No Collateral Needed! THIS Major Bank To Provide Educational Loan Up To Rs 4 Lakhs- Check Application Process News24 –

Bank of Baroda has announced the implementation of Prime Minister Vidyalakshmi (PM-Vidya Lakshmi) Scheme to provide financial assistance to meritorious students. The Union Cabinet on 6th November 2024 approved “Pradhan Mantri Vidyalaxmi” (PM-Vidyalaxmi), a Central Sector Scheme to financial support to meritorious students. The aim of this scheme is to assure that financial constraints do not prevent any child from pursuing quality higher education. Bank of Baroda, in a statement said that applicants can apply for education loans online under the PM-Vidyalakshmi scheme through bank’s Vidya Lakshmi Portal.

Bank of Baroda, in its Vidya Lakshmi Portal, stated, “This loan is given out for school education in any recognised school. The maximum loan granted is Rs. 4 lakhs and is payable in 12 installments after disbursement.”

The benefits of applying from BOB’s portal are: No processing charges, No margin, No documentation charges, No security required.

Application Process:

Applicants can fill the form by clicking ‘Apply Online’ on the page, create an account and proceed as per mentioned instructions.

Instructions to apply for Education Loan:

Steps to apply for the loan are as under: Sign In → Apply Loan → Fill Personal Details → Course details → Document upload → Choose Bank Branch → Final Submit

Notably, the bank has over 8,300 branches, in addition to 12 dedicated Education Loan Approval Cells and 119 Retail Asset Processing Cells to cater to the needs of students across the country.

More About PM-Vidya Lakshmi Scheme

Under this scheme, loan amounts up to Rs 7.5 lakhs will be provided a 75% credit guarantee by the Government of India, to support banks to expand coverage. Furthermore, there is an added benefit for students with up to Rs. 8 lakhs annual family income. The scheme will also provide for 3% interest subvention on loans up to Rs 10 lakh to such students. The Scheme is applicable for all Scheduled Banks/Regional Rural Banks (RRBs)/Cooperative Banks. “A special loan product will enable collateral free, guarantor free education loans; made accessible through a simple, transparent, student-friendly and entirely digital application process,” stated the official release on PM –Vidya Lakshmi Scheme.