Digital Education Loans offered by Bank of Baroda under PM-Vidyalaxmi Scheme

Bank of Baroda (Bank), a prominent public sector bank in India, today declared that it has launched the new Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) Scheme to offer financial aid to deserving students. The PM-Vidyalaxmi Scheme is a program launched by the Government of India aimed at providing financial support to students aiming for higher education, ensuring that monetary limitations do not prevent Indian youth from accessing quality higher education.

Candidates can submit a digital application for an education loan via the PM-Vidyalaxmi Scheme from Bank of Baroda using the PM-Vidyalaxmi portal. The Bank operates 12 specialized Education Loan Sanctioning Cells (ELSC) and 119 Retail Assets Processing Cells (RAPC), alongside over 8,300 branches, to meet the requirements of students nationwide.

During the event, Shri Sanjay Mudaliar, Executive Director of Bank of Baroda stated, “The PM-Vidyalaxmi Scheme is an innovative initiative aimed at offering financial assistance to deserving students and will guarantee that quality education is available to everyone. Additionally, the whole procedure is smooth, featuring complete digital handling of education loans via the portal. At Bank of Baroda, we are proud to be among the first banks to implement this scheme.

The PM-Vidyalaxmi Scheme is a unique loan offering that allows for education loans without collateral or guarantors, facilitated by a fully digital application system. Every student admitted to the top 860 recognized Quality Higher Educational Institutions (QHEIs) in the country can apply for an education loan through this program. The Government of India will offer a 75% credit guarantee on 7.5 lakh to motivate banks to broaden their coverage. Additionally, to enhance the accessibility of education loans for specific groups, the program provides partial or complete interest subsidies to students hailing from low-income households.