The Pradhan Mantri Vidyalakshmi Yojana (PM-Vidyalakshmi Scheme) is designed to help students pursue higher education without financial worries.
This scheme ensures that deserving students can get education loans easily and at affordable rates.
Bank of Baroda’s Initiative
Bank of Baroda (BoB), a leading government bank, has launched this scheme to simplify the education loan process.
Students can now apply for loans online through BoB’s digital platform, making the process faster and more convenient.
Key Benefits of the Scheme
Collateral-Free Loans Without a Guarantor
One of the biggest advantages of the PM Vidyalakshmi Scheme is that students can get loans without providing collateral or a guarantor.
The entire process is digital, ensuring a smooth experience for students seeking financial assistance.
Loan Features and Government Support
The scheme covers education loans for students enrolled in 860 top Higher Quality Educational Institutes (QHEIs) across India.
The government provides a 75% credit guarantee on loans up to ₹7.5 lakh, encouraging banks to approve more applications.
Students from economically weaker backgrounds may receive partial or full interest subsidies on their loans.
Bank of Baroda’s Special Support System
To ensure easy access to loans, Bank of Baroda has set up:
12 Education Loan Sanctioning Cells (ELSC)
119 Retail Assets Processing Cells (RAPC)
Over 8,300 branches to assist with loan applications
Sanjay Mudliar, Executive Director of Bank of Baroda, called this scheme a “game-changer”, making education loans more accessible through a fully digital process.
How to Apply?
Students can apply for a loan under the PM Vidyalakshmi Scheme by visiting Bank of Baroda’s official website. The process is completely online and hassle-free.
Additionally, BoB offers other education loan options:
Loans up to ₹7.5 lakh without security
Loans up to ₹40 lakh without a guarantor for students in 384 prestigious Indian institutions
Loans up to ₹50 lakh without security for students studying at top international institutions
