PM-Vidyalaxmi Portal for Higher Education Loans

The Government of India launched the PM‑Vidyalaxmi scheme in November 2024 to provide collateral‑free, guarantor‑free education loans to merit‑based students admitted to Quality Higher Education Institutions. For students with annual family income up to Rs 8 lakh, the scheme offers a 3 % interest subvention on loans up to Rs 10 lakh, with an outlay of Rs 3,600 crore for 2024‑31. Since its launch, 1,12,817 loans worth Rs 15,634.78 crore have been sanctioned. Interest subvention is credited through a digital wallet after Aadhaar‑based de‑duplication and is contingent on academic performance. The portal has onboarded 12 public, 20 private, 25 RRBs and 7 cooperative banks, contributing to a rise in the higher‑education GER from 23.0 to 30.0.