The students who wish to apply for education loans for pursuing higher education in India and abroad can apply for The PM-Vidyalaxmi scheme. The scheme is offered by scheduled commercial banks, co-operative banks, RRBs and private banks. Under the scheme, the students will get  collateral and guarantor free loans for up to 7.5 lakhs for pursuing higher education in India and abroad. 
 
This scheme was launched under the National Educational Policy (NEP) 2020 by the Government of India with the aim of helping students access financial support for higher education. The Ministry of Education through its official X handle said that eligible students can get education loans without collateral and without a guarantor. “If you have taken admission in a selected institution, you can avail an education loan under PM Vidyalaxmi without collateral and without a guarantor.”