PM-Vidyalakshmi Education Loan and Financial Aid at KRMU

For many students and families, the cost of higher education can be a significant challenge, often standing in the way of academic and career aspirations. At K.R. Mangalam University (KRMU), we believe that financial constraints should never be a barrier to quality education and they should never limit a student’s potential. That’s why the university offers a wide range of financial assistance options, including scholarships, education loans, and flexible payment plans, ensuring that every deserving student can access quality education without financial stress.

K.R. Mangalam University wholeheartedly welcomes the Government of India’s PM Vidyalakshmi Scheme, in alignment with the National Education Policy (NEP 2020), which plays an important role in providing financial support to meritorious students.

KRMU offers admissions while actively supporting students throughout their academic journey. Our Financial Assistance Cell provides students with comprehensive information about education loans, including the PM Vidya Lakshmi education loan scheme options. Our counselling team provides students with the necessary documents and application process guidance while establishing connections with our partner banks and NBFCs to ensure accessible financial support. Our mission is to eliminate financial barriers that prevent talented and deserving students from accessing the quality education they deserve.

What is the PM Vidyalakshmi Education Loan Scheme?

On 6th November 2024, the Union Government approved the “Pradhan Mantri Vidyalaxmi”, a Central Sector Scheme to support the meritorious students financially so that no financial issues can stop them from pursuing higher education in India. 

Key features of the PM Vidyalaxmi Scheme

The PM Vidyalakshmi scheme details are as follows:

• To avail this loan, there is no need for collateral or a guarantor.
• The application process is simple, easy to understand, and completely digital.
• 3% interest subvention during moratorium to 1 lakh students with family income up to Rs 8 Lakh.
• Full interest subvention during moratorium for loans up to Rs. 10 Lakh for students with family income up to Rs 4.50 Lakh.
• Loan amounts up to ₹ 7.5 lakhs will be provided with a 75% credit guarantee by the Government of India through NCGTC.
• Education Loans under Management Quota are not Eligible.
• The Scheme is applicable for all Scheduled Banks/Regional Rural Banks (RRBs)/Cooperative Banks.

At K.R. Mangalam University, the PM Vidya Lakshmi Education Loan Yojna makes it easier for students to pursue higher education without worrying about finances. This means our students can focus on learning and building their future without the stress of upfront fees or complicated paperwork.

How to Apply for the PM Vidyalakshmi Scheme?

The application process for the PM Vidyalakshmi education loan is as follows:

1. Register on the PM-Vidyalaxmi portal and provide essential details as mentioned in the registration form. You can access the portal here.
2. The students have to fill out the Common Education Loan application form. Once the form is filled, the applicant can apply as per his needs, eligibility and convenience. 
3. The applicant can now submit the documents to the selected banks.
4. The Bank will update the status of the application on the PM-Vidyalaxmi portal. Students can view the status of the application on the applicant’s dashboard on the portal.

Documents Needed for the PM-Vidyalaxmi Education Loan

The following documents are needed for the PM Vidyalakshmi Education Loan: ​

• Marksheet for Class X
• Marksheet for Class XII /Last qualifying Examination
• Proof of admission to the course
• Schedule of Expenses for the course as given by the institution
• Proof of income issued by a public authority/ College authority
• Applicants /Parents’ photograph

At KRMU, Your Education is Backed by Leading Banks, NBFCs and Scholarships

At K.R. Mangalam University, we are committed to making quality education accessible to all. To support our students financially, we have partnered with leading banks like ICICI Bank, IDFC First Bank, and Axis Bank to offer easy education loan options. Additionally, we collaborate with trusted NBFCs such as Propelled, Kuhoo, GrayQuest, and Finz to provide flexible financing solutions. These partnerships ensure that students can choose from a range of loan plans tailored to their needs, making higher education more affordable and stress-free.

For further details, you can visit our page here.

Scholarships at K.R. Mangalam University

K.R. Mangalam University provides various scholarships to deserving and eligible students. Following are the KRMU scholarships: 

Merit-Based Scholarships

The university offers 100% scholarships to students who achieve 90% or higher marks in their Class XII exams. Students who achieve 85% to less than 90% in their Class XII exams receive 35% scholarship benefits, which they can receive in two semesters. Students who achieve 80% to less than 85% in their Class XII exams receive 25% scholarship benefits, which they can receive in two semesters.

Special Category Scholarships

The university offers specific scholarships to support diversity initiatives and promote inclusivity. These include:

• The Shero Scholarship provides a 10% discount to female students who achieved 70% or higher in their Class XII exams.
• The scholarship provides a 15% reduction for students who have siblings enrolled at the institution (excluding the first child ).
• The scholarship provides a 15% discount to K.R. Mangalam School alumni who enrol in another undergraduate course at KRMU.
• The scholarship provides a 15% discount to children of defence personnel and KRMU staff members.
• Sports Scholarships: The university supports athletic excellence by providing full scholarships to students who have represented India in major international competitions. The scholarship amounts for national and state-level achievers range from 10% to 75% based on their performance and competition level.

Entrance Exam-Based Scholarships

KRMU provides financial rewards to students who achieve high scores in their entrance exams.

• CUET: Up to 100% based on subject scores or percentiles
• JEE (Main): Up to 100% for 95+ percentile
• CLAT: Scholarships up to 100% for ranks up to 10,000
• NATA & NCHMCT: Scholarships up to 100% based on scores/ranks

The diverse scholarship options at K.R. Mangalam University help students overcome financial obstacles to reach their full potential.

Scholarship Categories and Benefits

Please Note: The above scholarship is applicable only on the first year Programme fee.

Admission Process at KRMU

To get admission at K.R. Mangalam University, you need to follow the following six easy steps: 

• Visit the link  https://admissions.krmangalam.edu.in/ 
• Fill out the application form and pay the required form fee 
• Take the entrance exam (KREE) 
• Attend the faculty-led interview  
• After a successful interview, you’ll receive the admission offer letter on your registered mail ID 
• Get enrolled   

Conclusion

K.R. Mangalam University truly believes that money should never come in the way of someone’s education. Every student deserves a fair shot at chasing their dreams, and we make that happen. Whether it’s through scholarships, flexible payment plans, or easy education loans with our trusted partners, we’re committed to supporting you every step of the way. Because when it comes to learning, we believe the only thing that should matter is your passion and not your bank balance.