The Pradhan Mantri Vidyalakshmi Yojana (PM-Vidyalakshmi Scheme) aims to help promising students pursue higher education without financial hurdles.
Bank of Baroda (BoB), a leading government bank, has announced the implementation of this scheme, making it easier for students to apply for education loans at affordable rates.
The best part is that students can now apply for this scheme online through BoB’s digital platform.
Contents
Collateral-Free Loan with No Guarantor Required
One of the major benefits of the PM Vidyalakshmi Scheme is that students can avail of loans without providing any collateral or guarantor.
The entire process is digital, ensuring a hassle-free experience for students when applying and getting loan approvals.
Key Features of PM Vidyalakshmi Scheme
The scheme provides education loans to students enrolled in 860 top Higher Quality Educational Institutes (QHEIs) across India.
The government offers a 75% credit guarantee on loans up to ₹7.5 lakh, encouraging banks to approve more loans.
Students from weaker-income groups may also receive partial or full interest subsidies under the scheme.
Bank of Baroda’s Special Arrangements
To make the scheme accessible to more students, Bank of Baroda has set up:
12 Education Loan Sanctioning Cells (ELSC)
119 Retail Assets Processing Cells (RAPC)
Over 8,300 branches supporting loan applications.
This initiative ensures that students who aspire to pursue higher education but face financial constraints can receive the necessary support.
Sanjay Mudliar, Executive Director, Bank of Baroda, emphasized that the PM Vidyalakshmi Scheme is a game-changer, making education loans more accessible through a fully digital process. BoB is proud to be one of the first banks to implement this initiative.
How to Apply?
Students can apply for an education loan under the PM Vidyalakshmi Scheme by visiting the official website of Bank of Baroda.
The entire application process is online and simple, ensuring students do not face unnecessary difficulties.
Additionally, BoB offers other education loan options, such as:
1) Loans up to ₹7.5 lakh without security.
2) Loans up to ₹40 lakh without a guarantor for students in 384 prestigious institutions in India.
3) Loans up to ₹50 lakh without security for students studying at top international institutions.
With these initiatives, higher education is now more accessible for students across the country.