pmvidyalaxmi.co.in.What You'll Learn
- Detailed 2026 eligibility criteria for the ₹10 lakh collateral-free education loan.
- How to claim the 3% interest subvention via E-vouchers and CBDC wallets.
- List of 860+ Quality Higher Education Institutions (QHEIs) covered under NIRF.
- Step-by-step guide to the Common Education Loan Application Form (CELAF).
PM Vidyalaxmi Scheme 2026: Revolutionizing Higher Education Funding
The PM Vidyalaxmi Scheme, approved by the Union Cabinet in November 2024 and implemented from the academic year 2025-26, is a landmark initiative to ensure that no meritorious student is denied higher education due to financial constraints. With a total allocation of Rs 3,600 crore, the scheme provides collateral-free and guarantor-free education loans up to Rs 10 lakh to students who have secured admission in the top 860 Quality Higher Education Institutions (QHEIs) ranked by the National Institutional Ranking Framework (NIRF). Students from families with annual income up to Rs 8 lakh are eligible for a 3 percent interest subvention on the loan.
PM Vidyalaxmi Scheme Eligibility Criteria 2026
To be eligible for the PM Vidyalaxmi scheme, students must meet the following criteria: secure admission on merit in one of the 860 designated QHEIs in India, which includes top central universities, IITs, NITs, IIITs, AIIMS, and private institutions ranked in the top 100 of NIRF. The family income must be up to Rs 8 lakh per annum to qualify for the 3 percent interest subvention. There is no income limit for the collateral-free loan component. The student must be an Indian citizen and the loan is available for undergraduate, postgraduate, and doctoral programs offered by the eligible institutions.
Loan Amount and Credit Guarantee Details
Under the PM Vidyalaxmi scheme, students can avail education loans up to Rs 10 lakh. For loans up to Rs 7.5 lakh, the government provides a 75 percent credit guarantee of the outstanding default amount, making it easier for students to get loans without collateral or a guarantor. For loans between Rs 7.5 lakh and Rs 10 lakh, students can get loans from banks with applicable terms. The 3 percent interest subvention is available for loans up to Rs 10 lakh for students with family income up to Rs 8 lakh per annum. The loan covers tuition fees, hostel charges, and other educational expenses.
How to Apply for PM Vidyalaxmi Loan Online 2026
The application process is entirely digital through the pmvidyalaxmi.co.in portal. Students need to register and login, then fill the Common Education Loan Application Form (CELAF) by providing personal details, academic information, and the institution where admission has been secured. The student can apply to up to three banks simultaneously through a single application. After submission, banks process the application, verify documents, and sanction the loan typically within 15-20 working days. Required documents include Aadhaar, marksheets, admission letter, fee structure, and income proof of parents.
List of Eligible QHEIs Under PM Vidyalaxmi 2026
The scheme covers 860 Quality Higher Education Institutions, including all central government-governed institutions, IITs, NITs, IIITs, AIIMS, and top private institutions ranked by NIRF. The list is updated annually based on the latest NIRF rankings. More than 22 lakh students are expected to benefit from the scheme annually. The QHEI list includes institutions across all states and union territories, ensuring broad geographic coverage. Students can check whether their institution is eligible on the pmvidyalaxmi.co.in portal.
Last Updated: May 31, 2026 | Source: Ministry of Education (Official Website)