Tuesday, February 18th, 2025

PM Vidyalaxmi: New portal for PM Vidyalaxmi scheme, education loan application easy, money will be available from the app!

PM Vidya Lakshmi Education Loan Scheme: The Education Ministry has prepared a new portal for the new central scheme, PM Vidyalakshmi. Security features are being tested. The ministry says that the portal will be launched by the end of January. This will simplify the process from applying for PM Vidya Lakshmi Loan to sending the loan amount to the student’s account. There will be only a two page application form on the new portal. Whereas now many pages of application form have to be filled.

Payment will be done through PM Vidyalakshmi app

A senior official says that along with the preparations for the launch of the portal, the Central Bank Digital Currency (CBDC) app is also being prepared. After completion of all the formalities for PM Education Loan, E-VOUCHER will be sent to the students. When students do readings on this app through their phones, the loan amount will be credited to their account.

Currently, a pilot project of payment through the app will be run for some students who applied for the Central Sector Interest Subsidy Scheme (CSIS) in January. After that, under Vidyalakshmi Yojana, after March, students will be paid through the app.

Vidyalaxmi Scheme: No education loan upper limit

By the end of March 2025, the Ministry will get the details of all the applications from the banks. From the end of January 2025, applications can also be made through the new PM Vidyalakshmi Yojana portal. Once the new portal is ready, the ministry will have all the data.

There is no upper limit on education loan in PM Vidyalakshmi. The upper limit of education loan is decided after considering the course fees, hostel fees, expenses on laptop, food expenses and other expenses. On the basis of All India Survey of Higher Education 2022, it has been seen that every year about 22 lakh students get admitted in these 860 institutions. In such a situation, all these students will be eligible for loan.

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