Great news for students! Bank of Baroda (BOB) has made a significant announcement under the PM-Vidyalakshmi Yojana 2025. Under this scheme, students can avail education loans up to ₹40 lakhs without any guarantee.
All students seeking admission to 860 government-recognized Quality Higher Education Institutions (QHEI) are eligible for this scheme. Loans up to ₹7.5 lakhs will be completely guarantee-free, while loans up to ₹40 lakhs will be collateral-free.
What is PM-Vidyalakshmi Yojana 2025?
PM-Vidyalakshmi Yojana is a Government of India initiative aimed at helping meritorious students who are financially constrained but wish to pursue higher education. Bank of Baroda has made the entire loan application process completely digital, making it easier for students to apply.
Key Features of This Scheme:
- No collateral or guarantee required for loans up to ₹7.5 lakhs
- Collateral-free loans up to ₹40 lakhs for selected courses
- 8,300+ branches and 12 Education Loan Sanctioning Centers (ELSC) for seamless processing
- 119 Retail Asset Processing Centers (RAPC) to ensure quick loan disbursement
-
Lower interest rates for students from financially weaker
backgrounds
Documents Required for Application
- Student’s Identity Proof (Aadhaar Card, PAN Card, Passport)
- Proof of Admission (Acceptance letter from the institution)
- Address Proof (Aadhaar Card, Electricity Bill, Ration Card)
- Bank Account Statement and Income Proof
- Passport-sized Photograph of the Student
Why Choose Bank of Baroda’s PM-Vidyalakshmi Yojana?
- Government-approved scheme, ensuring reliability
- Fully digital application process, saving time and effort
- Lowest interest rates, making repayment easier
- Loan available for students planning to study abroad
How to Apply for the Loan?
- Visit the PM-Vidyalakshmi portal (www.vidyalakshmi.co.in)
- Register for a new application
- Upload the required documents
- Select Bank of Baroda and submit your application
-
Once approved, the loan amount will be transferred to your bank
account
FAQs - Frequently Asked Questions
1. Who is eligible for a loan under PM-Vidyalakshmi Yojana?
Students who have secured admission in any of the 860 QHEI institutions recognized by the Government of India are eligible for this loan.
2. Is any guarantee required for a loan above ₹7.5 lakhs?
Loans up to ₹7.5 lakhs do not require any guarantee, but loans above ₹7.5 lakhs may have additional conditions.
3. How is loan repayment done?
Loan repayment typically starts 6-12 months after course completion. Repayments can be made through EMI.
4. Can students apply for a loan to study abroad?
Yes, Bank of Baroda also offers loans for students planning to study abroad.
5. What is the interest rate for this loan?
Interest rates depend on the student’s and their family’s income. In certain cases, a lower interest rate is offered.
Conclusion:
PM-Vidyalakshmi Yojana 2025 is an excellent opportunity for deserving students, ensuring that financial constraints do not become a barrier to higher education. With no guarantee required for loans up to ₹40 lakhs, this scheme provides significant financial relief. If you are planning to pursue higher education, apply today and take a step towards your dreams!
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