PM Vidyalaxmi Utkarsh institution
Education loan for IIT Bhilai
Fees, programmes, a worked EMI example and how to get a collateral-free PM Vidyalaxmi loan for Indian Institute of Technology Bhilai, Bhilai, Chhattisgarh.
- Interest rate
- 7.10%
- Category
- Utkarsh
- Established
- 2016
- NIRF 2025
- #72
No collateral under the scheme
Digital sanction within 2 days for loans under ₹50 lakh, through FundMyCampus
No processing fees under the scheme
A parent or guardian as co-borrower
IIT Bhilai education loan at a glance
Indian Institute of Technology Bhilai is on the PM Vidyalaxmi list in the Utkarsh category, so a public sector bank can fund your course at about 7.10%, with no collateral and no guarantor under the scheme.
- PM Vidyalaxmi category
- Utkarsh (one of three bands on the government list)
- Interest rate
- 7.10% a year, floating, at public sector banks
- Collateral
- None under the PM Vidyalaxmi scheme
- Guarantor
- None under the scheme. A parent or guardian joins as co-borrower
- Margin
- None on loans up to ₹4 Lakh. Above that you pay 5% of the cost and the bank lends the rest
- Interest subsidy
- Based on family income, on loans up to ₹10 Lakh: all the interest during study and the grace year up to ₹4.5 Lakh, 3% of it up to ₹8 Lakh
- Processing fee
- No processing or upfront charges under the scheme
- Sanction through FundMyCampus
- Digital sanction within 2 days for loans under ₹50 lakh at PM Vidyalaxmi colleges
Rates are PNB's PM Vidyalaxmi rates for each category. They change with the RBI repo rate, other banks may differ, and the lender sets the final rate.
The institute
About IIT Bhilai
IIT Bhilai held its first academic session in August 2016. It offers seven B.Tech branches, including mechatronics and data science and artificial intelligence, plus master's and doctoral programmes.
- Established
- 2016
- Status
- Institute of National Importance (Institutes of Technology Act, 1961)
- Location
- Bhilai, Chhattisgarh
- NIRF 2025
- 72 (Engineering)
- AISHE code
- U-0946
Courses
Programmes at IIT Bhilai
For 2026-27, IIT Bhilai lists 316 JoSAA seats. B.Tech Computer Science and Engineering is the biggest with 56, and B.Tech Materials Science and Metallurgical Engineering the smallest with 30. 13 female supernumerary seats sit on top of these.
UG UG programmes
| Programme | Duration | Seats |
|---|---|---|
| B.Tech Computer Science and Engineering | 4 years | 56 |
| B.Tech Electrical Engineering | 4 years | 56 |
| B.Tech Electronics and Communication Engineering | 4 years | 44 |
| B.Tech Mechanical Engineering | 4 years | 56 |
| B.Tech Materials Science and Metallurgical Engineering | 4 years | 30 |
| B.Tech Mechatronics Engineering | 4 years | 30 |
| B.Tech Data Science and Artificial Intelligence | 4 years | 44 |
316 seats in 7 programmes.
Source: JoSAA 2026 seat matrix
Getting in
Admission and eligibility at IIT Bhilai
B.Tech and B.S.
JEE Advanced rank and JoSAA counselling
Source: JoSAA 2026
Fee structure
IIT Bhilai fees: B.Tech, fee structure for AY 2026-27
| Fee | Amount |
|---|---|
| Tuition per regular semester | ₹1,00,000 |
| Hostel and dining per regular semester | ₹39,520 |
| CoSA, medical, other fees and welfare fund per semester | ₹12,750 |
| Insurance per year | ₹1,000 |
| One-time fees for new students | ₹12,000 |
| Caution deposit, refundable | ₹7,000 |
| Whole course, about | ₹12.34 Lakh |
Eight regular semesters at the 2026-27 rates (₹1,53,270 in the monsoon semester and ₹1,52,270 in the winter semester) plus one-time fees. Summer semesters, the refundable deposit and later revisions are left out. SC, ST and PH students and families under ₹1 lakh a year pay no tuition. Families with ₹1 to 5 lakh a year get two-thirds off tuition.
Finance your ₹12.34 Lakh course
A PM Vidyalaxmi loan can cover the B.Tech, fee structure for AY 2026-27 fee at IIT Bhilai, less a 5% margin above ₹4 Lakh, with no collateral and no processing fees under the scheme. Through FundMyCampus, digital sanction takes 2 days for loans under ₹50 lakh.
Try your own numbers
EMI calculator for IIT Bhilai
Set to a loan of ₹11.72 Lakh (the B.Tech, fee structure for AY 2026-27 fee of ₹12.34 Lakh less the 5% margin), the Utkarsh rate of 7.10%, and repayment starting 2 years from now (the 1-year course plus 12 months). Change any number to see your EMI.
