How much interest subvention can I get under PM-Vidyalaxmi if my education loan is up to Rs 10 lakh?
Under the PM-Vidyalaxmi scheme, you receive a 3% partial interest subvention on education loans up to Rs 10 lakh when your family income is up to Rs 8 lakh a year. If your family earns up to Rs 4.5 lakh a year, you become eligible for a full subvention instead.
PM-Vidyalaxmi is the government portal that now brings together education loan applications and interest support, so you do not have to chase separate schemes for subsidised interest. Depending on where your family income falls, you can get either full or partial relief on the interest charged on your loan.
Subvention Slabs Under PM-Vidyalaxmi
| Annual Family Income | Interest Subvention |
|---|---|
| Up to Rs 4.5 lakh | Full interest subvention |
| Up to Rs 8 lakh (loan up to Rs 10 lakh) | Partial subvention of 3% |
Why This Replaces the Older Scheme
This portal took over from the earlier interest-subsidy arrangement and now acts as a single window for you to apply, track, and claim your subvention against an education loan for studying abroad or in India.
My Advice
Before you sign a loan agreement, check which income slab your family falls into and confirm with your lender that the subvention is being applied through the PM-Vidyalaxmi portal rather than assumed automatically. A few minutes of verification here can save you meaningful interest over your loan tenure.
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