PM Vidyalaxmi Utkarsh institution
Education loan for IIT Madras
Fees, programmes, a worked EMI example and how to get a collateral-free PM Vidyalaxmi loan for Indian Institute of Technology Madras, Chennai, Tamil Nadu.
- Interest rate
- 7.10%
- Category
- Utkarsh
- Established
- 1959
- NIRF 2025
- #1
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 Madras education loan at a glance
Indian Institute of Technology Madras 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 Madras
IIT Madras is ranked first in the NIRF 2025 engineering list. It admits to B.Tech, B.S. and five-year dual degrees, including aerospace and engineering design dual degrees.
- Established
- 1959
- Status
- Institute of National Importance (Institutes of Technology Act, 1961)
- Location
- Chennai, Tamil Nadu
- NIRF 2025
- 1 (Engineering)
- AISHE code
- U-0456
Courses
Programmes at IIT Madras
For 2026-27, IIT Madras lists 1,054 JoSAA seats. B.Tech Electrical Engineering is the biggest with 148, and B.Tech + M.Tech Aerospace Engineering the smallest with 9. 64 female supernumerary seats sit on top of these.
UG UG programmes
| Programme | Duration | Seats |
|---|---|---|
| B.Tech Aerospace Engineering | 4 years | 53 |
| B.Tech Chemical Engineering | 4 years | 102 |
| B.Tech Civil Engineering | 4 years | 106 |
| B.Tech Computer Science and Engineering | 4 years | 81 |
| B.Tech Electrical Engineering | 4 years | 148 |
| B.Tech Engineering Physics | 4 years | 37 |
| B.Tech Biological Engineering | 4 years | 30 |
| B.Tech Mechanical Engineering | 4 years | 122 |
| B.Tech Metallurgical and Materials Engineering | 4 years | 49 |
| B.Tech Artificial Intelligence and Data Analytics | 4 years | 50 |
| B.Tech Computational Engineering and Mechanics | 4 years | 40 |
| B.Tech Instrumentation and Biomedical Engineering | 4 years | 40 |
| B.Tech Naval Architecture and Ocean Engineering | 4 years | 65 |
| B.S. Physics | 4 years | 11 |
| BS in Mathematics | 4 years | 20 |
| B.S. Biological Science | 4 years | 30 |
| B.Tech + M.Tech Aerospace Engineering | 5 years | 9 |
| B.Tech + M.Tech Engineering Design | 5 years | 61 |
1,054 seats in 18 programmes.
Source: JoSAA 2026 seat matrix
Getting in
Admission and eligibility at IIT Madras
B.Tech and B.S.
JEE Advanced rank and JoSAA counselling
Source: JoSAA 2026
Fee structure
IIT Madras fees: B.Tech (4 years, 8 semesters)
| Fee | Amount |
|---|---|
| One-time fees | ₹21,000 |
| Tuition per semester | ₹1,00,000 |
| Enrolment, medical, seat rent and other semester fees | ₹13,000 |
| Medical insurance per year | ₹2,402 |
| Whole course, about | ₹9.35 Lakh |
One-time fees, 8 semesters and 4 years of insurance at 2026-27 rates. Mess charges are extra. The ₹5,000 caution deposit is left out.
Source: fee table on JoSAA 2026
Finance your ₹9.35 Lakh course
A PM Vidyalaxmi loan can cover the B.Tech (4 years, 8 semesters) fee at IIT Madras, 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 Madras
Set to a loan of ₹8.88 Lakh (the B.Tech (4 years, 8 semesters) fee of ₹9.35 Lakh less the 5% margin), the Utkarsh rate of 7.10%, and repayment starting 5 years from now (the 4-year course plus 12 months). Change any number to see your EMI.
Loan details
Your EMI breakdown
Monthly EMI after the moratorium
₹10,907
for 180 months
- Loan amount
- ₹8,90,000
- Total interest
- ₹10,73,251
- Total amount you repay
- ₹19,63,251
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 Madras rankings, placements and higher studies
IIT Madras is ranked 1 in the NIRF 2025 engineering list.
| Batch | Graduated | Placed | Median salary | Higher studies |
|---|---|---|---|---|
| UG 4-year (graduated 2023-24) | 714 | 549 | ₹17.5 Lakh a year | 153 |
| UG 5-year (graduated 2023-24) | 244 | 215 | ₹19.4 Lakh a year | 24 |
| PG 2-year (graduated 2023-24) | 471 | 448 | ₹15 Lakh a year | 13 |
1,798 full-time Ph.D scholars were enrolled in 2023-24.
Source: NIRF 2025 data file
Living and support
Hostel, scholarships and life at IIT Madras
Scholarships
- •Need-based, merit-based and combined scholarships
- •Half Time Teaching Assistantship of ₹12,400 a month for final-year dual degree students
These come on top of the PM Vidyalaxmi interest subsidy.
Source: JoSAA 2026
Studying in Chennai
The campus is on Sardar Patel Road in Guindy, about 12 km from Chennai Central, beside the Guindy Snake Park and opposite the Central Leather Research Institute. Chennai is the state capital.
Source: JoSAA 2026
PM Vidyalaxmi
PM Vidyalaxmi benefits for IIT Madras 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 Madras. 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 Madras 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 Madras
- 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 Madras 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 Madras, 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 Madras.
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.
Compare 12+ banks and NBFCs
We compare 12+ banks and NBFCs and apply where you fit best.
Help when a bank says no
We help with CIBIL issues and NBFC options if a bank turns you down.
FAQs
IIT Madras education loan FAQs
What is the education loan interest rate for IIT Madras?
About 7.10% a year at public sector banks under PM Vidyalaxmi, because IIT Madras is in the Utkarsh category. The rate is floating and moves with the RBI repo rate. The bank sets the final rate.
Is IIT Madras covered under the PM Vidyalaxmi scheme?
Yes. Indian Institute of Technology Madras (AISHE code U-0456) in Chennai, Tamil Nadu is on the PM Vidyalaxmi list in the Utkarsh category.
What does B.Tech (4 years, 8 semesters) cost at IIT Madras?
About ₹9.35 Lakh for the whole course. One-time fees, 8 semesters and 4 years of insurance at 2026-27 rates. Mess charges are extra. The ₹5,000 caution deposit is left out.
Do I need collateral for a IIT Madras 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 Madras?
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 Madras'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 Madras?
B.Tech and B.S.: JEE Advanced rank and JoSAA counselling
What are placements like at IIT Madras?
UG 4-year (graduated 2023-24): 549 of 714 graduates took jobs at a median salary of ₹17.5 Lakh a year, and 153 went on to higher studies.
What is the NIRF rank of IIT Madras?
1 in the NIRF 2025 engineering list.
Is IIT Madras a government engineering institute?
IIT Madras is an institute of National Importance (Institutes of Technology Act, 1961).
Which scholarships can I combine with the loan at IIT Madras?
Need-based, merit-based and combined scholarships Half Time Teaching Assistantship of ₹12,400 a month for final-year dual degree students
Figures on this page were checked on 4 Nov 2026 against the sources linked in each section.
Get your IIT Madras 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.