Education Loan Up To Rs 10 Lakh Without Collateral, Check Digital Application Process Here – News18

Last Updated:March 28, 2025, 15:00 IST

Bank of Baroda has initiated loans under the PM-Vidya Lakshmi Scheme to provide financial assistance to meritorious students

Bank of Baroda has initiated loans under the Pradhan Mantri Vidyalakshmi (PM-Vidyalakshmi) Scheme to provide financial assistance to meritorious students. This scheme, an initiative of the central government, aims to ensure that a lack of funds does not prevent Indian youth from pursuing higher education.

In a statement, the public sector bank announced that applicants can apply digitally for education loans under the PM-Vidyalakshmi Scheme through the PM-Vidyalakshmi platform.

To meet students’ financial needs, the bank has 12 dedicated education loan approval cells and 119 retail asset processing cells, in addition to more than 8,300 branches across the country.

Why Is The This Scheme Special?

PM-Vidyalakshmi Scheme is a unique loan service that provides education loans without requiring collateral or a guarantor. The scheme is designed to be fully accessible through a completely digital application process.

Loan Amount And Repayment

The loan amount varies depending on the course and the bank. Generally, loans of up to Rs 10 lakh are provided without any guarantee, and the repayment period starts after course completion, with a grace period of one year.

How To Apply

• Visit the Vidya Lakshmi portal to apply for the loan.
• Register and log in to fill out the general education loan application form.
• Review schemes from different banks and submit your application.

Speaking on the occasion, Bank of Baroda Executive Director Sanjay Mudliar said: “PM-Vidyalakshmi Scheme is a pioneering initiative aimed at providing financial support to deserving students, ensuring that quality education remains accessible to all.”