Loan details
Your EMI breakdown
Monthly EMI after the moratorium
₹12,084
for 180 months
- Loan amount
- ₹11,70,000
- Total interest
- ₹10,05,197
- Total amount you repay
- ₹21,75,197
Indicative estimate. Assumes the full amount is disbursed upfront and simple interest during the moratorium, as most Indian lenders charge. Your lender's sanction letter is final.
After graduation
IIT Bhilai rankings, placements and higher studies
IIT Bhilai is ranked 72 in the NIRF 2025 engineering list.
| Batch | Graduated | Placed | Median salary | Higher studies |
|---|---|---|---|---|
| UG 4-year (graduated 2023-24) | 162 | 116 | ₹12 Lakh a year | 14 |
| PG 2-year (graduated 2023-24) | 18 | 14 | ₹10.2 Lakh a year | 1 |
74 full-time Ph.D scholars were enrolled in 2023-24.
Source: NIRF 2025 data file
Living and support
Hostel, scholarships and life at IIT Bhilai
Scholarships
- •Tuition fee waivers, scholarships and fellowships
- •Interest-free education loans
These come on top of the PM Vidyalaxmi interest subsidy.
Source: JoSAA 2026
Studying in Bhilai
The campus is about 6 km from Durg junction and Durg bus stand, and about 50 km from Swami Vivekananda Airport in Raipur, the state capital.
Source: JoSAA 2026
PM Vidyalaxmi
PM Vidyalaxmi benefits for IIT Bhilai students
PM Vidyalaxmi is the government's education loan scheme for 1,441 top-ranked institutions. Here is what it means for a student at IIT Bhilai. How the scheme works
No collateral
Under the scheme, banks ask for no collateral security, so there is nothing to mortgage.
No guarantor
No third-party guarantor is needed under the scheme. A parent or guardian joins as co-borrower.
No processing fees
No processing or upfront charges under the scheme. Banks may still charge small portal enrolment and account fees.
Lower rate for Utkarsh colleges
IIT Bhilai is in the Utkarsh band, so public sector banks lend at about 7.10%.
3% interest subsidy
For family income up to ₹8 Lakh, the government pays 3% of the interest during study and the grace year, on loans up to ₹10 Lakh.
Full interest cover for lower incomes
For family income up to ₹4.5 Lakh, the central CSIS scheme pays all the interest during the moratorium on technical and professional courses, on loans up to ₹10 Lakh.
Up to 15 years to repay
Repayment starts a year after the course ends, and can run for up to 15 years.
Interest only on what is paid out
The bank pays the college as each fee falls due, and interest runs only on the amount paid out so far.
Small margin
Nothing to pay upfront on loans up to ₹4 Lakh. Above that you pay 5% of the cost and the bank lends the rest.
No foreclosure or prepayment charges
Under RBI rules, banks cannot charge for closing or prepaying floating-rate loans to individuals.
Interest subsidy by family income
| Family income a year | What the government pays | Scheme |
|---|---|---|
| Up to ₹4.5 Lakh | All the interest during the course and the grace year, on loans up to ₹10 Lakh | CSIS scheme, for technical and professional courses |
| Up to ₹8 Lakh | 3% of the interest during the course and the grace year, on loans up to ₹10 Lakh | PM Vidyalaxmi, for up to 1,00,000 new students a year |
| Above ₹8 Lakh | No subsidy. You still get the loan, and banks can cut the rate by up to 1% if you pay interest during the course | PM Vidyalaxmi |
Sources: PM Vidyalaxmi portal and CSIS scheme on myScheme (Government of India)
Sources: PM Vidyalaxmi portal, Bank of Maharashtra PM-Vidyalaxmi loan terms, RBI (Pre-payment Charges on Loans) Directions, 2025
Paperwork
Documents you need
Keep these ready before you apply. FundMyCampus checks them for you before anything goes to the bank.
Student and admission
- Class 10 marksheet
- Class 12 (or last qualifying exam / diploma) marksheet
- Proof of admission to the course
- Schedule of expenses from IIT Bhilai
- Family income proof from a competent authority
- Photographs of the student and parent
Parent co-borrower
- PAN and Aadhaar of the student and the parent co-borrower
- Parent's income proof: ITR, Form 16 or salary slips
- Last 6 months' bank statements of the parent
- Passport-size photographs
How it works
Your loan journey with FundMyCampus
- 1
Talk to a counsellor
Share your course and fee details. The call is free.
- 2
Upload your documents
Send them online. We check every page so nothing bounces back from the bank.
- 3
We apply on PM Vidyalaxmi
We file your application on the government portal and pick the public sector bank that suits you.
- 4
Digital sanction
Digital sanction within 2 days for loans under ₹50 lakh through FundMyCampus.
- 5
Fees paid to the college
The bank pays IIT Bhilai directly, one semester at a time.
