Education loan scheme for premier institutions. Up to ₹10L collateral-free. Interest subvention 3% during study. For 860+ Top NIRF-ranked institutes.
PM Vidyalaxmi eligibility?+
Indian student admitted to top 860 institutes (NIRF top 100/200). Family income up to ₹8L: 100% subvention. ₹4.5L-8L: 75% subvention. <₹4.5L: full subsidy.
PM Vidyalaxmi loan amount?+
Up to ₹10 lakh collateral-free for IIT/IIM/NIT/Premier institutes. Up to ₹7.5L for others. Above ₹10L needs collateral. Covers fees, books, lodging.
How to apply PM Vidyalaxmi?+
Visit vidyalakshmi.co.in. Fill Common Education Loan Application Form (CELAF). Apply to multiple banks simultaneously. Compare offers. Choose best one.
Repayment terms?+
Moratorium: course duration + 1 year. Then 15-year repayment. Interest 8.5-11%. Principal + interest EMI. Prepayment allowed without penalty after 1 year.
Education loan tax benefit?+
Section 80E: Full interest deduction for 8 years of repayment. No upper limit. For self/spouse/child higher education. Saves significant tax.
PM Vidyalaxmi vs regular education loan?+
PM Vidyalaxmi: Govt subsidy, 860 institutes only, easier terms. Regular: Any college, no subsidy, all banks. PM Vidyalaxmi much cheaper if eligible.
Documents for education loan?+
Admission letter, fee structure, KYC, parent income proof (3 years ITR/salary), academic records, collateral (if needed). Aadhaar mandatory.