PM-Vidyalaxmi Scheme for Educational Improvement (2024)
GOVERNMENT OF INDIA
MINISTRY OF EDUCATION
DEPARTMENT OF HIGHER EDUCATION
LOK SABHA
UNSTARRED QUESTION NO. 2749
ANSWERED ON- 09.03.2026
EDUCATIONAL LOAN UNDER PM-VIDYALAXMI SCHEME
2749. Shri Vijay Kumar Hansdak: Kumari Selja:
Will the Minister of Education be pleased to state:
(a) the number of students who have applied via PM Vidyalaxmi portal since its launch in 2024;
(b) the number of education loan applications received, sanctioned, rejected, withdrawn, disbursed and pending since its inception, bank-wise and State/UT-wise along with the average processs time for loan applications and the number of complaints on delays or rejections received since 2024;
(c) whether the Government has analysed the reasons for the significant gap between loan sanctions and actual disbursements under PM-Vidyalaxmi, if so, the details thereof
(d) the number of complaints received regarding demand for illegal collateral or third-party guarantees for education loans below the collateral-free loans during the last three years;
(e) the number of higher-education institutions formally empanelled or linked with banks for education loan facilitation; and
(f) whether institutions in Tier-Il and Tier-III cities show lower facilitation rates, if so, the details thereof?
ANSWER
MINISTER OF STATE IN THE MINISTRY OF EDUCATION
(DR. SUKANTA MAJUMDAR)
(a) to (f): Education is in the concurrent list and both the central government and State Governments work together for its improvement. The Government of India has launched the PM-Vidyalaxmi, a new central sector scheme in November 2024. The main objective of the scheme is to ensure that no student is denied the opportunity to pursue higher education due to financial constraints. Under the scheme, collateral-free and guarantor-free education loan is provided to all the students who get merit-based admission in top Quality Higher Education Institutions (QHEIs) and who desire to avail the education loan and there is no upper limit for this. Further, for students with annual family income up to ₹8 lakh, the scheme provides 3% interest subvention on loans up to ₹ 10 lakhs. Up to one lakh fresh students not getting any other scholarship or interest subvention on education loan will get this interest subvention.
A dedicated online platform, the PM Vidyalaxmi portal https://pmvidyalaxmi.co.in has been developed on which students can apply for the education loan as well as interest subvention, through a simplified application process to be used by all banks. This portal has started operating from 25th February 2025. During 25th February 2025 and 2nd March 2026, more than 68,000 PM -Vidyalaxmi education loans have been sanctioned. The amount sanctioned is ₹9118 crores. The State-wise and Bank-wise number of education loan applications received, sanctioned, rejected, disbursed and withdrawn/closed/pending with students for want of relevant information is available at https://www.education.gov.in/en/parl_ques .
The gap between the loan sanctioned and the actual disbursement arises because the sanctioned amount is for entire course period, while the amount disbursed is for the current year/ current semester of course, depending on the fee demand of the educational institution.
In the portal https://pmvidyalaxmi.co.in , during 25th February 2025 and 28th February 2026, a total of 26,683 grievances have been received, out of which 25,061 grievances have been resolved. Out of the total grievances received, 123 complaints pertain to delays or rejection of loan applications. Of these, 106 complaints have already been resolved and closed. Further, ten complaints pertain to collateral or third-party guarantee demand under PM-Vidyalaxmi Scheme, out of which 4 loan applications have been sanctioned and disbursed.
A total of 955 Quality Higher Education Institutions (QHEIs) have been included under the PM Vidyalaxmi Scheme. It is applicable for all students, including students of Tier-II and Tier-III cities, who get merit based admission in these QHEIs and are desirous of availing PM – Vidyalaxmi education loan for their higher education in these QHEIs.
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