The scheme "Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi)" by the Department of Higher Education, Ministry of Education, Government of India, aims to provide financial support to meritorious students so that financial constraints do not prevent any youth of India from pursuing quality higher education. The scheme provides collateral-free, guarantor-free education loans through a simple, transparent, student-friendly and entirely digital application process, with 3% interest subvention for students from families with annual income up to ₹8,00,000. To be eligible, the applicant must get admission on their own merit to one of the 860 designated Quality Higher Educational Institutions (QHEIs) in India. The scheme is implemented by the Department of Higher Education in coordination with Canara Bank as the nodal bank. The applications for this scheme are accepted Online - Click Here for more information