365Telugu.com online news,Mumbai, March 27, 2025:Bank of Baroda, one of India’s leading public sector banks, has officially gone live with the Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) Scheme, an initiative by the Government of India to provide financial assistance to students pursuing higher education. This scheme aims to ensure that deserving students are not held back by financial constraints in their pursuit of quality education.
Under the PM-Vidyalaxmi Scheme, students can seamlessly apply for education loans digitally through the PM-Vidyalaxmi portal. Bank of Baroda has set up 12 dedicated Education Loan Sanctioning Cells (ELSC) and 119 Retail Assets Processing Cells (RAPC), alongside its extensive network of over 8,300 branches, to facilitate students across the country.
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Commenting on the initiative, Shri Sanjay Mudaliar, Executive Director, Bank of Baroda, stated, “The PM-Vidyalaxmi Scheme is a groundbreaking step toward ensuring access to quality education for all meritorious students. The digital-first approach streamlines the entire loan process, making it convenient and efficient. We are proud to be among the first banks to implement this scheme.”
Key Highlights of the PM-Vidyalaxmi Scheme:
Collateral-Free & Guarantor-Free Loans – Students admitted to 860 top Quality Higher Educational Institutions (QHEIs) in India can avail of education loans without collateral or a guarantor.
Loan Amount – Loans up to ₹7.5 lakh will have 75% credit guarantee from the Government of India, encouraging banks to extend financial support.
Interest Subvention – Students from low-income families can benefit from partial or full interest subvention, making education loans more affordable.
Digital Application Process – The scheme features an end-to-end digital application process, ensuring transparency and efficiency.
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Additional Education Loan Benefits by Bank of Baroda:
Collateral-Free Loans Up to ₹7.5 Lakh for all courses in India.
Loans Up to ₹40 Lakh for students pursuing studies in 384 premier institutions in India.
Loans Up to ₹50 Lakh for students enrolling in top international institutions.
Students interested in availing the PM-Vidyalaxmi Scheme through Bank of Baroda can apply via the PM-Vidyalaxmi portal.