Over 112,000 Students Benefit from PM-Vidyalaxmi Education Loans Worth ₹15,634 Crore

As of July 21, 2026, over 112,000 students have successfully secured education loans under the PM-Vidyalaxmi scheme, amounting to a substantial ₹15,634.78 crore, according to the Ministry of Education's report to the Lok Sabha. This initiative, which was launched in November 2024, aims to eliminate financial barriers for deserving students seeking higher education. By providing collateral-free and guarantor-free loans, the PM-Vidyalaxmi scheme ensures that students who gain admission to top Quality Higher Education Institutions (QHEIs) can pursue their academic goals without the burden of financial constraints. The scheme specifically targets students from families with an annual income of up to ₹8 lakh, offering a 3 percent interest subvention on loans of up to ₹10 lakh, thereby making higher education more accessible to a broader demographic.

To support this initiative, the government has allocated ₹3,600 crore for the fiscal years 2024-25 through 2030-31, intending to assist around seven lakh new beneficiaries through the interest subvention program. Each year, the scheme is designed to benefit up to one lakh students who are not receiving any other scholarships or interest subsidies on education loans. The PM-Vidyalaxmi portal, which became operational on February 25, 2025, serves as a centralized online platform where students can apply for loans and interest subventions from participating banks, streamlining the process and enhancing accessibility.