Under the Pradhan Mantri Vidya Lakshmi Yojana (PM Vidya Lakshmi Yojana), financial assistance is provided to students for higher education.

The aim of this scheme is to help financially weak and promising students to continue their studies. Interest waiver and other benefits are given on education loan under the scheme.

Can a student apply multiple times?

This question comes to the mind of many students whether they can apply for loan repeatedly under this scheme.

Answer: As per the rules of the scheme, a student can apply only once.

If you have already applied for a loan under this scheme, then you cannot apply for it again.

Loan amount and interest waiver conditions

There is no upper limit set for education loans under the scheme, but interest waivers and benefits are given based on the following conditions:

Family annual income less than Rs 8 lakh:

3% interest will be paid by the central government on loans up to Rs 10 lakh.

The student will have to pay the full interest on loans above Rs 10 lakh.

Family annual income less than Rs 4.5 lakh:

Students from such families will be given full waiver of interest on loans up to Rs 10 lakh.

Loan application process

To apply for the scheme, the student has to register on the Vidya Lakshmi portal.

The loan application can be made after submitting the required documents.

Students have to ensure that all the information is correct and complete during their application.

Conclusion

The Pradhan Mantri Vidya Lakshmi Yojana is a great initiative for financially weaker students. However, students can apply only once under the scheme, so it is important to ensure that the application is done correctly.

By taking advantage of the scheme, students can facilitate their higher education and move towards better prospects in their career.

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