Apply Now
banner image
Benefits

PM Vidyalaxmi

Objective

PM-Vidyalaxmi, a special loan product of collateral-free and guarantor-free education loans is introduced. This education loan will be available to students who get admission on their own merit to quality Higher Education Institutions (QHEIs) in India.

Eligibility

The student should be Indian National including Non Resident Indian (NRI).

Overseas citizens of India (OCI).

Quantum Of Finance

Need Based finance to meet expenses.

Margin

Up to Rs. 4 Lakh - NIL

Above Rs. 4 Lakh - 5%

Indicative List of Documents required Student-applicant

KYC Details (Student) – Aadhaar, PAN ID and Address Proof.

Previous Qualifying self-attested copy of Mark sheets.

Entrance Exam Result.

Offer letter from Institution along with Fee Structure.

Passport-size photographs.

Previous / existing loan, if any, from Banks/Lenders, banks may obtain suitable documentary evidence.

Proof of family Income from designated public authority of the state.

Security

Parents/guardians be joint borrowers.

Future income of the student to be assigned to bank for repayment of loan.

Repayment Period

15 years Excluding moratorium period (course period + 1 year)

Subsidy/Subvention

Technical/ Professional courses Other courses
Annual income Up to 4.5 lakhs 100% interest subvention
(PM-USP CSIS)
3% interest subvention
(PM-Vidyalaxmi)
Annual income 4.5 lakhs – 8.00 lakhs 3% interest subvention
(PM-Vidyalaxmi)
3% interest subvention
(PM-Vidyalaxmi)

List of eligible institutes

Annexure

Listen
PIHU- Pnb's Instant Help for you