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/Guardian to be joint borrowers
Rate of interest
- RLLR +0.50% (Floating)
Subsidy
- Annual income up to ₹4.50 Lacs 100% Interest subvention in case of Technical/Professional Courses & 3% in other courses.
- Annual income more than ₹4.50 Lacs 3% interrest subvention in both technical/professional or other courses.
