PM Vidyalaxmi offers collateral free loans to NIRF-ranked QHEI students
The PM Vidyalaxmi Scheme, rolled out in November 2024, is making it easier for students from low-income families to get into top colleges: no collateral or guarantor needed.
If you land a spot in a Quality Higher Education Institution (QHEI), picked based on NIRF rankings, you can apply for these loans without the usual financial stress.
Digital loans up to 7.5L
Tied to the National Education Policy 2020, this scheme aims to break down money barriers with a fully digital application process.
You can get up to ₹7.5 lakh with 75% backed by the government.
Families earning up to ₹8 lakh a year get a 3% interest subsidy (and full subsidy if income is up to ₹4.5 lakh).
The scheme is designed to benefit over 22 lakh students every year: loans worth ₹60,369.3 crore have already been sanctioned, making college dreams more accessible than ever.