PM-Vidyalaxmi Portal provides a single window for students to access information and make application for Educational Loans provided by Banks. Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal. The portal also provides linkages to National Scholarship Portal. This portal has been developed under the guidance of Department of Financial Services (Ministry of Finance), Department of Higher Education (Ministry of Education) and Indian Banks Association (IBA). Features of the portal Information about PM-Vidyalaxmi and other Education loan Scheme of member Banks Facilitates students to apply for Education Loan from their preferred Bank. Option to students to select three Banks while applying Education Loan Facility to students to apply for Interest subvention on PM-Vidyalaxmi portal Facility for students to upload required documents for interest subvention Status of the loan application available in Track Loan Application Tab Online Grievances redressal mechanism Real time updates on application status, bank responses and document requests. About PM-Vidyalaxmi Scheme The Union Cabinet on 6th November 2024 approved “Pradhan Mantri Vidyalaxmi” (PM-Vidyalaxmi), a Central Sector Scheme to financial support to meritorious students so that financial constraints do not prevent any youth of India from pursuing quality higher education. The broad contours of the scheme are: A mission mode mechanism will facilitate and drive the extension of education loans to meritorious students who get admission in the top 860 quality Higher Educational Institutions (QHEIs) of the nation, translating to covering more than 22 lakh students every year. A special loan product will enable collateral free, guarantor free education loans; made accessible through a simple, transparent, student-friendly and entirely digital application process. Loan amounts up to ₹7.5 lakhs will be provided a 75% credit guarantee by the Government of India, to support banks to expand coverage. Furthermore, for students with up to Rs. 8 lakhs annual family income, the scheme will also provide for 3% interest subvention on loans up to Rs 10 lakh. This is in addition to the full interest subvention already offered to students with up to Rs. 4.5 lakhs annual family income. The Scheme is applicable for all Scheduled Banks/Regional Rural Banks (RRBs)/Cooperative Banks. How to apply for Educational loan through PM-Vidyalaxmi portal? The applicant must register and login to PM-Vidyalaxmi portal After filling the form, the applicant can apply for Educational Loan as per his/her needs, eligibility and convenience. Is it mandatory for a student to have an account in the selected bank, where she/he is taking education loan? No, it is not mandatory for a student to already have a bank account in the branch or bank from which they are availing the education loan. However, once the loan is sanctioned, banks will require the student (or jointly with the parent/co-applicant) to open a savings account in the same bank branch for disbursement and repayment purposes. How many applications for Educational Loan can be submitted by a student? One active application can be submitted by the student at a time on the portal, in which Student can apply to maximum three Banks for Education Loan. How will an applicant know the status of his/her application? Student can view the updated status i.e., Closed/Disbursed/In process/PF-Eligible/Rejected/Reqinfo/Sanctioned/Submitted by clicking "Track Loan Application" Tab provided in PM-Vidyalaxmi portal. In case of rejection of Education loan application student may contact the respective member Bank for further clarification. How is the money/educational loan disbursed? Education loan disbursement will be initiated by Banks based on the disbursement request of the student. The Bank verifies all the documents and do needful Due-Diligence before sanction. After sanction, the amount will be directly remitted to the account of Educational Institution. The PM-Vidyalaxmi portal doesn’t release funds, it is only a processing channel for education loan. For Help/support, Toll-Free: 1800 1031; Email: support@pmvidyalaxmi.co.in Source : PM-Vidyalaxmi portal