- 6
Subsidy and repayment
We help you claim the interest subsidy. EMIs start a year after the course ends.
Start your application today
Through FundMyCampus: digital sanction within 2 days for loans under ₹50 lakh at IIT Bhilai, with every step handled for you.
Why FundMyCampus
Why apply through FundMyCampus
Sanction in 2 days
Digital sanction within 2 days for loans under ₹50 lakh at PM Vidyalaxmi colleges like IIT Bhilai.
Free for students
We don't charge you anything.
One counsellor throughout
The same counsellor stays with you from application to disbursement.
Paperwork and portal handled
We handle the paperwork and your PM Vidyalaxmi portal application.
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Help when a bank says no
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FAQs
IIT Bhilai education loan FAQs
What is the education loan interest rate for IIT Bhilai?
About 7.10% a year at public sector banks under PM Vidyalaxmi, because IIT Bhilai is in the Utkarsh category. The rate is floating and moves with the RBI repo rate. The bank sets the final rate.
Is IIT Bhilai covered under the PM Vidyalaxmi scheme?
Yes. Indian Institute of Technology Bhilai (AISHE code U-0946) in Bhilai, Chhattisgarh is on the PM Vidyalaxmi list in the Utkarsh category.
What does B.Tech, fee structure for AY 2026-27 cost at IIT Bhilai?
About ₹12.34 Lakh for the whole course. Eight regular semesters at the 2026-27 rates (₹1,53,270 in the monsoon semester and ₹1,52,270 in the winter semester) plus one-time fees. Summer semesters, the refundable deposit and later revisions are left out. SC, ST and PH students and families under ₹1 lakh a year pay no tuition. Families with ₹1 to 5 lakh a year get two-thirds off tuition.
Do I need collateral for a IIT Bhilai education loan?
No. Under the PM Vidyalaxmi scheme, banks ask for no collateral security.
Does the loan cover the whole fee?
Almost. There is no margin on loans up to ₹4 Lakh. Above that you pay 5% of the cost yourself, and the bank lends the rest. Scholarships can count towards the margin.
Is there a processing fee?
No processing or upfront charges under the scheme. Banks may charge small portal enrolment and account fees, for example ₹100 plus GST to enrol at Bank of Maharashtra.
Do I need a guarantor or co-applicant?
No third-party guarantor is needed under the scheme. A parent or guardian joins the loan as co-borrower.
Can I get the PM Vidyalaxmi interest subsidy at IIT Bhilai?
It depends on family income. Up to ₹4.5 Lakh, the CSIS scheme pays all the interest during the course and grace year for technical and professional courses. Up to ₹8 Lakh, PM Vidyalaxmi pays 3% of the interest in that period on loans up to ₹10 Lakh, for up to 1,00,000 new students a year with government institutions first in line. Above ₹8 Lakh there is no subsidy, but you still get the loan, and banks can cut the rate by up to 1% if you pay interest during the course.
When does repayment start?
One year after the course ends. You then have up to 15 years to repay in monthly EMIs.
Is interest charged on the full loan from the first day?
No. The bank pays the college as each fee falls due, and interest runs only on the amount paid out so far.
Can I repay the loan early?
Yes, with no charge. Under RBI rules, banks cannot charge for prepaying or closing floating-rate loans to individuals.
Does the loan cover hostel and mess?
Yes. Banks fund the fees on IIT Bhilai's fee sheet, including hostel, and can add mess, books and a laptop.
How long does sanction take through FundMyCampus?
Digital sanction within 2 days for loans under ₹50 lakh at PM Vidyalaxmi colleges, once your documents are complete.
Which documents do I need?
Class 10 and 12 marksheets, proof of admission, the college fee schedule, family income proof, and PAN, Aadhaar and photographs of the student and parent.
How do I get admission to IIT Bhilai?
B.Tech and B.S.: JEE Advanced rank and JoSAA counselling
What are placements like at IIT Bhilai?
UG 4-year (graduated 2023-24): 116 of 162 graduates took jobs at a median salary of ₹12 Lakh a year, and 14 went on to higher studies.
What is the NIRF rank of IIT Bhilai?
72 in the NIRF 2025 engineering list.
Is IIT Bhilai a government engineering institute?
IIT Bhilai is an institute of National Importance (Institutes of Technology Act, 1961).
Which scholarships can I combine with the loan at IIT Bhilai?
Tuition fee waivers, scholarships and fellowships Interest-free education loans
Figures on this page were checked on 4 Nov 2026 against the sources linked in each section.
Get your IIT Bhilai loan sanctioned
Talk to a counsellor for free. We check your eligibility and subsidy, file on PM Vidyalaxmi and stay with you until the fee reaches the college.
FundMyCampus is a loan facilitation platform. Loans are sanctioned by the bank at its discretion. Rates are indicative and change with the RBI repo rate.