed later.
All necessary communications will be sent to this email ID. Several other unique measures have been taken to enhance the quality and access to education: ‘Pandit Madan Mohan Malaviya Mission’ for teacher training has been launched to enhance the quality of teaching.
Global Initiative of Academic Networks (GIAN) has been launched to invite eminent faculty, scientists and entrepreneurs from leading academic and scientific institutions across the world to teach at higher educational institutions in the country during summer and winter vacations to provide international experience to Indian students.
• SWAYAM will leverage Massive Open Online Courses (MOOCs) to enable online education.
• National e-Library will facilitate universal access to educational content and knowledge sources.
• Shala Darpan is a mobile technology that ensures parents stay connected with schools, allowing them to monitor their children’s progress.
Please Note to Applicants: All education loans under the Model Education Loan Scheme of Indian Banks Association (IBA) are now accessible through a simple, transparent, student-friendly and completely digital application process.
Please click on https://pmvidyalaxmi.co.in/ to apply for an education loan.
Important Things to remember
This portal is also for interest waiver on education loans to eligible students.
The portal does not ask for any kind of payment from its applicants. It is therefore advised that they should not make any payments and beware of any calls, SMS, emails,
WhatsApp messages and fraudulent/fake websites that look like https://pmvidyalaxmi.co.in/ and ask for payment in exchange for quick approval/disbursement.
Also, do not scan any QR code or use any other link that claims to get disbursement in your account. Education loan disbursement will be done by the concerned bank.
Students willing to apply for interest waiver on education loan must apply on https://pmvidyalaxmi.co.in/ portal after disbursement of first installment of education loan.
After the students are selected, they will be informed through their login in https://pmvidyalaxmi.co.in/ portal as well as through SMS and WhatsApp messages (during applying for education loan)
Link for the portal
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