Which expenses can I cover with an education loan applied for through the PM Vidya Lakshmi Portal?
Education loans applied for through the PM Vidya Lakshmi Portal commonly cover tuition fees, hostel charges, examination and library fees, books, insurance, and in some cases a laptop, travel and living expenses. Coverage depends on the participating bank's loan product, and cover for study abroad is not general under PM-Vidyalaxmi.
Education loans applied for through the PM Vidya Lakshmi Portal commonly cover tuition, hostel, exam and library fees, books and insurance. Some also include a laptop, travel or living costs, depending on the participating bank's loan product. Cover for study abroad is not general under PM-Vidyalaxmi.
Commonly covered expenses
| Expense | What it includes |
|---|---|
| Tuition fees | Course fees charged by institutions in India and abroad |
| Hostel charges | Accommodation fees charged by the institution, where applicable |
| Examination fees | Exam, assessment and related academic charges |
| Library charges | Fees for libraries, digital resources and academic facilities |
| Books and study materials | Textbooks, reference materials and equipment |
| Laptop | Some schemes cover it, where permitted by the lender |
| Travel | May include airfare for eligible overseas programmes |
| Insurance premium | Applicable student insurance during the course |
| Living expenses | Certain loans may include reasonable living costs in eligible cases |
| Other institutional charges | Laboratory fees, project costs, admission charges and other mandatory academic expenses |
What can change the cover
- The specific loan scheme and the participating bank's guidelines.
- The course type and the institution you attend.
- Whether items such as a laptop, travel or living costs are permitted under the lender's policy.
My Advice
Read the sanction letter and scheme terms before you apply, and ask the bank which items are included in your loan amount. That helps you plan how much of your budget still needs separate funding.
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