PM Vidyalaxmi Scheme has sanctioned more than 1.12 lakh collateral-free and guarantor-free education loans since its launch in November 2024, according to the Ministry of Education. Loans worth ₹15,634.78 crore have been approved to support students pursuing higher education in top institutions across India. Students with an annual family income of up to ₹8 lakh are eligible for a 3% interest subsidy on education loans of up to ₹10 lakh. The PM Vidyalaxmi portal, operational since February 2025, enables students to apply online through a single-window platform connected to 64 participating banks. PM Vidyalaxmi Scheme aims to ensure that no deserving student misses higher education due to financial constraints while making education loans more accessible and transparent.
PM Vidyalaxmi Scheme: 1.12 Lakh Education Loans Approved Since Launch
