Within a year of its launch, the PM Vidya Lakshmi portal has sanctioned more than 3.31 lakh education loans, highlighting growing demand for accessible higher education financing in India. The Ministry of Education reported that ₹7,229 crore has been disbursed for the first year of study.
The portal received over 6.5 lakh applications by February 24, out of which around 50.8% were approved, indicating strong uptake among students seeking financial support. The total sanctioned amount for full course durations stands at nearly ₹35,900 crore.
Launched in February 2025, the platform acts as a single-window system with a simplified application process, aimed at improving transparency and ease of access to education loans. It operates under the PM-Vidyalaxmi (PMVL) scheme, introduced following the Union Budget 2024.
A key feature of the scheme is the provision of collateral-free and guarantor-free loans for students admitted to recognised quality higher education institutions, including those ranked under the NIRF. Additionally, students from families earning up to ₹8 lakh annually are eligible for a 3% interest subsidy on loans up to ₹10 lakh.
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The portal is integrated with a wide network of lenders, including public and private sector banks, regional rural banks, and cooperative banks, helping expand credit access. It has also reduced the average loan approval time to under eight days, making the process faster and more efficient.
The government continues to promote the platform through multilingual outreach and institutional partnerships, aiming to further increase awareness and participation among students across the country.
